Osisko Development Corp. (NYSE: ODV, TSXV: ODV)
("
Osisko Development" or the
"
Company") is pleased to announce the granting of
the Environmental Management Act permits for its 100%-owned Cariboo
Gold Project ("
Cariboo" or the
"
Project") located in central British Columbia
("
BC"), Canada. Together with the BC Mines Act
permits secured on November 20, 2024, these approvals mark the
successful completion of the permitting process for key approvals,
solidifying the Cariboo Gold Project's shovel-ready status.
"We are very pleased with the receipt of the EMA
permits, which, together with the Mines Act permits put the Cariboo
Gold project in the enviable position of being construction and
operation ready. This significant milestone brings us one step
closer to unlocking the project's value potential for shareholders,
Indigenous nations, and stakeholders, while upholding the highest
standards in environmental stewardship. With the ongoing bulk
sample and underground development work set for completion in Q1
2025, and an optimized feasibility well underway and expected in Q2
2025, the Cariboo Gold project is on track to becoming Canada's
next large-scale gold mine," commented Sean Roosen,
Founder, Chairman and CEO.
"Our government is pleased that this project is
one step closer to operation, which will provide good, well-paying
jobs and open up long-term opportunities for local small
businesses, communities, and First Nations," said
Jagrup Brar, Minister of Mining and Critical
Minerals. "We will continue to work with the mining
industry to ensure efficient permitting while also guaranteeing the
Province's commitment to environmental protection and
reconciliation."
As previously disclosed, a formal positive final
investment decision and the engagement on a project financing
package in the coming months would allow for full-scale
construction to commence in the second half of 2025 with a targeted
completion date at the end of 2027. The Company is advancing
discussions, which are active and ongoing, on various funding
options, including a comprehensive financing package.
CARIBOO GOLD PROJECT
PERMITS
Following a robust and rigorous review process
by a dedicated Mine Review Committee, set up by the Major Mines
Office, the Company received the following permits for the Cariboo
Gold Project:
- M-247 – Mines
Act permit for the Mine Site Complex and Bonanza Ledge;
- M-198 – Mines
Act permit for the QR Mill;
- PE-111511 –
Environmental Management Act Permit for the Mine Site Complex;
- PE-12601 –
Environmental Management Act Permit for QR Mill; and
- PE-17876 –
Environmental Management Act Permit for Bonanza Ledge.
The Mines Act permits (received on November 20,
2024) grant the Company the ability to proceed with the
construction, operation and reclamation activities on each of the
site boundaries, as outlined within the scope of the Project. The
Environmental Management Act permits pertain to any Project-related
discharge activities to the environment, including water and air,
and the framework and limitations thereof, within the areas outside
of the immediate mine site boundaries.
Work is ongoing with the Ministry of Water, Land
and Resource Stewardship and the Ministry of Forests, which is
tracking well, on obtaining all necessary approvals for the
construction of the transmission line.
ABOUT OSISKO
DEVELOPMENT CORP.
Osisko Development Corp. is a North American
gold development company focused on past-producing mining camps
located in mining friendly jurisdictions with district scale
potential. The Company's objective is to become an intermediate
gold producer by advancing its 100%-owned Cariboo Gold Project,
located in central B.C., Canada, the Tintic Project in the historic
East Tintic mining district in Utah, U.S.A., and the San Antonio
Gold Project in Sonora, Mexico. In addition to considerable
brownfield exploration potential of these properties, that benefit
from significant historical mining data, existing infrastructure
and access to skilled labour, the Company's project pipeline is
complemented by other prospective exploration properties. The
Company's strategy is to develop attractive, long-life, socially
and environmentally sustainable mining assets, while minimizing
exposure to development risk and growing mineral resources.
