Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is
pleased to announce that it has submitted the Environmental Impact
Assessment Report for its Windfall project ("Windfall EIA") to the
Environmental and Social Impact Review Committee ("COMEX"). The
Windfall project is located in the Abitibi greenstone belt, Urban
Township, Eeyou Istchee James Bay, Québec entirely on the
traditional land of the Cree First Nation of Waswanipi.
The Windfall EIA was prepared by WSP Canada Inc.
with contributions from Arkéos Inc., GCM Consultants, BBA Inc.,
Entech and Aviseo, each of which is an independent firm and
realized in accordance with the Directive issued by the Ministère
de l'Environnement, de la Lutte contre les changements climatiques,
de la Faune et des Parcs ("MELCCFP"). These contributors provided
technical inputs for the study, collected survey data and
compilations in all fields required to evaluate the project
impacts. Windfall EIA and all supporting documents are available on
the Corporation's website at www.osiskomining.com. The Windfall EIA
was coordinated by Vanessa Milette, Osisko's Director of
Environment, under the supervision of Andréanne Boisvert, Osisko's
Vice-President of Environment and Community Relations.
The Windfall project is located south of the
55th parallel in the territory governed by the James Bay and
Northern Québec Agreement (JBNQA), which is subject to the COMEX.
The COMEX is an independent body composed of members appointed by
the governments of Québec and the Cree Nation, which is responsible
for the assessment and review of the social and environmental
impacts of the Windfall project. Upon completion of the project
review, the COMEX will issue a recommendation to the Deputy
Minister of Québec's MELCCFP. Should a positive recommendation be
granted by the COMEX, the Deputy Minister would then issue a
Certificate of Authorization pursuant to section 164 of Québec's
Environment Quality Act for the Windfall project. The issuance of
such Certificate of Authorization is a pre-condition to Osisko
applying for the other authorizations required to begin the
construction of, and operations at, the Windfall site.
The Windfall EIA covers 18 fields of study from
impacts on water, air and vegetation to impacts on regional and
provincial economies. The following represents some of the
highlights1 of the study as related to benefits to local
communities and governments:
- The creation of 17,120 full-time equivalent jobs in Québec by
2035 (direct and indirect jobs), of which 10,256 would be directly
in Abitibi-Temiscamingue and Nord-du-Québec regions.
- Robust water management planning using a state-of-the-art water
treatment plant integrated into the proposed future development
plan
- A tailings management facility designed to the highest modern
industry standards
- $3.5 billion of investment2 for construction, sustaining costs
and operations by 2035, with an additional $83 million reserved for
future closure costs
- $2.3 billion of contribution to Québec’s GDP by 2035
- Gross provincial tax revenues for Québec estimated at $712
million (including mining duties), and $333 million gross federal
tax revenues by 20353
- An estimated $68 million in local property taxes and school tax
revenues by 2035
Notes on the Windfall EIA
highlights
1)-Economic and fiscal impacts including
contribution to Québec’s GDP were determined by Aviseo Conseil by
applying EcoTec's cross-sector (input-output) model. Estimation of
corporate income tax, mining duties, local property and school tax
were estimated based on the FS Technical Report (as defined
herein), a copy of which is available on SEDAR (www.sedar.com)
under Osisko's issuer profile. All monetary amounts are reported in
Canadian dollars. Details about methodology or main hypothesis are
described in Windfall EIA and are based on FS Technical Report.
2)-The cumulative $3.5 billion of investments includes Initial
Capex of $788 million, Sustaining Capex of $588 million and
cumulative operation costs over LOM of $2,134 million based on FS
Technical Report.3) -Gross provincial tax estimated contributions
includes workers personal income taxes, health services funds and
sales taxes while gross federal tax contributions includes workers
personal income taxes.
Osisko's Chairman and Chief Executive Officer,
John Burzynski, stated: "Today's Windfall Project EIA submission
constitutes a significant milestone in realizing our goal of
creating a new producing gold mine in Eeyou Istchee James Bay. This
submission begins the permitting and authorization process for the
Windfall gold project. Osisko enters this process fully aware of
the importance of the promoter's role and responsibilities during
the COMEX review process. The Corporation is committed to
transparently delivering an environmentally sound, robust project
for all stakeholders, and to provide all project information
requested in a timely matter. We would like to thank our host
communities the Cree First Nation of Waswanipi and
Lebel-sur-Quévillon for their continuous support, and we thank our
employees and consultants for their diligent work in delivering
this extensive Windfall EIA."
