Month: January 2021

Toronto, January 27, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce the filing of an independent Preliminary Economic Assessment (PEA) for the Garrison project.

The report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The technical report, entitled “NI 43-101 Technical Report and Preliminary Economic Assessment of the Garrison Project” and dated January 27, 2021 (effective date of November 25, 2020), has been prepared for O3 Mining by Ausenco Engineering Canada Inc. with the assistance of Moose Mountain Technical Services (the “Garrison PEA”). The Garrison PEA is available on SEDAR (www.sedar.com) under O3 Mining’s issuer profile.

O3 Mining’s news release dated December 14, 2020 (entitled “O3 Mining Delivers Positive PEA for Garrison Project“) summarizes key results, assumptions and estimates contained in the Garrison PEA. The Corporation is please to report there are no material differences between the key results, assumptions and estimates contained in the Garrison PEA and O3 Mining’s news release dated December 14, 2020.

About O3 Mining Inc.

O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in properties in Québec (133,557 hectares). The Corporation controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Fault. O3 Mining also has a portfolio of assets in the Chibougamau region of Québec.

Cautionary Note Regarding Forward-Looking Information

Readers are cautioned that the Garrison PEA is preliminary in nature and includes inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorize as mineral reserves. The mineral resource estimate disclosed in the Garrison PEA may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically. There is no certainty that the results, assumptions or estimates in the Garrison will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
Telephone: (416) 363-8653

Toronto, January 25, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) Toronto, January 25, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) announces that it has granted to certain officers, directors, employees and/or consultants of the Corporation (i) an aggregate of 890,000 options to acquire common shares of the Corporation (“Options”), and (ii) an aggregate of 90,000 restricted share units of the Corporation (“RSUs”). The Options have an exercise price of $3.26 per share, have a five-year term from the date of grant, and vest annually in equal thirds beginning on the first anniversary of the date of grant. The RSUs are subject to a three-year cliff vesting period from  the date of grant.

About O3 Mining Inc.

O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in properties in Québec (133,557 hectares). The Corporation controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Fault. O3 Mining also has a portfolio of assets in the Chibougamau region of Québec. 

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
Telephone: (416) 363-8653

This News Release is not for distribution to U.S. Newswire Services or for dissemination in the United States

Toronto, January 21, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce, further to our news release of earlier this morning, that the private placement of flow-through common shares of the Corporation (“FT Shares”) has been upsized by an additional C$10.4 million, for a total offering of approximately C$30.4 million (exclusive of the Underwriters’ Option (as defined below)) (the “Offering”). In furtherance of the foregoing, O3 Mining has entered into an amendment to the engagement letter pursuant to which Sprott Capital Partners LP and Canaccord Genuity Corp., as co-lead underwriters, on behalf of a syndicate of underwriters (collectively, the “Underwriters”), have agreed to purchase, on a “bought deal” private placement basis, 6,703,739 FT Shares at a price of C$4.54 per FT Share for aggregate gross proceeds of approximately $30.4 million.

The Corporation has also granted the Underwriters an option to sell up to an additional 1,005,561 FT Shares at a price of C$4.54 per FT Share, which option may be exercised up to 48 hours prior to the closing of the Offering (the “Underwriters’ Option”)  If the Underwriters’ Option is exercised in full, the gross proceeds from the Offering would be approximately  C$35 million.

Each FT Share issued under the Offering will qualify as a “flow-through share” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and, in respect of eligible Québec resident subscribers, section 359.1 of the Taxation Act (Québec). The gross proceeds from the sale of the FT Shares will be used by the Corporation to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) related to the Corporation’s projects in Québec. The Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares with an effective date no later than December 31, 2021 and in the aggregate amount not less than the total amount of the gross proceeds raised from the issuance of the FT Shares.

The Offering is scheduled to close on or about February 25, 2021 (as opposed to February 17, 2021, as previously announced) and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the conditional approval of the TSX Venture Exchange. Other than as described in this news release, the other terms of the Offering as described in the news release of O3 Mining of earlier this morning remain unchanged.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About O3 Mining Inc.

