07:13 AM EDT, 07/11/2024 (MT Newswires) -- O3 Mining Inc. ( OIIIF ) closed Thursday a transaction to sell a 100% interest in its Matachewan and Wydee Properties, located within 10 kilometres distance to the Young-Davidson Mine of Alamos Gold Inc. ( AGI ) to Alamos in exchange for cash consideration of C$3.5 million and the retention by O3 Mining ( OIIIF ) of a 1.0% net smelter returns royalty on all metal production from the claims constituting the Matachewan and Wydee properties.

O3 Mining's ( OIIIF ) President and Chief Executive Officer, Mr. Jose Vizquerra in a statement said: "As we focus our efforts on the development of our flagship Marban Alliance project, the sale of the Matachewan and Wydee properties aligns with our strategic goal of optimizing our asset portfolio. This transaction allows us to reallocate resources and advance Marban Alliance, which holds significant potential for growth and value creation for our shareholders. We are pleased to work with Alamos Gold ( AGI ) on this transaction and believe that its acquisition of Wydee and Matachewan will fit well into its portfolio as the two properties are located just 10 kilometres distance from the Young -- Davidson mine."