Osino Resources Corp. (TSXV: OSI) (FSE: RSR1) (OTCQX: OSIIF) ('Osino' or 'the Company') is pleased to provide an update on its majority-owned Omaruru Lithium Project ('Omaruru' or 'the Project') in central Namibia following the completion of a Phase 1 Reverse Circulation ('RC') drill program by Prospect Resources Limited (ASX: PSC) (FRA:5E8) ('Prospect').
Osino entered into an Earn-In and Shareholder Agreement (the 'Agreement') with Prospect in Q4 2022 whereby Prospect can earn up to 51% and potentially up to 85% interest in the Project. Omaruru is located 20km southeast of Osino's Twin Hills Gold Project for which a DFS is anticipated to be delivered in Q2 2023. Located east of Karibib and spanning 175km2, Omaruru is situated near several historical and current lithium mining operations, including Lepidico's Karibib Lithium Project located about 10km to the southwest. Omaruru is accessible by road from the sealed B2 National Highway which links the capital Windhoek, 130km the southeast, to the port at Walvis Bay, about 240km further southwest.
Heye Daun, Osino's President and CEO commented: 'We are excited to receive excellent results generated by Prospect Resources' team at the Omaruru Lithium Project. The Phase 1 drilling results confirm and expand the success of the early exploration and drilling programs completed by Osino between 2019-2021 and set the stage for a significant, maiden JORC-compliant resource to be delineated at Omaruru later this year. Prospect is a world-class group with a track record for exploring and developing African lithium projects, evidenced by the team's previous success selling the Arcadia lithium project in Zimbabwe for approximately US$378M cash in 2022. Our Earn-In agreement provides Osino shareholders with continued exposure to the growing scope and excellent upside potential of the Omaruru Lithium Project.
About Prospect Resources
Prospect is an ASX listed company focused on the exploration and development of opportunities in battery and electrification metals in the sub-Saharan African region. The team at Prospect has a proven track record of value creation and systematic de-risking of early-stage projects. Prospect successfully advanced its flagship Arcadia Lithium Mine Project in Zimbabwe from exploration through to resource definition, early-stage economic valuation, definitive studies, offtake agreements and strategic project financing process. Arcadia was discovered by Prospect in 2016 and was ultimately sold to Zhejiang Huayou Cobalt in early 2022, for approximately US$378M in cash.
About Osino Resources
Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our wholly owned Twin Hills Gold Project ('Twin Hills') in central Namibia. Since its grassroots discovery by Osino in August 2019 the Company has completed more than 225,000m of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills Pre Feasibility Study ('PFS'). The PFS describes a technically simple and economically robust open-pit gold operation with a 2.15moz gold reserve, 13-year mine life and average annual gold production of over 169koz per annum. Osino has a commanding ground position of approximately 8,000km2 located within Namibia's prospective Damara sedimentary mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines. The Company is actively exploring a range of gold prospects and targets along the belt by utilizing a portfolio approach geared towards discovery, targeting gold mineralization that fits the broad orogenic gold model. Our core projects are favourably located north and north-west of Namibia's capital city Windhoek. By virtue of their location, the projects benefit significantly from Namibia's well-established infrastructure with paved highways, railway, power and water in close proximity. Namibia is mining-friendly and lauded as one of the continent's most politically and socially stable jurisdictions. Osino continues to evaluate new ground with a view to expanding our Namibian portfolio.
Contact:
Tel: +1-604-687-2038
Cautionary Statement Regarding Forward-Looking Information
This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's future plans or prospects of the Company, including prospects for economic recoverability of mineral resources. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forwardlooking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on the Company's profile on SEDAR at www.sedar.com. The Company does not undertake to update any forward- looking information, except in accordance with applicable securities laws
OSINO RESOURCES CORP. 