O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in properties in Québec (133,557 hectares). The Corporation controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Fault. O3 Mining also has a portfolio of assets in the Chibougamau region of Québec.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about the Offering; the use of the proceeds from the Offering; the jurisdictions in which the FT Shares will be offered or sold; the number of FT Shares offered or sold; the size of the Offering; the timing and ability of the Corporation to close the Offering, if at all; the timing and ability of the Corporation to satisfy the customary listing conditions of the TSX Venture Exchange, if at all; the timing and ability of the Corporation to obtain all necessary approvals; the tax treatment of the securities issued under the Offering under the Income Tax Act (Canada) and Taxation Act (Québec); the timing to renounce all Qualifying Expenditures in favour of the subscribers, if at all; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of Osisko, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the Offering; volatility in the trading price of common shares of the Corporation; risks relating to the ability of the Corporation to obtain required approvals, complete definitive documentation and complete the Offering; the ability of Osisko to complete further exploration activities, including drilling; property interests; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; changes in the tax and regulatory regime; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
Telephone: (416) 363-8653

This News Release is not for distribution to U.S. Newswire Services or for dissemination in the United States

Toronto, January 21, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce that it has entered into an agreement pursuant to which Sprott Capital Partners LP and Canaccord Genuity Corp., as co-lead underwriters, on behalf of a syndicate of underwriters (collectively, the “Underwriters“), have agreed to purchase, on a “bought deal” private placement basis, 4,405,287 flow-through common shares of the Corporation (“FT Shares“) at a price of C$4.54 per FT Share for gross proceeds of C$20 million (the “Offering“). Each FT Share will qualify as a “flow-through share” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and, in respect of eligible Québec resident subscribers, section 359.1 of the Taxation Act (Québec).

The Corporation has also granted the Underwriters an option to sell up to an additional 660,793 FT Shares, which option may be exercised up to 48 hours prior to the closing of the Offering.

The gross proceeds from the sale of the FT Shares will be used by the Corporation to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures“) related to the Corporation’s projects in Québec. The Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares with an effective date no later than December 31, 2021 and in the aggregate amount not less than the total amount of the gross proceeds raised from the issuance of the FT Shares.

The Offering is scheduled to close on or about February 17, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the conditional approval of the TSX Venture Exchange.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About O3 Mining Inc.

O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in properties in Québec (133,557 hectares). The Corporation controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Fault. O3 Mining also has a portfolio of assets in the Chibougamau region of Québec.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about the Offering; the use of the proceeds from the Offering; the jurisdictions in which the FT Shares will be offered or sold; the number of FT Shares offered or sold; the size of the Offering; the timing and ability of the Corporation to close the Offering, if at all; the timing and ability of the Corporation to satisfy the customary listing conditions of the TSX Venture Exchange, if at all; the timing and ability of the Corporation to obtain all necessary approvals; the tax treatment of the securities issued under the Offering under the Income Tax Act (Canada) and Taxation Act (Québec); the timing to renounce all Qualifying Expenditures in favour of the subscribers, if at all; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of Osisko, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the Offering; volatility in the trading price of common shares of the Corporation; risks relating to the ability of the Corporation to obtain required approvals, complete definitive documentation and complete the Offering; the ability of Osisko to complete further exploration activities, including drilling; property interests; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; changes in the tax and regulatory regime; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
Telephone: (416) 363-8653

Toronto, January 21, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce its 2021 exploration and development plans focused on unlocking value in the historic Val-d’Or gold region of Québec. It includes a 150,000 metre drilling campaign using up to 12 rigs on the Marban project and Alpha property, and to initiate a Pre-Feasibility Study (“PFS”) on Marban.

2020 was a landmark year for O3 Mining and 2021 is on track to surpass its success, with important catalysts on the horizon,” 

“Having successfully negotiated the partnership of our Garrison project in the Timmins district of Ontario (See press release January 14, 2021), the company has strategically prioritized its attention on its properties in the Abitibi District of Quebec as we continue the largest drill program in company history. Our strategy is two-fold, we aim to build on the momentum of the Marban PEA by defining more resources as we move the project towards a PFS, while on Alpha, continue with the bulk of the drilling as we target resource definition drilling across our land package. Stay tuned for the regular release of drilling results in what promises to be a very busy year for the company.” commented José Vizquerra, President and CEO of O3 Mining.

2021 Outlook

In June 2020, O3 Mining initiated a well-funded 150,000 metre drilling campaign on its projects in Val-d’Or Québec, which will continue through 2021.

