Osino Resources to release Twin Hills DFS mid-June
2023-06-07 07:12 ET - News Release
Mr. Heye Daun reports
OSINO PROVIDES UPDATE ON DFS FOR TWIN HILLS GOLD PROJECT, NAMIBIA
Osino Resources Corp. has provided an update on the definitive feasibility study for its Twin Hills gold project. The DFS is being consolidated by Lycopodium Minerals Africa (Pty) Ltd. ("Lycopodium") in accordance with National Instrument 43-101-Standards of Disclosure for Mineral Projects ("NI 43-101"), with input from several consultants and Osino.
Highlights
Twin Hills Definitive Feasibility Study ("DFS") results on track for release in mid-June 2023.
Lycopodium, DRA and multiple other specialist consultants commenced work on the DFS in Oct. 2022.
The DFS is based on an updated mineral resource estimate ("MRE") including infill and resource expansion drilling completed since the release of the PFS in Sept. 2022.
Following the PFS published in Sept. 2022, capital and operating cost estimates have been updated, with cost saving opportunities identified during the PFS now reflected in the DFS estimates.
The Company is currently assessing a dual listing of its shares on the London Stock Exchange ("LSE") to enhance the Company's access to the pools of equity capital available in the UK and the EMEA region.
Heye Daun, Osino's President and CEO commented: "Our team is on track to deliver the Twin Hills DFS in mid-June. During the preparation of the DFS we have continued to optimise the project with respect to cost estimates, performance across the flow sheet and further de-risking of the project towards construction. The DFS optimisations and updated MRE result in a robust project with strong economic fundamentals that establish Twin Hills as a top-tier African gold development project."
The Twin Hills Gold Project is located within Namibia's prospective Damara sedimentary mineral belt, in proximity to and along strike of the producing, open-pit Navachab and Otjikoto gold mines. Twin Hills is amenable to conventional open-pit gold mining and conventional, whole-ore CIL metallurgical processing.
Proposed Project Development Plan
The latest mineral resource and reserve estimates, production and financial results and key valuation metrics determined during the PFS were previously reported in a Technical Report filed on October 26, 2022. The DFS is based on an updated mineral resource estimate ("MRE") taking into account additional infill (resource conversion) and resource expansion drilling completed since the release of the PFS.
The DFS has generated cost estimates with an accuracy range of approximately plus or minus 15%. In July 2023 our team intends to commence a five-month front-end engineering design ("FEED") package. A small Owner's Project team will coordinate the activities of the main engineering, procurement and construction management ("EPCM") contractor and several other consultancies, with Owner's team responsibilities including direction of project implementation as well as detailed planning and early implementation of Operational Readiness activities.
In parallel to finalising the DFS, Osino has also progressed financing negotiations with a credible mining project financier and is working closely with their team to advance due diligence and transaction structuring towards relevant approvals in H2 2023. Osino will provide a further update on the financing process upon such approvals being received. Project implementation will commence once permitting has been completed, full project financing is in place and a formal investment decision ("FID") has been made by Osino's Board of Directors.
London Stock Exchange Assessment
From time to time the Board of Osino, in conjunction with its advisors reviews its current capital markets profile, including access to institutional investors and financing alternatives. To that end, and to broaden its shareholder base and capital markets access, the company is currently assessing a dual listing of its Shares on the standard listing segment of the Official List of the FCA and admission to trading on the main market of the London Stock Exchange.
Osino's portfolio of assets are located in Namibia, and an LSE listing, from its geographical, time-zone friendly and historic investment perspective are expected to increase investor awareness of the Company's African projects. The Board will update the market as and when a formal decision is made to pursue a London listing which should enhance the Company's access to the pools of equity capital available in the UK and in the EMEA region.
Qualified Person's Statement
David Underwood, BSc. (Hons) is Vice President Exploration of Osino Resources Corp. and has reviewed and approved the scientific and technical information in this news release and is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr. Sci. Nat. No.400323/11) and a Qualified Person for the purposes of NI 43-101.
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