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O3 Mining Announces 50,000 Meter Drill Program

Work Commences on Val d’Or Properties

TORONTO, Sept. 04, 2019 (GLOBE NEWSWIRE) -- O3 Mining Inc. (TSXV:OIII, “O3 Mining” or the “Corporation”) is pleased to announce that it has initiated a 50,000-meter drill program on its Val d’Or properties.

José Vizquerra Benavides, President and CEO, commented: “The financings represent an important milestone. We are initiating work on the Bulldog/Centremaque properties in the Val d’ Or area of the prolific Abitibi gold district. Our plan is to commence an aggressive exploration program to confirm, upgrade and expand the current resources with a 50,000-meter drill program. O3 Mining is excited to initiate work in a World Class district that has historically produced over 30 million ounces of gold.” 

Drilling has commenced in the Centremaque area with the objectives of extending the current mineralization. Two additional drill rigs will be mobilized in the coming weeks on the recently discovered Bulldog zone which has recently returned important gold values including 10.87 g/t Au over 4.5 meters in hole OAX-18-245 (see Alexandria Minerals press release dated December 11, 2018). The Bulldog zone was discovered at the end of 2018 and has seen no follow-up. Mineralisation at Bulldog is hosted in strongly sheared and altered porphyry intrusions potentially analogous to Canadian Malartic.  The Bulldog zone is open in all directions.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b97cd279-7a1d-4729-88b5-c0eaf74dc5ff

About O3 Mining Inc.
O3 Mining is an 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.  The Company’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of 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 break.  The Company’s projects host resources of 2,066,154 gold ounces of measured and indicated resources at 1.40 g/t Au and 1,059,057 gold ounces of inferred resources at 2.95 g/t Au in Val d’Or area, and also holds the Garrison project in Ontario with over 1,570,000 gold ounces of measured and indicated resources at 1.12 g/t Au. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Québec and in the Hemlo district in Ontario.

Technical Information
The scientific and technical content of this press release has been reviewed and approved by Mr. Pascal Simard, Eng, B.Sc. Exploration Manager, Northern Quebec for Osisko Mining Inc, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Details regarding the Marban deposit may be found in the technical report prepared pursuant to National Instrument 43-101 entitled “Updated Mineral Resource Technical Report, Marban Block Property, Quebec, Canada” dated July 28, 2016 (effective date: June 13, 2016), which is filed on www.sedar.com under the profile of NioGold Mining Corporation.

Details regarding the Orenada, Akasaba and Sleepy deposits may be found in the reports prepared pursuant to National Instrument 43-101 entitled “NI 43-101 technical report and updated mineral resource estimate for the Orenada Zone 2 and 4 project, Orenada group properties” dated July 20, 2018 (effective date: July 6, 2018), “NI 43-101 technical report on the Akasaba project” dated March 1, 2013” and “NI 43-101 technical report on the Sleepy Lake property”, dated November 25, 2014, which are filed on www.sedar.com under the profile of Alexandria Minerals Corporation

Details regarding the Garrison deposit may be found in the report prepared pursuant to National Instrument 43-101 entitled “A Mineral Resource Estimate for the Garrcon, Jonpol, and 903 Zones at the Garrison Project, Garrison Township, Black River Matheson Area, Northereastern Ontario” dated April 4, 2019 (effective February 19, 2019), which is filed on www.sedar.com under the issuer profile of Osisko Mining Inc.

Details regarding the East Cadillac Gold deposit may be found in the report prepared pursuant to National Instrument 43-101 entitled “2019 technical report and mineral resource estimate, East Cadillac Gold Project, Val d’Or, Quebec”, dated June 7, 2019 (effective date: April 30, 2019), which is filed on www.sedar.com under the profile of Chalice Gold Mines Limited.

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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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
(416) 363-8653