MARBAN PROJECTS

“Marban is our flagship project and we aim to build on last year’s PEA by initiating the PFS in 2021. We believe there is a lot more gold that we can bring into the existing resources by expanding the existing deposits and drilling other nearby prospective areas with the potential to grow the mining operation we are planning. We are dedicated to advancing Marban as fast as we are able and realizing our vision of becoming a gold producer,” said Mr. Vizquerra.

Figure 1: Malartic property

• 50,000 metres of drilling.
• Test extensions of the ore deposits included in the September 2020 PEA (See press release September 8, 2020) to grow the mineral resource base specifically focused on the Norlartic–Kierens, North-North, North Shear, Marban, and the Gold Hawk deposits.
• Other drilling targets, Orion #8, MK, Malartic H, Marban NE, and Camflo deep, include extensions of historical mineralized zones within 3 kilometres of the PEA pit shells, which offer additional potential to increase resources within the Marban mining project area.
• Initiate Marban PFS in 2021, with a focus on fieldwork, metallurgical test work, and economic trade-off studies, in addition to advancing environmental impact studies. The company will also continue to explore the geological potential of the Marban project.

ALPHA PROPERTY

“At Alpha, we have a three-pronged strategy on a pipeline of targets from grassroots to deposit delineation and expansion, which we are drilling simultaneously. Alpha is often overshadowed by Marban but it is just as exciting due to the significant land position we have in the heart of the Abitibi district. With a purchase option agreed on the Aurbel mill last year, O3 Mining has the opportunity for a relatively low-cost mining operation, once we have defined and delineated sufficient resources and completed economic studies. For this reason, the bulk of the drilling this year is focused on Alpha to rapidly provide up resources so that we can begin to conceptualise possible mining scenarios. As the recent partnership of our Garrison project shows, the appetite for gold deposits in the principle gold-producing regions is growing, which bodes well for the future advancement of Alpha and is why we are also pursuing discoveries,” said Jose Vizquerra.

 Figure 2: Alpha property

• 100,000 meters of drilling.
• Expand known deposits to depth at Orenada, Simkar, Akasaba, and Bulldog and proceed to a resource estimate when we feel there is enough resource to generate an economic scenario.
• Follow-up on significant drill intercepts to prove up the continuity of grades and widths with the aim of turning into new deposits at Epsilon, Pontiac East, Omega, Valdora, and El Sol.
• Test targets across the property to make new discoveries on the four mineralization types: Cadillac Fault, Skarn/porphyry, Anamaque Sill, and Sigma–Lamaque corridor. These targets were generated last year from a combination of in-house compilation, summer trenching program, and use of Artificial intelligence (“AI”) targeting study by Mira Geoscience.

DRILLING SUMMARY 2021

CORPORATE RESPONSIBILITY

O3 Mining is dedicated to becoming a premier gold exploration and mine development company by delivering superior return to our shareholders and long-term benefits to our stakeholders. We as an organization believe our core values, Safety, Integrity, Work Ethic, Respect, Unity and Accountability, are a guiding force for us and we are committed to following them with diligence.

• Health & Safety – Safety being at the core of our values, we continue to reinforce the sanitary measures to preserve the health and safety of our employees, contractors, and our communities, as we navigate the COVID-19 pandemic. Our health and safety management program will continue to be refined and enhanced to protect and promote a health and safety culture in all our activities.
• Environment – We ensure environmental stewardship by integrating environmental responsibility in our operations. We will continue to implement our environmental procedures and protocols, in addition to our training program on best environmental practices to ensure compliance with applicable laws, permits, and regulations and minimize our impacts. We will continue the environmental baseline studies of our core projects.
• Community relations – With the aim to partner with and positively contribute to the socio-economic advancement of the communities in which we operate, we will continue to build valuable and trusting relationships with a broad spectrum of stakeholders in our local communities
• Corporate social responsibility (“CSR”) – We are implementing our CSR procedures in compliance with CSR certifications such as ECOLOGO for Responsible Development of Mineral Exploration

2020 Milestones

2020 was a year of achievement at O3 Mining as we achieved many significant milestones. These include the delivery of a PEA on Marban with an after-tax net present value (PNV) of C$423M and a 25.2% internal rate of return (IRR) at a US$1,450/oz gold reference price, the delivery of a PEA on Garrison with an after-tax NPV of C$321M and 33% IRR, the purchase option on the Aurbel mill for Alpha, and the completion of 68,263 meters drilled, surpassing the 50,000 meters we originally planned for the year (See press release January 20, 2020). In addition, O3 Mining raised C$40.2 million via a bought deal (See press release June 19, 2020) and is now listed on the OTCQX Market to help strengthen our US shareholder base.

