(Kitco News) - Osino Resources (TSXV: OSI) announced Monday it has received "Preparedness to Grant" confirmation from Namibian Ministry of Mines & Energy for 20-year mining license for Osino's Twin Hills gold project.
Osino recently released a pre-feasibility study for Twin Hills based on 2.15 Moz in reserves, outlining a 13-year open-pit mine life with an average annual gold production rate of 169koz per annum at all-in sustaining costs of US$930/oz in the 10 years of operation.
"The granting of the mining license confirms Twin Hills' position as a rapidly advancing, partially permitted, top-tier project in a premier jurisdiction," the company said in a statement.
Osino noted that the mining license is subject to fulfillment of a number of customary conditions which include, among others, adherence to an agreed work program, conclusion of environmental authorization, and implementation of a 5% carried interest for local shareholders.
The company also announced that it had received a positive review of Environmental & Social Impact Assessment (ESIA) and Environmental Management Plan (EMP), confirming no fatal project flaws.
"Granting of the conditional mining license and progress with environmental authorization de-risks the permitting timeline and confirms Namibian regulatory support for the rapid advancement of Osino's Twin Hills gold project into the development phase," it said.
Osino is a Canadian gold exploration and development company focused on the fast-tracked advancement of its wholly owned Twin Hills gold project 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.
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