TSXV:OIII | OTCQX:OIIIF - O3 Mining
TORONTO, May 2, 2024
/CNW/ - O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) ("O3
Mining" or the "Corporation") announces that it has
terminated its option with Eldorado Gold Corporation (originally
signed with QMX Gold Corporation) to acquire the Aurbel Mill.
Under the terms of the option agreement dated May 14, 2020 (see news release of O3 Mining
entitled "O3 Mining Signs Option Agreement to Acquire
QMX's Aurbel Mill, 10 km from Alpha Property"), the
Corporation was granted an option to acquire a 100% interest in the
Aurbel Mill, the tailings and all associated permits and
liabilities, for a purchase price of C$5
million plus annual maintenance costs of C$87,500 per annum to maintain the mill option
during the six-year term of the option.
The decision to terminate the option aligns with O3 Mining's
strategic focus on optimizing resource allocation towards the
development of the Marban Alliance project, improving our mining
engineering and estimation parameters, and pursuing potential
processing and tailings synergies with industry peers. O3 Mining
will continue its exploration efforts in the Casa Berardi district
as well as a brownfield targets at Marban Alliance.
About O3 Mining Inc.
O3 Mining Inc. is a gold explorer and mine developer on the road
to produce from its highly prospective gold camps in Québec,
Canada. O3 Mining benefits from
the support and expertise of a team of industry leaders as it grows
towards becoming a gold producer with several multi-million-ounce
deposits in Québec.
O3 Mining is well-capitalized and owns a 100% interest in all
its properties (107,000 hectares) in Québec. O3 Mining trades on
the TSX Venture Exchange (TSXV: OIII) and OTC Markets (OTCQX:
OIIIF). The Corporation is focused on delivering superior returns
to its shareholders and long-term benefits to its stakeholders.
Further information can be found on our website at
https://o3mining.com.
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.
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SOURCE O3 Mining Inc.