TSXV:OIII | OTCQX:OIIIF - O3 Mining
TORONTO, July 11,
2024 /CNW/ - O3 Mining Inc. (TSXV: OIII)
(OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is
pleased to announce that it has closed a transaction to sell a 100%
interest in its Matachewan and
Wydee Properties, located within 10 kilometres distance to the
Young-Davidson Mine of Alamos Gold Inc. ("Alamos Gold") to
Alamos Gold in exchange for cash consideration of C$3,500,000 and the retention by O3 Mining of a
1.0% net smelter returns royalty on all metal production from the
claims constituting the Matachewan
and Wydee properties.
O3 Mining's President and Chief Executive Officer, Mr. José
Vizquerra commented: "As we focus our efforts on the
development of our flagship Marban
Alliance project, the sale of the Matachewan and Wydee properties aligns with
our strategic goal of optimizing our asset portfolio. This
transaction allows us to reallocate resources and advance
Marban Alliance, which holds
significant potential for growth and value creation for our
shareholders. We are pleased to work with Alamos Gold on this
transaction and believe that its acquisition of Wydee and
Matachewan will fit well into its
portfolio as the two properties are located just 10 kilometres
distance from the Young-Davidson mine."
The Matachewan and Wydee
properties are located to the east and west, respectively, of the
town of Matachewan, Ontario, a
historical gold mining town located at the western end of Ontario
Highway 66 along the Montreal River. The town is located
approximately 75 kilometres southeast of Timmins, Ontario and 60 kilometres southwest
of Kirkland Lake, Ontario, being
three kilometres west of Alamos Gold's Young-Davidson Mine, which
has been in production since 2012.
The Corporation acquired the Matachewan and Wydee properties as part of its
acquisition of Alexandria Minerals Corporation in 2019. The
transaction represents another step that O3 Mining is taking
towards simplifying its asset portfolio and enhancing focus on
Marban Alliance.
Figure 1: Map of the Matachewan and Wydee Properties
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.