Osino to acquire gold exploration property in Namibia from B2Gold

Osino Resources has agreed to acquire the Ondundu gold exploration property in Namibia from B2Gold for $15, 2 million.
The acquisition agreement is subject to Namibian regulatory approvals and certain other customary closing conditions.
Under the terms of the acquisition agreement, Osino agreed to purchase all of the issued and outstanding shares of the Namibian company, Razorback Gold Mining, which wholly owns the Namibian exclusive prospecting license 3195 covering 19,969 hectares.
It will also acquire all technical information and other books and records of the Ondundu Gold Project.
“We believe this is a highly accretive transaction for Osino which provides significant additional scale, diversification and consolidation of Osino’s Namibian projects,” said Osino chief executive Heye Daun. “We plan to build on the excellent exploration and resource development work which B2Gold completed over the last 6 years and to quickly advance the project to a compliant resource stage.”
He said based on the project's historical exploration and analysis, they believe the Ondundu Gold Project has the type of mineralisation with the potential to host a significant open-pit gold resource possibly in the order of more than 1 million ounces of contained gold with the possibility for co-development with Osino’s Twin Hills Gold Project, which is located about 130 km from Ondungu.
“The consideration payable is partially deferred and upon close will result in B2Gold becoming a strategic shareholder of Osino,” said Daun.
“We are very pleased that B2Gold has agreed to the part-equity structure of the transaction and appreciate B2Gold’s implicit vote of confidence in Osino’s ability to take Ondundu to the next level.”

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished