Heye Daun's Osino Resources Corp. (OSI) rose three cents to 94 cents on 57,000 shares. The company is plodding along with a feasibility study of its Twin Hills gold project in Namibia, which it says should be completed by mid-2023 -- roughly three months after its initial target. Meanwhile, Osino was back in the news today, gushing that it has received no less than "eight project finance offers from credible institutions" for construction of a mine at Twin Hills.
Mr. Daun, Osino's co-founder, president and CEO, was naturally "very pleased" with what he termed the competitiveness of the process and resulting quality of project financing offers received from eight "reputable institutions with impressive track records of successful project financing" -- just in case you missed how credible, reputable and successful these potential lenders were on his first mention.
"Choosing the appropriate financing partners is an important next step for Osino," Mr. Daun says, adding that he and his crew "look forward to the appointment of our preferred debt financing provider and finalizing terms in the coming months, as we continue to advance the development of Twin Hills." It is unclear if he expects to pick a partner and finalize terms before finalizing a definitive feasibility study, but one presumes credible lenders would want to see a definitive plan a before agreeing to a definitive financing.
Twin Hills cleared prefeasibility last September, based on a reserve of 64.3 million tonnes averaging 1.04 grams of gold per tonne -- about 2.15 million ounces -- which accounted for most of the three-million-ounce, largely indicated resource present at a comparable grade. The study proposed a 13-year, $375-million (U.S.) mine that would run at about 14,000 tonnes per day, enough to average 200,000 ounces per year to start and over 150,000 ounces per year over the full 13 years. The bottom line was attractive, with an internal rate of return of 26 per cent and a discounted net present value of $503-million (U.S.) after taxes.