Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is
pleased to provide the following corporate updates and to announce
management appointments and departures.
WINDFALL UPDATES
The Corporation recently closed its Windfall
Project drillhole database, on schedule for, and in preparation of,
an updated Mineral Resource Estimate (“MRE”) scheduled for Q4 2022.
The updated MRE will form the basis of the planned Windfall Project
Feasibility Study ("FS”), scheduled for delivery by YE2022. The FS
will form the basis of the Corporation’s Windfall Project
production decision. Osisko plans to continue underground and
surface exploration drilling, including expansion targets within
the Windfall deposit; pursuing mineralization in the Golden Bear
discovery area; and testing additional high-priority targets
proximal to Windfall.
Extraction of the Lynx 600 bulk sample (600
metre vertical level located in the Triple Lynx zone) is expected
to be completed in early July 2022. Processing of the approximately
5,000 tonnes of material is expected to commence in Q3 2022 at a
custom mill located near Timmins, Ontario. Results of the test are
expected to be released in early Q4 2022.
In Q2 2022 the Corporation applied for a
certificate of authorization to extract a fourth bulk sample in
Lynx 4 with the Ministère de l’Environnement et de Lutte aux les
changements climatiques ("MELCC"). The authorization, anticipated
to be received in Q3 2022, will permit the Corporation to advance
the exploration ramp to the high-grade Lynx 4 zone. The advance of
the exploration ramp will give access to the fourth bulk sample,
and will also be used to conduct a Stope School in partnership with
local stakeholders. The Stope School will provide certified
training programs in ore extraction for local community trainees
from the Eeeyou-Itshee James Bay area.
The Corporation has initiated work on elements
of the detailed engineering for the proposed mill site and other
major project components with its consultants as part of the
ongoing work contributing to the FS.
As was the case in the successful on-budget and
ahead of schedule construction of the Canadian Malartic Mine,
Osisko intends, subject to a positive production decision and
obtaining all necessary permits, to self-manage the construction of
the proposed Windfall Mine. In this regard, Osisko recently
obtained its entrepreneur license from the Régie du bâtiment du
Québec.
MANAGEMENT APPOINTMENTS AND
DEPARTURES
Osisko is pleased to announce the appointment of
Mr. Ronald Bougie as Vice-President Construction and Engineering.
Mr. Bougie has over 35 years of construction and project
development experience, gained through building a number of
successful mining and industrial projects. Mr. Bougie played a key
role as General Manager, Engineering and Construction for Osisko
Mining Corporation during the development and construction of the
Canadian Malartic gold mine, the largest producing gold mine in
Canada and 9th largest gold producer worldwide in 2021. Recently,
Mr. Bougie was Executive Vice President, Construction and
Operations for Alliance Magnesium (“Alliance”) and Vice President,
Engineering and Construction for Falco Resources Inc. (“Falco”).
Mr. Bougie remains technical adviser of Falco and Alliance. Prior
to joining Falco, he served as Executive Vice President
Engineering, Construction and Operations for the Ciment McInnis
project. Mr. Bougie also previously led construction at the Renard
diamond mine as General Manager, Engineering and Construction. Mr.
Bougie reports directly to the COO of the Corporation.
Osisko is also pleased to announce the
appointment of Ms. Andréanne Boisvert as Vice-President Environment
and Community Relations. She has over 20 years of experience in
environment and community relations positions. Prior to joining the
Osisko team, Ms. Boisvert worked at Arcelor Mittal Mining
Operations, first as a compliance and environmental projects
expert, then as a senior environmental program manager. She also
worked with WSP (formerly Genivar), leading various mandates
(direction of environmental studies, strategic studies,
pre-feasibility and feasibility and negotiations with government
authorities). She also coordinated economic, social and cultural
monitoring studies for the Eastmain-1-A hydroelectric project,
working in close collaboration with First Nation communities. Ms.
Boisvert holds a bachelor’s degree in geography and environmental
studies, and a master’s degree in geography. Ms. Boisvert reports
directly to the President of the Corporation.
With regret, Osisko announces
the departure of Ms. Alix Drapack as Chief
Sustainability Officer of the Corporation. We would like to thank
Alix for her many contributions to Osisko Mining Inc., as well as
acknowledge her work with the original Osisko Mining Corporation.
An Osisko veteran who has worked with both iterations of the
company, Alix has played a key role in fostering strong
relationships with stakeholders in the corporations, particularly
on the Windfall Project with our Cree First Nation hosts and the
community of Waswanipi. She will be missed, and we wish Alix every
success in her future endeavors. Ms. Drapack will continue with the
Corporation as a member of the Technical Advisory Committee.
About Osisko Mining Inc.Osisko
is a mineral exploration company focused on the acquisition,
exploration, and development of gold resource properties in Canada.
Osisko holds a 100% interest in the high-grade Windfall gold
deposit located between Val-d'Or and Chibougamau in Québec and
holds a 100% undivided interest in a large area of claims in the
surrounding Urban Barry area and nearby Quévillon area (over 2,400
square kilometres).
Cautionary Note Regarding
Forward-Looking InformationThis 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. Any statement that involves 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", "potential", "feasibility", "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 news release
contains the forward-looking information pertaining to, among other
things: the updated MRE on the Windfall Project scheduled for Q4
2022 (if at all); the updated MRE on the Windfall Project forming
the basis for a FS scheduled for YE 2022 (if at all); the
exploration plans of the Corporation; the timing and ability of the
Corporation (if at all) to process additional material; the
expected results of the foregoing (if at all), including timing;
the adequacy of permits to be received by MELCC; the framework and
parameters of any components of a FS on the Windfall Project; there
being any nexus between Osisko Mining Corporation and the
Corporation, including the success of Osisko Mining Corporation and
the Canadian Malartic Mine being related, in any way, to the
success of the Corporation or the Windfall Project; the Windfall
project being a high-grade gold deposit; the prospects, if any, of
the Windfall gold deposit; timing and ability of Osisko to file a
technical reports in respect of the MRE or FS, if at all; the
timing and ability of Osisko to build a mine; the amount and type
of drilling to be completed and the timing to complete such
drilling. 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, Osisko cannot
assure shareholders and prospective purchasers of securities of the
Corporation 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 Osisko nor any other person assumes responsibility for the
accuracy and completeness of any such forward-looking information.
Such factors include, among others, risks relating to the ability
of exploration activities (including drill results) to accurately
predict mineralization; errors in management's geological
modelling; the ability of Osisko to complete further exploration
activities; property and royalty interests in the Windfall gold
deposit; the ability of the Corporation to obtain required
approvals; the results of exploration activities; risks relating to
mining activities; the global economic climate; metal prices;
dilution; environmental risks; and community and non-governmental
actions. Osisko does not undertake, and assumes no obligation, to
update or revise any such forward-looking information contained
herein to reflect new events or circumstances, except as may be
required by law.
CONTACT INFORMATION:John
BurzynskiChief Executive OfficerTelephone (416) 363-8653
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