OMG NEWS RELEASE 1 Omai Gold Acquires Eastern Flats Mining Permits Adjoining Omai Property
OMG NEWS RELEASE 1
Omai Gold Acquires Eastern Flats Mining
Permits Adjoining Omai Property
December 22, 2021 Toronto, Ontario — Omai Gold Mines Corp. (TSXV: OMG) ("Omai"
or the "Company") is pleased to report the closing of the acquisition of the Eastern
Flats property, a 1,519 acre property consisting of prospecting and mining rights,
located immediately east and contiguous to Omai’s 4 ,590 acre prospecting licence,
which includes the past producing Omai Mine. The a cquisition of a 100% interest in
the Eastern Flats prospecting and mining rights is completed upon payment of a
residual US$1, with no royalty or further obligations.
The Company entered into an exclusivity agreement ( the “Exclusivity Agreement”)
dated July 13, 2020, and a subsequent prospecting a nd licence management
agreement (“Prospecting and Licence Management Agreement”) dated April 16, 2021
between Omai Gold Mines Corp. and a non-arm’s length party, Guyana Sunrise Mining
Inc. (together, the “Agreements”). Pursuant to the terms of these Agreements, the
Company (i) in July 2020, issued 6,000,000 common shares to the Vendor at the time
of signing of the Exclusivity Agreement, and (ii) will pay USD$1 in cash to the Vendor.
The transaction was subject to TSX Venture Exchange approval, which has been
granted.
The Eastern Flats property is strategically located along strike of the Wenot shear
corridor that extends 1.7 km along the axis of the past producing Wenot pit. The
Wenot pit produced over 1.4 million ounces of gold at an average grade of 1.5 g/t
before ceasing operations in 20031.
Recent airborne geophysics over the Eastern Flats l icences, consisting of magnetics
and radiometrics, highlighted several prospective t argets bearing geophysical
signatures which are similar in nature to those ass ociated with gold deposits on the
adjoining Omai property. Additionally, many of thes e geophysical targets are co-
incident with anomalous gold values in auger soil s amples that were collected at
(shallow) depths of <1 meter, along thirteen N-S lines spaced 400 m apart. While these
results reveal several impressive and sometimes bro ad gold-in-soil geochemical
anomalies no further work was carried out on the Eastern Flats.
OMG NEWS RELEASE 2
Omai’s chief geologist, John Spurney stated "the broad gold-in-soil geochemical
anomalies at Eastern Flats, impressive as they are, saw little follow up investigations
during the 1990's mine era, even though at greater than 100 ppb gold and in some
instances up to 500 ppb. Some of these areas appear large enough to conceal another
deposit the size of Fennell or Wenot. Our technical team is currently compiling data
and developing a plan to evaluate Eastern Flats as part of our 2022 exploration
program.”
Figure 1: Plan map of Eastern Flats, located east of the Omai Prospecting Licence
1 Past production at Omai is summarized in several Ca mbior Inc. documents available on
Sedar.com, including March 31, 2006 AIF and news release August 3, 2006.
Qualified Person
John Spurney is a Qualified Person (QP) under National Instrument 43-101 "Standards
of Disclosure for Mineral Projects" and has approve d the technical information
contained in this news release. Mr. Spurney is not considered to be independent for
the purposes of National Instrument 43-101.
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.
OMG NEWS RELEASE 3
About Omai Gold Mines Corp.
Omai Gold Mines Corp., through its wholly owned subsidiary Avalon Gold Exploration
Inc., holds a 100% interest in the Omai Prospecting License covering 4,590 acres, that
includes the past producing Omai gold mine. Once So uth America’s largest
producing gold mine, Omai produced over 3.7 million ounces of gold between 1993
and 2005. Mining ceased at a time when the average gold price was less than US$350
per ounce, leaving significant drilled resources untapped. The Company’s short-term
priorities are to verify and expand the known resou rces, while advancing exploration
on nearby 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
CEO
Phone: +1-416 473-5351
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain “forward-looking statements” under applicable Canadian securities
legislation. Forward-looking statements include, bu t are not limited to, statements with respect to
timing and results of the drill program, and comple tion of an initial Inferred Resource for Wenot.
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 event s to differ materially from those expressed or
implied by such forward-looking statements. Such fa ctors 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 re sults of current exploration. There can be no
assurance that such statements will prove to be acc urate, as actual results and future events could
differ materially from those anticipated in such st atements. 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.