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Louis Gariepy. (OIQ #107538), VP Exploration, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Quality Control and Reporting Protocols

True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zones. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Half-core samples are shipped to Agat laboratory in Val-d’Or, Québec and Mississauga, Ontario for assaying. The core is crushed to 75% passing -2 mm (10 mesh), a 250 g split of this material is pulverized to 85% passing 75 microns (200 mesh) and 50 g is analyzed by Fire Assay (FA) with an Atomic Absorption Spectrometry (AAS) finish. Samples assaying >10.0 g/t Au are re-analyzed with a gravimetric finish using a 50 g charge. Commercial certified standard material and blanks are systematically inserted by O3 Mining’s geologists into the sample chain after every 18 core samples as part of the QA/QC program. Third-party assays are submitted to other designated laboratories for 5% of all samples. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results are performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices.

About O3 Mining Inc.

O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in properties in Québec (133,557 hectares). The Corporation controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Fault. O3 Mining also has a portfolio of assets in the Chibougamau region of Québec.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. The information in this news release about the transaction; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the restart of operations; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation’s business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
Telephone: (416) 363-8653

Toronto, January 14, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce that it has entered into a definitive share purchase agreement with Moneta Porcupine Mines Inc. (TSX: ME; OTC: MPUCF) (“Moneta“), pursuant to which it has agreed to sell its wholly-owned subsidiary, Northern Gold Mining Inc. (“Northern Gold“), in exchange for 149,507,273 common shares of Moneta (“Moneta Shares“), representing 30.1% of the outstanding Moneta Shares (the “Transaction“). Northern Gold owns 100% of the Golden Bear assets, including the Garrison gold project (“Garrison Project“), in the Kirkland Lake district of the Timmins gold mining camp in Ontario, Canada. Garrison is located adjacent to the Golden Highway Project where Moneta recently declared a mineral resource estimate of 2,144,200 ounces (oz) of indicated mineral resources and 3,335,300 oz of inferred mineral resources.

View Presentation

The strategic consolidation of the Garrison and Golden Highway Projects under Moneta will create a leading gold development company in the prolific Timmins gold mining camp, allowing for their more systematic exploration and combined development in partnership with O3 Mining. This divestiture is part of O3 Mining’s broader corporate strategy to unlock value for its shareholders and maintain exposure to the development potential of the Garrison Project while allowing the Corporation to focus its resources on advancing its core assets. Its core assets are the Marban and Alpha gold properties situated in Québec, Canada, where it is currently working to expand its gold mineralization through an extensive 150,000-metre drilling campaign with 12 drilling rigs. 

O3 Mining is pleased to unlock value for our shareholders through our investment in, and ongoing support of, our new partner, Moneta. This transaction will allow O3 Mining to partner in the future development of a large and long-life gold project situated in one of the world’s most famous gold producing districts through the consolidation of these two projects and their respective land positions. We look forward to partnering with Moneta’s management team, through our board representation and in our role as Moneta’s largest shareholder, and being part of its growth story. O3 Mining aims to be a supportive partner to Moneta as it advances the Garrison and Golden Highway Projects through the formation of a joint technical committee, board representation, and its ability to participate in future financings to maintain its pro-rata ownership position.”

José Vizquerra, President and CEO of O3 Mining

The partnership with O3 Mining through the acquisition of the Golden Bear assets will transform Moneta into one of the largest gold development companies in North America with a significant resource and landholding in Canada’s most prolific gold mining camp. The Golden Bear assets, including the Garrison Gold deposits, are adjacent to our flagship Golden Highway project and provide significant synergies and multiple options for the development of our gold deposits. Moneta will hold approximately 4.0 million ounces of indicated gold resources and 4.4 million ounces of inferred gold resources including both high-grade bulk tonnage underground deposits and near-surface open pit resources, and access to the technical capabilities of O3 Mining team. With the completion of a proposed concurrent equity financing, Moneta will be well funded to test the expansion potential of the integrated project. We are excited about this transaction; it provides excellent value for the shareholders of both companies.”

