OSIIF - Osino Completes the Acquisition of All Surface Rights at Twin Hills Gold Project Namibia | Benzinga
Highlights
- Completed the acquisition of two private farms covering approximately 10,000ha, including the full extent of the mining and ancillary infrastructure area for the Twin Hills Gold Project.
- Osino now owns 100% of the surface and mineral rights for the complete Twin Hill project area, thereby substantially de-risking and facilitating the on-going, fast-tracked development of the Twin Hills Gold Project.
- The Twin Hills project is currently in the final permitting, detailed engineering and project financing stage with an investment decision towards project construction expected in the first half of 2024.
VANCOUVER, British Columbia, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV:OSI) (NSX:OSN) (FSE:RSR1) (OTCQX:OSIIF) ("Osino" or "the Company") is pleased to announce that the Company, through wholly owned subsidiaries in Namibia has completed the acquisition of all of the surface rights for Osino's Twin Hills Gold Project ("Twin Hills" or the "Project") following Osino's acquisition of two farms that encompass the full extent of the mining area for Twin Hills and all related plant infrastructure ("Farm Acquisitions").
Heye Daun, Osino's President and CEO commented: "The acquisition of these highly strategic surface rights covering the full extent of the Twin Hills project area is a significant achievement which we have been working on for well over 18 months. Being the private, registered landowners of the Twin Hills project area now not only substantially improves our security of tenure, but it also significantly improves the predictability of the expected timeline to full construction permitting. Other important benefits of being the project landowners are the ease of access to utilities (water and power) and various additional practical logistical, environmental and social considerations which come with ownership of the land, such as ease of construction camp development, access control and the benefit of not having any competing land tenants.
As was the case with B2Gold's Otjikoto Gold Mine in Namibia, ownership of the land (the surface rights) covering the project area was a major de-risking factor in the development of that project and as Osino we are looking to replicate the success of that approach. We are very pleased also to have recently recruited the former General Manager – Corporate from B2Gold's Namibian operations, who is already instrumental in devising & formulating our land management strategy and how it pertains to the successful permitting and construction of the Twin Hills Gold Project."
Transaction Terms for the Farm Acquisitions
The Klein Okawayo farm (approximately 3,000 hectares) and the Okawayo farm (approximately 7,000 hectares) were acquired for an aggregate purchase price of C$8.8 million*, plus any relevant taxes, payable in cash and shares of the Company.
The Okawayo farmland was acquired directly by Osino's Namibian subsidiary, Osino Farming Investments (Proprietary) Limited (the "Purchaser") from Mr. Siegfried Strzelecki pursuant to an agreement dated August 2, 2021 for consideration totalling N$95,000,000 (approx. CAD $6,924,000*) comprised of:
- cash payment of N$50,000,000 (approx. CAD $3,644,000*, which has been paid);
- cash payment of N$20,000,000 ...