VANCOUVER, British Columbia, Nov. 11, 2022 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQX:OSIIF) (“Osino” or “the Company”) is pleased to release its inaugural Sustainability Report for the 2021 reporting period. The report presents both Osino’s historic sustainability performance as well as plans for the Twin Hills Gold Project, based near Karibib in Namibia. It highlights how Osino is already making a significant positive contribution to Namibia through direct local employment and local procurement spend, its support of key socio-economic development projects and the multiplier effect of its investments in the local economy.
Heye Daun, Osino’s co-founder, President & CEO commented: “Mining companies have a responsibility and an opportunity to make a lasting positive impact in the communities where they operate. Osino takes this responsibility very seriously, and we have set ourselves ambitious goals to not only “do the right thing” but also to make a concerted effort to embed sustainability in everything we do. For this reason, we keep asking ourselves how we can maximize our long-term, positive contribution to the socio-economic development of Namibia and contribute to local economic growth, skills development, job creation, community well-being and environmental stewardship. The Sustainability Report we just published gives expression to what we have already achieved on this front and what we strive to do in the future.”
Sustainability Report Highlights:
Foreign direct investment in Namibia
- During 2021, Osino invested C$19.1 million (N$224.6 million) in Namibia, which was largely spent on wages, drilling contractors and project studies
- Since 2017, Osino has invested a total of C$39.5 million (N$444 million) in Namibia
Prioritizing local and transformative employment
- Osino recruited 27 people under the age of 30 in 2021. Twenty-nine new employees were from local communities where unemployment is around 30%
- 50% of senior geologists are women and equal pay applies throughout the Company
- 95% of employees are Namibian nationals and 47% are from local communities around the Twin Hills Gold Project
- About 750 people will work at the Twin Hills Mine, most of whom will be Namibian and many of whom will be from local communities
Strengthening local communities and building relationships
- 92% of local procurement spend in Namibia
- Seed funding of C$170,000 (N$2 million) was used to establish the Twin Hills Trust, which is supporting several community development projects, including infrastructure upgrades, low-cost land provision and early childhood development in Karibib and Omaruru. Key suppliers and shareholders have also contributed to the Trust. Visit the Trust’s website https://twinhillstrust.org/
Rigorous compliance approach
- An environmental and social impact assessment (ESIA) was completed for the Twin Hills Gold Project to establish a baseline and identify potential impacts
- An environmental and social management plan (ESMP) for the Twin Hills Gold Project has been drawn up to inform current and future operations
Strong foundation for environmental performance
- Osino’s carbon footprint, including emissions from three drilling contractors, has been calculated
- Investigation into carbon-reducing technologies and strategies for the Twin Hills Mine are ongoing
- Zero significant environmental incidents were recorded
- 77% of recorded waste was recycled
“Economic development, guided by a sustainability approach that considers social and environmental priorities, is essential to grow a Namibian society and economy that thrives over the long term. Our sustainability report captures our commitment in this regard,” added Daun.
Osino has set itself the goal of embedding sustainability into all aspects of the mine’s design as it moves forward. The Company is working with a large team of technical and social experts on positive initiatives, such as housing for mine workers, skills development, renewable energy options including solar energy and a battery energy storage system and minimizing water usage.
About Osino Resources
Osino is a Canadian gold exploration and development company focused on the fast-tracked advancement 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 220,000m of drilling and advanced technical studies on the Project, culminating in the recently published Twin Hills PFS.
Osino has a commanding 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. 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 favorably 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.
Further details are available on the Company's website at https://osinoresources.com/
On Behalf of The Board of Directors
Heye Daun
Chief Executive Officer, President, and Director
CONTACT INFORMATION
Osino Resources Corp.
Julia Becker: Investor Relations Manager
Tel: +1 (604) 785 0850
jbecker@osinoresources.com
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 forward-looking 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