About the Windfall Gold
DepositThe Windfall gold deposit is located between
Val-d'Or and Chibougamau in the Abitibi region of Québec, Canada.
The mineral resource estimate on Windfall (with an effective date
of June 7, 2022 ) (the "Windfall Resource Estimate") and the
mineral reserve estimate on Windfall (with an effective date of
November 25, 2022) (the "Windfall Reserve Estimate") are described
in the technical report entitled "Feasibility Study for the
Windfall Project, Eeyou Istchee James Bay, Québec, Canada" and
dated January 10, 2023 (with an effective date of November 25,
2022) (the "FS Technical Report"). The Windfall Resource Estimate,
assuming a cut-off grade of 3.50 g/t Au, comprises 811,000 tonnes
at 11.4 g/t Au (297,000 ounces) in the measured mineral resource
category, 10,250,000 tonnes at 11.4 g/t Au (3,754,000 ounces) in
the indicated mineral resource category and 12,287,000 tonnes at
8.4 g/t Au (3,337,000 ounces) in the inferred mineral resource
category. The Windfall Reserve Estimate, assuming 3.5 g/t
operating, 2.5 g/t incremental, and 1.7 g/t development cut-off
grade, comprises 12,183,000 tonnes at 8.06 g/t Au (3,159,000
ounces) in the probable mineral reserves category. The key
assumptions, parameters, limitations and methods used in the
feasibility study for Windfall, including the related Windfall
Resource Estimate and Windfall Reserve Estimate, are described in
the FS Technical Report, which was prepared in accordance with
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects ("NI 43-101"). The FS Technical Report is available on
SEDAR (www.sedar.com) under Osisko's issuer profile. The Windfall
gold deposit is currently one of the highest-grade resource-stage
gold projects in Canada and has world-class scale. Mineralization
occurs in three principal areas: Lynx, Main, and Underdog.
Mineralization is generally comprised of sub-vertical lenses
following intrusive porphyry contacts plunging to the northeast.
The resources are defined from surface to a depth of 1,600 metres,
including the Triple 8 (TP8) zone. The reserves are defined from
surface to a depth of 1,100 metres. The deposit remains open along
strike and at depth. Mineralization has been identified at surface
in some areas and as deep as 2,625 metres in others with
significant potential to extend mineralization down-plunge and at
depth.
Qualified PersonThe scientific
and technical content in this news release has been reviewed and
approved by Mr. Mathieu Savard, P.Geo (OGQ #510), President of
Osisko, who is a "qualified person" (within the meaning of NI
43-101).
About Osisko Mining Inc.Osisko
is a mineral exploration company focused on the acquisition,
exploration, and development of precious metal 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 2,300
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: receipt of a positive recommendation for the Windfall EIA;
the ability of the Corporation to obtain all other authorizations
needed to begin the construction and operations at Windfall; the
benefits to local communities and governments contained in the
Windfall EIA; the Windfall gold deposit being one of the
highest-grade resource-stage gold projects in Canada and having
world-class scale; the key assumptions, parameters, limitations and
methods used in the FS Technical Report, including the related
Windfall Resource Estimate and Windfall Reserve Estimate; the
prospects, if any, of the Windfall gold deposit; the ability to
realize upon any mineralization in a manner that is economic; the
amount and type of drilling to be completed and the timing to
complete such drilling; the potential to extend mineralization
down-plunge and at depth; the ability of exploration work
(including drilling) to accurately predict mineralization;
upgrading an inferred mineral resource to a measured mineral
resource or indicated mineral resource category; future drilling
and advancement at the Windfall gold deposit. 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,
including (infill) drilling, or further development of the Windfall
Project; the ability to continue current operations and
exploration; property and royalty interests in the Windfall gold
deposit; the ability and timing of the Corporation to obtain
required approvals; regulatory framework; the results of
exploration activities; risks relating to exploration, development
and mining activities; reliance on third-parties for
infrastructure, including power lines; the global economic climate;
capital market conditions and the Corporation's ability to access
capital on terms acceptable to the Corporation; metal prices;
dilution; environmental risks; and community and non-governmental
actions. 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.
Osisko 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.
CONTACT INFORMATION:John
BurzynskiChief Executive OfficerTelephone (416) 363-8653
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