Drilling Program At The West Wenot Target

TORONTO - Omai Gold Mines Corp. reported on the  drill program at the Omai gold project in Guyana. New assays for diamond drill holes 23ODD-066, -067 and -068, combined with the recent drill results further extend the multiple gold-zones of the Wenot deposit, and are expected to positively impact the upcoming Mineral Resource update.

Highlights from these recent drill holes include: 5.89 g/t Au over 12.0 m; 8.70 g/t Au over 4.6 m; 2.45 g/t Au over 8.6 m; 1.99 g/t Au over 8.1 m; and 1.33 g/t Au over 8.5 m.

Elaine Ellingham, President & CEO, said, "These results from the Wenot drilling, together with the string of recent strong results, give an indication of the scope of untapped potential of the Omai gold project. The grades and widths are very favourable for developing an open pit operation, particularly considering the benefits of a brownfields project such as Omai. We have commenced our updated Mineral Resource Estimate, expected before year end. This will be the third NI 43-101 Mineral Resource Estimate in less two years. Once completed, we will advance towards a Preliminary Economic Assessment ("PEA"), with certain supporting studies already completed or underway.

The 2023 drilling in addition to expanding the main gold zones at Wenot, has also outlined a wide zone of gold mineralization within the southern sedimentary rock sequence. It appears to be continuous from surface to a depth of at least 300m. Drilling suggests the gold zone increases in width and grade with depth and may merge at depth with the gold zone at the Central Contact Shear. This discovery is expected to have a positive impact on the upcoming resource estimate and bolsters management's belief that the West Wenot target area is well suited to open pit mining.

"Based on our work completed over the past two and a half years, we believe that the Omai project is likely to be the next large-scale gold mine to open in Guyana. Brownfields projects can generally expect accelerated timelines and lower capital costs, and Omai will benefit from existing road access (soon to be fully paved), an existing tailings facility (that can be refurbished) and known metallurgy and recoveries from past production. A mine at Omai would attract employees from the local work force who have years of mining experience. The town of Linden, just 55 km from the Omai property is a community with deep roots in mining, both from its origins in bauxite mining and as the home to many of the former Omai gold mine employees. This community of almost 40,000 people has the relevant skills for the many jobs that a large scale gold mine offers."