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Osino Closes Acquisition of Minority Interests in Twin Hills Gold Project, Namibia
Friday 23 September 2022

Canadian gold exploration and development company Osino Resources Corp. (TSX Venture: OSI) (FSE: RSR1) (OTCQX: OSIIF) has completed acquisitions of two remaining minority interests in the mineral properties comprising the Twin Hills Gold Project, the company said.

Osino completed the acquisition of the remaining 10% of the shares in the capital of Osino Namibia Minerals Exploration (Proprietary) Ltd. for aggregate consideration of CDN 870,000 (USD 643,404) paid by issuance of 1m common shares of the company to Ominda Mineral Resources Close Corp, who is arm's length to Osino.

ONME was a 90% owned subsidiary of Osino and holds 8 EPL's covering a total of 86,409 hectares, including an EPL which hosts the gold mineralization at the Clouds deposit, forming part of Osino's overall Twin Hills gold mineral resource.

As a result of the ONME acquisition, Osino now owns 100% of ONME. The common shares of the company issued under the ONME acquisition are subject to a restriction from resale for a period of 24 months from the date of closing.

In addition, Osino also acquired 20% of the shares in Richwing Exploration Ltd for aggregate consideration of CDN 137,931, paid through the issuance of 37,615 shares and a cash payment of CDN 96,552 to Richroad Investments Close Corp. and South Wing Investments Close Corp, who are arm's length to Osino.

Richwing was 80% owned by Osino and holds an EPL which hosts gold mineralization and industrial minerals south of the Twin Hills project area. Upon closing of the transaction Osino will own 100% of Richwing.

As a result of the Richwing acquisition, Osino now owns 100% of Richwing. The common shares of the company issued under the Richwing acquisition are subject to a restriction from resale for a period of 24 months from the date of closing.

All common shares of the company issued under the acquisitions are also subject to a statutory four month hold from the date of issuance. No finders fees were payable in respect of the acquisitions.

Osino also expects to close an additional minority interest acquisition of 3% of the shares in the capital of Osino Gold Exploration and Mining (Proprietary) Ltd. as previously announced by the company on August 16, 2022. Upon completion of this acquisition, Osino will own 100% of Osino GEM.

The company expects to complete the acquisition of Osino GEM within a few weeks, as the acquisition is subject to approval of the TSX Venture Exchange.

Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our Twin Hills Gold Project in central Namibia.

Twin Hills is at an advanced stage of exploration and development with more than 220,000m of drilling completed on the project since its grassroots discovery by Osino with various advanced development studies underway.

Osino has a large ground position of approximately 6,900km2 located within Namibia's prospective Damara sedimentary mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines.
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Date Published: 23/09/2022

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