O3 Mining Consolidates Malartic Property with Purchase of Remaining 50% Northern Star Claims

News provided by

Nov 09, 2020, 06:00 ET

TSXV:OIII - O3 Mining

TORONTO, Nov. 09, 2020 /PRNewswire/ -O3 Mining Inc. (TSXV: OIII) ("O3 Mining" or the "Corporation") is pleased to announce it has completed the purchase of the remaining 50% Northern Star claims (also known as the Virginia claims) for $150,000 USD pursuant to the terms of the purchase agreement between Niogold Mining Corporation, a corporation owned and controlled by O3 Mining, and 9265-991 Québec inc., the corporation who acquired the mining interests of Northern Star Mining Corporation in 2013, (the "Purchase Agreement"). With this purchase O3 Mining now holds 100% ownership of three claims, totaling 106.5 hectares, consolidating the Malartic property.

Figure 1: Location of Claims (CNW Group/O3 Mining Inc.)

Pursuant to the Purchase Agreement, 9265-9911 Québec inc. sells and transfers to O3 Mining, all of its rights, titles and interests in the claims.

"The recent purchase of the Northern Star claims finalizes the consolidation of the Malartic property and allows us to drill the Northwest extension of the Kierens deposit. Our exploration team is looking forward to integrating these new claims as we move forward with our 45,000 metre drill program at Malartic", says Jose Vizquerra, President and CEO.

Figure 1: Location of Claims

About O3 Mining Inc.

O3 Mining, an Osisko Group company, 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 (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 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 James Bay and Chibougamau regions 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.

SOURCE O3 Mining Inc.