Drill Targets On Properties Acquired From Grupo De Bullet

TORONTO - O2Gold Inc. reported first drill targets on the properties acquired from Grupo de Bullet as well as further details of its ongoing exploration campaign. The Company began approximately 15,000 linear meters of spontaneous potential testing in the veins and their projections to define the continuity along the strike and dip at the Aurora-Quintanillo target. Additionally, the geophysical exploration of the Project’s brownfields is ongoing. Results of this campaign are expected in late Q2 to early Q3 2021. It has defined the first 2,000 meters of targets for its forthcoming drill campaign. Drilling at the Aurora mine is expected to start in Q2 2021; the first scheduled drillings are being done to evaluate results previously obtained in the production tunnels and which are reported in the Company’s technical report. These initial drills are scheduled to be followed by an additional approximately 8,000 meters of drilling in the Project’s brownfields, primarily at Aparecida and Quintanillo, in Q3 2021.

The Aurora mine is within the area covered by Colombian mining title 4638 and is licensed for exploitation—with all environmental permissions and studies completed—for 10 years. The Company, which also has a permit to construct a processing plant within Title 4638, has solicited the transformation to a concessionary title, extending the exploitation permissions by 30 years. The Company expects this to be granted in Q3 2021.