O3 Mining Mobilizes Second Drill as Part of 150,000 metre Drill Program

TORONTO, June 08, 2020 - O3 Mining Inc. (TSX.V:OIII) ("O3 Mining" or the "Corporation") is pleased to announce crews are being mobilized for the resumption of drilling on its East Cadillac property situated in Val D’Or, Quebec. This is the second rig mobilized following the announcement of the expanded drill program from 50,000 to 150,000 metres. The first drill rig is currently on the Alpha property targeting the Orenada #4 zone at depth. This second drill rig will focus on the North Contact on the East Cadillac property.

The North Contact Zone is located along the northern splay of the Cadillac Larder-Lake Fault (CLLF). The northern splay of the CLLF, traced over 6 km within the property, has been poorly tested and offers significant exploration potential. In January of this year, three holes were drilled to follow up on the historical intercept of 1.1 g/t Au over 23.5 m including 6.86 g/t Au over 2.0 m (See Press Release May 31, 2018). These three holes were drilled 100 metres apart, testing lateral and depth extensions of the historical hole. The North Contact zone was recognized in all three drill holes with positive results, and thus remains open in all directions, and is the focus of this drilling campaign.

Highlights from last campaign at North Contact:

• Best intercepts include 3.1 g/t Au over 7.0 metres including 4.6 g/t Au over 2.9 metres and including 5.3 g/t Au over 1.5 metres, in drill hole O3EC-20-007.

“Our recent financing allows us to be aggressive in our exploration program as we tripled our drilling capacity from 50,000 to 150,000 metres at our Val D’Or properties,” said Jose Vizquerra, president and CEO, O3 Mining. “We remain focused on strategically investing in our drilling capacities at our properties as they reach different stages of development, resource development and advanced exploration.”

A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/742a2da7-46ab-48e9-8cc7-9dec0e3f8da8

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Gariepy, Eng. (OIQ #107538), VP Exploration, who is a "qualified person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

About O3 Mining Inc.

O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada - focused on projects in Qu?bec and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Qu?bec (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 Qu?bec.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the transaction; and any other information herein that is not a historical fact may be "forward-looking information". Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the restart of operations; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation's business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further information on O3 Mining, please contact:
Jos? Vizquerra Benavides
President, CEO and Director
Telephone: (416) 363-8653