OMG NEWS RELEASE 1 Omai Gold Grants Incentive Stock Options
OMG NEWS RELEASE 1
Omai Gold Grants Incentive Stock Options
Toronto, Ontario – (March 10, 2025) – Omai Gold Mines Corp. (TSXV: OMG) (OTC: OMGGF)
(“Omai Gold” or the “ Company”) announces that it has granted incentive stock options to 12
individuals, including Officers, Directors, employees and consultants of the Company to purchase
up to 11,300,000 common shares of the Company pursuant to the Company's stock option plan.
The options have a five-year term at an exercise price of $0.33 per share, with one third vesting
upon the date of grant, one third on the first anniversary of the date of grant and the final third on
the second anniversary of the date of grant.
ABOUT OMAI GOLD
Omai Gold Mines Corp. holds a 100% interest in the Omai Prospecting License that includes the
past-producing Omai Gold Mine in Guyana, and a 100% interest in the adjoining Eastern Flats
Mining Permits. The Company announced a Preliminary Economic Assessment (“PEA”)1 on its
Wenot Deposit at Omai in April 2024, showing an open pit operation to produce 1.84 million
ounces of gold over a 13 -year period, with an NPV 5% of US$556 million at a US$1 ,950/oz gold
price. This baseline PEA incorporates only 45% of the property’s MRE and management believes
that with additional work the mine plan can be significantly expanded, the economics enhanced,
and the open pit resources further increased. An updated NI 43-101 Mineral Resource Estimate
(“MRE”)1 of 2.0 milli on ounces of gold (Indicated) and 2.3 million ounces (Inferred) reflects a
notable increase as a result of 2023’s successful drilling. Once South America’s largest producing
gold mine, Omai produced over 3.7 million ounces of gold between 1993 and 2005 2. Mining
ceased at a time when the average gold price was less than US$400 per ounce. As a brownfields
project, Omai benefits from good road access and a wealth of historical data that provides
knowledge of the geology and gold mineralization on the Property, as well as metallurgy, historical
processing recoveries and many other relevant mining parameters.
1 NI43-101 Technical Report dated May 21, 2024 “UPDATED MINERAL RESOURCE ESTIMATE
AND PRELIMINARY ECONOMIC ASSESSMENT OF THE OMAI GOLD PROPERTY, POTARO
MINING DISTRICT NO.2, GUYANA” was prepared by Eugene Puritch, P.Eng., FEC, CET,
President of P&E Mining Consultants Inc. is available on SEDAR+ and on the Company’s website.
It includes a Wenot resource of 834,000 indicated ounces of gold averaging 1.48 g/t Au and
1,614,000 inferred ounces of gold averaging 1.99 g/t Au, and the adjacent Gilt Creek resource of
1,151,000 indicated ounces of gold averaging 3.22 g/t Au and 665,000 inferred ounces of gold
averaging 3.35 g/t Au.
2 Past production at the Omai Mine (1993-2005) is summarized in several Cambior Inc.
documents available on SEDARplus.ca, including March 31, 2006 AIF and news release August
3, 2006.
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
OMG NEWS RELEASE 2
release. Ms. Ellingham is not considered to be independent for the purposes of National
Instrument 43-101.
For further information, please see our website www.omaigoldmines.com or contact:
Elaine Ellingham, P.Geo.
President & CEO
+1.416.473.5351
David Stewart, P.Eng.
VP Corporate Development & Investor Relations
+1.647.294.8361
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 con sidered 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 forwa rd-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 disclaim s 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.
Further, the Preliminary Economic Assessments and related data discussed in this 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. F orward-looking statements are subject to known and
unknown risks, uncertainties and other factors that may cause the actual results, level of activity,
performance or achievements of Omai Gold Mines Corp. to be materially different from those expressed or
implied by such forward -looking statements, including but not limited to: risks related to international
operations; actual results of current exploration activities; conclusions of economic evaluations; changes in
project parameters as plans continue to b e refined; future prices of gold, copper and other minerals and
metals; general market conditions; possible variations in ore reserves, grade or recovery rates; failure of
plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the
mining industry; uncertainty of access to additional capital; delays in obtaining governmental approvals or
in the completion of development or construction activities.