Omai GOLD Drilling Underway at Omai Project IN Guyana, Stock Option Plan Approved
OMG
OMAI GOLD DRILLING UNDERWAY AT OMAI PROJECT IN GUYANA,
STOCK OPTION PLAN APPROVED
March 8, 2022 Toronto, Ontario — Omai Gold Mines Corp. (TSXV: OMG) (OTC:OMGGF)
(“Omai Gold” or the “Company”) is pleased to announce that it has commenced drilling on the
Omai Gold Property in Guyana after completing 10 trenches, totalling 580 metres in January and
February. The Company is making excellent progress drilling in the Blueberry Hill area
approximately 500 metres west of the past-producing Fennell deposit.
Elaine Ellingham, President and CEO commented, “Trenching has proven very effective at
exposing quartz stockwork systems, allowing us to get better definition on the structural
orientations of the targeted horizons. This allows us to be far more focused and effective with the
drilling of our exploration targets. With the completion of our maiden resource at Wenot, we have
turned our initial focus of the current drilling to our priority exploration targets resulting from our
extensive 2021 compilation work. Some of these targets were identified in the 1990s but have
remained untested. We have already completed three holes totalling 501 metres on the Blueberry
Hill and Gilt Creek area, west of Fennell, with initial results expected before the end of March.”
Stock Option Plan Approval
The Company also received final approval from the TSX Venture Exchange to implement the
Company’s new stock option plan (the “ Stock Option Plan”) , which was approved by the
Company’s shareholders at the annual general and special meeting of shareholders held on
December 16, 2021 (the “AGM”) , and is granting options to certain officers, directors and
consultants as part of its annual long-term incentive program.
The Stock Option Plan replaces the Company’s prior stock option plan. The Stock Option Plan is
a “rolling” stock option plan, whereby the aggregate number of common shares of the Company
(“Common Shares”) reserved for issuance shall not exceed 10% of the total number of issued
and outstanding Common Shares (calculated on a non- diluted basis) at the time an Option is
granted. The Company’s Stock Option Plan is filed on SEDAR at www.sedar.com.
With the adoption of the Stock Option Plan, the Company announces the grant of 5,210,000
Options, including 4,300,000 granted to directors and executive officers with the balance granted
to employees and consultants. The Options are exercisable at $0.11 per Common Share expiring
March 7, 2027. As of the date hereof, there are 271, 711,599 Common Shares issued and
outstanding, and therefore, a maximum of 27,171,59 Options are issuable under the Stock Option
Plan, of which 22,940,831 have been granted.
OMG NEWS RELEASE 2
Qualified Person
Elaine Ellingham is a Qualified Person (QP) under National Instrument 43- 101 "Standards of
Disclosure for Mineral Projects" and has approved the technical information contained in this news
release. M s. Ellingham is not considered to be independent for the purposes of Nat ional
Instrument 43-101.
ABOUT OMAI GOLD
Omai Gold Mines Corp., through its wholly owned subsidiary Avalon Gold Exploration Inc., holds
a 100% interest in the Omai Prospecting License that includes the past producing Omai Gold
Mine, and a 100% interest in the adjoining Eastern Flats Mining Permits. Once South America’s
largest producing gold mine, Omai produced over 3.7 million ounces of gold between 1993 and
2005. In 2022, the Company announced an initial Mineral Resource Estimate on the new Wenot
gold deposit. The Company’s short-term priorities are to build on the known Mineral Resources,
while advancing exploration on key targets, providing a solid opportunity to create significant value
for all stakeholders.
For further information, please see our website www.omaigoldmines.com or contact:
Elaine Ellingham P.Geo.
President & CEO
Phone: +1 416-473-5351
Greg Ferron
VP Business Development
Ph: +1 416-270-5042
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 release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain “forward- looking statements” under applicable Canadian securities
legislation. Forward-looking statements include, but are not limited to, statements with respect to the timing
of completion of exploration, trenching and drill programs, and the potential for the Omai Gold Project to
allow Omai to build significant gold Mineral Resources at attractive grades, and forward-looking statements
are necessarily based upon a number of estimates and assumptions that, while considered reasonable,
are subject to known and unknown risks, uncertainties and other factors which may cause the actual results
and future events to differ materially from those expressed or implied by such forward- looking statements.
Such factors include, but are not limited to general business, economic, competitive, political and social
uncertainties; delay or failure to receive regulatory approvals; the price of gold and copper; and the results
of current exploration. Further, the Mineral Resource data set out in the Omai Gold news release are
estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or
that the indicated level of recovery will be realized. There can be no assurance that forward- looking
statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking
statements. The Company disclaims any intention or obligation to update or revise any forward- looking
statements, whether as a result of new information, future events or otherwise, except as required by law.