Gary O’Connor, CEO of Moneta

Transaction Highlights

• Creation of a leading gold development company with 4.0 million ounces of gold (Au) in the indicated mineral resource category and 4.4 million ounces of Au in the inferred mineral resource category and mineral inventory expansion opportunities on the combined landholdings of over 20,000 hectares in the prolific Timmins gold mining camp in Ontario, Canada

• Partnership between O3 Mining and Moneta under an investor rights agreement and including the formation of a joint technical committee, the right of O3 to nominate two directors for election to the board of directors of Moneta, and the right to participate in future financings to maintain its pro-rata ownership position

• Unlocking substantial developmental and operating synergies by consolidating the Garrison and Golden Highway projects
  • Potential starter pit at Garrison with outcropping gold resources at higher grades and a lower strip ratio
  • The overall footprint of the facilities can be reduced as common buildings, process plant area, and tailings storage areas are combined

• Enhanced capital markets profile and value proposition platform for further district consolidation opportunities
• Creation of a district-scale mining company under Moneta with enhanced critical mass which can command greater financial support from institutions to facilitate the execution of its business plan.

Transaction Terms

The Transaction is subject to the approval of Moneta’s shareholders at a special meeting expected to be held in April 2021. In addition, the Transaction is subject to the receipt of certain regulatory and stock exchange approvals and other customary closing conditions for a transaction of this nature. The Agreement includes, among other things, customary mutual non-solicitation provisions, a “fiduciary out” provision of Moneta, a right to match superior proposals by O3 Mining and a C$1.42 million termination fee payable by Moneta to O3 Mining under certain circumstances.

Concurrent with closing of the Transaction, O3 Mining and Moneta will enter into an investor rights agreement (the “Investor Rights Agreement“) pursuant to which the board of directors of Moneta will be reconstituted to consist of eight individuals, with O3 Mining entitled to nominate two directors and one newly appointed independent director to be agreed upon by the parties. Additionally, for a period of two years, O3 Mining shall have the right to nominate two nominees for election as directors of Moneta and, thereafter, for so long as O3 Mining holds greater than (x) 25% of the issued and outstanding Moneta Shares, O3 Mining shall have the right to nominate two nominees for election as directors of Moneta, and (y) 10% of the issued and outstanding Moneta Shares, O3 Mining shall have the right to nominate one nominee for election as a director of Moneta. The Investor Rights Agreement includes, among other things, pre-emptive and top-up rights in favour of O3 Mining, a 24-month standstill provision in favour of Moneta, and certain other restrictions in respect of O3 Mining’s dealings in Moneta Shares (including a prohibition from selling the Moneta Shares held by O3 Mining until December 31, 2022).

The directors of Moneta, collectively holding approximately 16.5% of the outstanding Moneta Shares, have entered into voting support agreements and have agreed to vote in favour of the Transaction, subject to certain exceptions. Moneta also intends to consolidate its share capital on a 6:1 basis, subject to the receipt of all necessary approvals, on closing of the Transaction.

Moneta Financing

In connection with the Transaction, Moneta will raise approxiamately C$20 million in equity, including the C$17 million Bought Deal Offering, as further described below.

Moneta entered into an agreement with Paradigm Capital Inc. (“Paradigm“) and Dundee Goodman Merchant Partners (“Dundee“), on behalf of a syndicate of underwriters (collectively, with Paradigm and Dundee, the “Underwriters“), in connection with a “bought deal” private placement offering (the

“Bought Deal Offering“) for aggregate gross proceeds of approximately C$17 million. The Bought Deal Offering will consist of 30,435,000 common shares of Moneta that will qualify as “flow-through shares”

(within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the “Flow-Through Shares“) at a price of C$0.46 per Flow-Through Share and 9,375,000 common shares of Moneta (“Hard Dollar Shares“) at a price of C$0.32 per Hard Dollar Share.

In addition, Moneta has granted the Underwriters an option, exercisable in whole or in part up to 48 hours prior to the closing of the Bought Deal Offering, to purchase that number of additional Flow-Through Shares and/or Hard Dollar Shares on the same terms described above for additional aggregate gross proceeds of up to approximately C$2.55 million.

Concurrent with the Bought Deal Offering, Moneta will also undertake a non-brokered private placement (together with the Bought Deal Offering, the “Offerings“) of subscription receipts of Moneta (the “Subscription Receipts“), at a price of C$0.32 per Subscription Receipt, for gross proceeds of up to C$3 million. In conjunction with the closing of the Transaction, each Subscription Receipt will be exchanged for one Moneta Share.

