O3 Mining Inc. (TSX-V:OIII) is pleased to announce that it has completed the purchase of the Regcourt gold property and the Louvem property from Monarch Gold Corporation pursuant to an asset purchase agreement dated March 16, 2020. The Regcourt Property is located at the eastern end of the Val-d’Or gold mining camp, approximately 30 kilometres east of Val-d’Or, Québec, and consists of 88 mining claims near the centre of the western border of Vauquelin Township of Québec. The Louvem Property consists of 12 mining claims and is located five kilometres east of Malartic, Québec.

In accordance with the Asset Purchase Agreement, the Corporation: (i) acquired the Regcourt Property in exchange for the issuance of 113,637 common shares of the Corporation; (ii) acquired a 50% interest in the Louvem Property in exchange for the issuance of 4,546 common shares of the Corporation, subject to a 1% NSR royalty granted to Monarch on the Louvem Property with a 0.5% NSR royalty buy-back for CDN $300,000; and (iii) will acquire the remaining 50% interest in the Louvem Property for cash consideration of CDN $10,000 within two days of the receipt by Monarch of a declaratory judgment in respect of the Louvem Property. All common shares issued to Monarch are subject to a four month and one day hold period.

The transaction remains subject to the final approval of the TSX Venture Exchange.

About O3 Mining Inc.

O3 Mining, an Osisko group of companies, is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.