Moneta will use an amount equal to the gross proceeds from the sale of the Flow-Through Shares, pursuant to the provisions in the Income Tax Act (Canada), to incur or be deemed to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures“) on future and current properties of Moneta or a subsidiary thereof on or before December 31, 2022, and to renounce all the Qualifying Expenditures in favour of the subscribers of the Flow-Through Shares effective on or before December 31, 2021.  The proceeds from the sale of the Hard Dollar Shares and Subscription Receipts will be used for exploration and development activities on future and current properties of Moneta or a subsidiary thereof and for general corporate purposes.

Completion of the Transaction is not contingent on completion of the Offerings and completion of the Bought Deal Offering is not contingent on completion of the Transaction.

The Offerings are subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the Toronto Stock Exchange. The securities to be issued under the Offerings will have a hold period of four months and one day from the applicable closing date in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Advisors

O3 Mining has engaged Sprott Capital Partners LP as its financial advisor and Bennett Jones LLP as its legal counsel. Moneta has engaged Maxit Capital LP as its financial advisor and Stikeman Elliott LLP as its legal counsel.

Conference call

Moneta’s management will host a conference call to discuss the Garrison transaction on Thursday January 14, 2021 at 11:00 a.m. (Eastern time). O3 Mining’s President and CEO, José Vizquerra, and Moneta’s CEO, Gary O’Connor, will participate in this conference call.

Conference call number

Toll Free Dial-In Number: (833) 772-0367
International Dial-In Number: (343) 761-2596

Webcast Link

https://onlinexperiences.com/Launch/QReg/ShowUUID=9233F573-2D68-4C1A-9191-A13B5FABEFEF

About O3 Mining Inc.

O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in properties in Québec (133,557 hectares). O3 Mining controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Fault. O3 Mining also has a portfolio of assets in the Chibougamau region of Québec.

About Moneta

Moneta’s land package in the Timmins Gold Camp covers 12,742 hectares (ha) including six gold projects plus a joint venture with Kirkland Lake Gold Corporation (TSX: KL) covering 4,334 ha. Moneta’s flagship project, Golden Highway Gold Project is located 100 km east of Timmins and hosts a total indicated resource of 2,145,000 ounces gold contained within 55.3 Mt @ 1.21 g/t Au and a total of 3,337,000 ounces gold contained within 49.7 Mt @ 2.09 g/t Au in the inferred category at a 2.60 g/t Au at South West, 3.00 g/t Au cut-off for the other underground deposits and 0.30 g/t Au for the open pit deposits. The project includes a total of 1,512,000 ounces of open pit indicated resources contained within 50.5 Mt @ 0.93 g/t Au and 1,207,000 ounces of open pit inferred resources contained within 34.0 Mt @ 1.10 g/t Au. The project also includes 632,000 ounces of indicated underground resources contained within 4.9 Mt @ 4.05 g/t Au and 2,128,000 ounces of inferred underground resources within 15.7 Mt @ 4.21 g/t Au. The open-pit resources and new underground discoveries have not yet been subjected to a preliminary economic assessment study at Golden Highway. The Garrison Project hosts a total indicated resource of 1,822,000  ounces gold contained within 66.3 Mt @ 0.86 g/t Au and a total of 1,062,000 ounces gold contained within 45.3 Mt @ 0.73 g/t Au in the inferred category.

Qualified Person

The scientific and technical content in this news release has been reviewed and approved by Mr. Louis Gariepy. (OIQ #107538), VP Exploration, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

 Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. The information in this news release about the transaction; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the restart of operations; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation’s business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
Telephone: (416) 363-8653

Toronto, January 12, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce that it has changed its ticker from OQMGF to OIIIF effective January 13, 2021.

No action is required by current shareholders relative to the ticker symbol change.

About O3 Mining Inc.

O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in properties in Québec (133,557 hectares) and Ontario (25,000 hectares). O3 Mining controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Fault. O3 Mining also has a portfolio of assets in the Chibougamau region of Québec.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. The information in this news release about the transaction; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the restart of operations; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation’s business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
Telephone: (416) 363-8653

Toronto, January 08, 2021 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation“) announces that it has entered into a definitive property transfer agreement dated December 15, 2020 with Osisko Mining Inc. (“Osisko Mining“) pursuant to which the O3 Mining, through its wholly-owned subsidiary, NioGold Mining Corporation, will transfer all of its rights, titles and interests in its Blondeau Guillet Property located in Belleterre, Québec to Osisko Mining (the “Transaction“).

The Transaction is considered to be a “related party transaction” of the Corporation for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“) since Osisko Mining holds 10% of the issued and outstanding common shares of the Corporation. The Corporation is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Corporation is exempt from the formal valuation requirement in Section 5.4 of MI 61-101 in reliance on Section 5.5(a) of MI 61-101 as the fair market value of the transaction, is not more than the 25% of the Corporation’s market capitalization, as well as the securities of the Corporation not trading on any “specified markets” set forth in MI 61-101. Additionally, the Corporation is exempt from minority shareholder approval requirement in Section 5.6 of MI 61-101 in reliance on section 5.7(b) of MI 61-101 as the fair market value of the transaction is not more than the 25% of the Corporation’s market capitalization.

About O3 Mining Inc.

O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in properties in Québec (133,557 hectares) and Ontario (25,000 hectares). O3 Mining controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Fault. O3 Mining also has a portfolio of assets in the Chibougamau region of Québec.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. The information in this news release about the transaction; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the restart of operations; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation’s business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
Telephone: (416) 363-8653

Toronto, January 06, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OQMGF) (“O3 Mining” or the “Corporation”) is pleased to announce it is resuming drilling with 12 drill rigs to continue executing the well-funded 150,000 metre drilling program on its properties in Val-d’Or Québec, Canada. As planned, the increase to 12 rigs will allow the company to take advantage of the freezing winter conditions to test targets located in humid areas. Four rigs are operating on the Malartic property where a total of 45,000 metres of drilling is planned, and eight will focus on the Alpha property for a total of 100,000 metres of planned drilling.

At Malartic, where the Marban gold project is located, the drilling is testing the extensions of the ore deposits included in the PEA (See press release September 8, 2020) to grow the mineral resource base. Drilling will specifically target the Norlartic–Kierens, North-North, Marban, and Gold Hawk deposits. Other targets include extensions of historically mineralized zones located within three kilometres of the PEA pit shells, offering additional potential to increase the resources within the Marban project area. These targets include Gold Hawk, Orion #8, MK, and Marban NE.

The eight drill rigs at Alpha will continue to expand the Bulldog deposit at depth and laterally, explore depth extensions of Orenada #2, Orenada #4 down to 800 metres vertically. Additionally, it will follow-up on the promising intercepts at Simkar (See press release December 17, 2020), explore extensions of the Epsilon zone (Golden Valley option) and the Akasaba deposit, and finally, it will test several targets generated from a combination of in-house data compilation and Artificial intelligence (“AI”) targeting study by Mira (See press release August 6, 2020).

2020 was an incredibly busy and successful year for O3 Mining and 2021 promises to be even more so with extensive drilling programs at both Malartic and Alpha properties,”

“We are aiming to rapidly add to our resource base and extend the mineralized footprint of both properties into new areas to make these projects some of the most attractive, and likely to be developed and exploited in the province.”

said President and CEO Jose Vizquerra.

Figure 1: Alpha and Malartic properties location

Figure 2: Alpha property

Figure 3: Malartic property

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Louis Gariepy. (OIQ #107538), VP Exploration, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Quality Control and Reporting Protocols

True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zones. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Half-core samples are shipped to Agat laboratory in Val D’Or, Quebec and Mississauga, Ontario for assaying.

The core is crushed to 75% passing -2 mm (10 mesh), a 250 g split of this material is pulverized to 85% passing 75 microns (200 mesh) and 50 g is analyzed by Fire Assay (FA) with an Atomic Absorption Spectrometry (AAS) finish. Samples assaying >10.0 g/t Au are re-analyzed with a gravimetric finish using a 50 g charge. Commercial certified standard material and blanks are systematically inserted by O3 Mining’s geologists into the sample chain after every 18 core samples as part of the QA/QC program. Third-party assays are submitted to other designated laboratories for 5% of all samples. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results are performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices.

 About O3 Mining Inc.

O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in properties in Québec (133,557 hectares) and Ontario (25,000 hectares). O3 Mining controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Fault. O3 Mining also has a portfolio of assets in the Chibougamau region of Québec.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. The information in this news release about the transaction; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the restart of operations; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation’s business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
Telephone: (416) 363-8653