For further information, visit our website at
www.osiskodev.com or contact:
Sean Roosen |
Philip Rabenok |
Chairman and CEO |
Director, Investor Relations |
Email: sroosen@osiskodev.com |
Email: prabenok@osiskodev.com |
Tel: +1 (514) 940-0685 |
Tel: +1 (437) 423-3644 |
CAUTION REGARDING FORWARD LOOKING
STATEMENTS
Certain statements contained in this news
release may be deemed "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and "forward-looking information" within the meaning of
applicable Canadian securities legislation (together,
"forward-looking statements"). These forward-looking statements, by
their nature, require Osisko Development to make certain
assumptions and necessarily involve known and unknown risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in these forward-looking
statements. Forward-looking statements are not guarantees of
performance. Words such as "may", "will", "would", "could",
"expect", "believe", "plan", "anticipate", "intend", "estimate",
"continue", or the negative or comparable terminology, as well as
terms usually used in the future and the conditional, are intended
to identify forward-looking statements. Information contained in
forward-looking statements is based upon certain material
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including the assumptions, qualifications
and limitations relating to the ability of the Company to complete
the optimized feasibility study and the scope, results and timing
of thereof; progress in respect of pre-construction activities at
Cariboo including bulk sample and underground development work;
category conversion; the timing and status of permitting; future
consultation efforts between Osisko Development and Xatśūll First
Nation; the future development and operations at the Cariboo Gold
Project; the results of ongoing stakeholder engagement; the capital
resources available to the Company; the ability of the Company to
execute its planned activities, including as a result of its
ability to seek additional funding; the ability of the Company to
obtain future financing and the terms of such financing including a
fully-funded solution for the Cariboo Gold Project; management's
perceptions of historical trends, current conditions and expected
future developments; the ability and timing for Cariboo to reach
commercial production (if at all); sustainability and environmental
impacts of operations at the Company's properties; the results (if
any) of further exploration work to define and expand mineral
resources; the ability of exploration work (including drilling) to
accurately predict mineralization; the ability of the Company to
expand mineral resources beyond current mineral resource estimates;
the ability of the Company to complete its exploration and
development objectives for its projects in the timing contemplated
and within expected costs (if at all); the ability and timing for
Cariboo to reach commercial production (if at all); the ability to
adapt to changes in gold prices, estimates of costs, estimates of
planned exploration and development expenditures; the ability of
the Company to obtain further capital on reasonable terms; the
profitability (if at all) of the Company's operations; as well as
other considerations that are believed to be appropriate in the
circumstances, and any other information herein that is not a
historical fact may be "forward looking information". Material
assumptions also include, management's perceptions of historical
trends, management's understanding of the permitting process and
status thereof, the ability of exploration (including drilling and
chip sampling assays, and face sampling) to accurately predict
mineralization, budget constraints and access to capital on terms
acceptable to the Company, current conditions and expected future
developments, regulatory framework remaining defined and
understood, results of further exploration work to define or expand
any mineral resources, as well as other considerations that are
believed to be appropriate in the circumstances. Osisko Development
considers its assumptions to be reasonable based on information
currently available, but cautions the reader that their assumptions
regarding future events, many of which are beyond the control of
Osisko Development, may ultimately prove to be incorrect since they
are subject to risks and uncertainties that affect Osisko
Development and its business. Such risks and uncertainties include,
among others, risks relating to third-party approvals, including
the issuance of permits by the government, capital market
conditions and the Company's ability to access capital on terms
acceptable to the Company for the contemplated exploration and
development at the Company's properties; the ability to continue
current operations and exploration; regulatory framework and
presence of laws and regulations that may impose restrictions on
mining; the ability of exploration activities (including drill
results and chip sampling, and face sampling results) to accurately
predict mineralization; errors in management's geological
modelling; the timing and ability of the Company to obtain required
approvals and permits; the results of exploration activities; risks
relating to exploration, development and mining activities; the
global economic climate; metal and commodity prices; fluctuations
in the currency markets; dilution; environmental risks; and
community, non-governmental and governmental actions and the impact
of stakeholder actions. Osisko Development is confident a robust
consultation process was followed in relation to its received BC
Mines Act and Environmental Management Act permits for the Cariboo
Gold Project and continues to actively consult and engage with
Indigenous nations and stakeholders. While any party may seek to
have the decision related to the BC Mines Act and/or Environmental
Management Act permits reviewed by the courts, the Company does not
expect that such a review will impact its ability to proceed with
the construction and operation of the Cariboo Gold Project in
accordance with the approved BC Mines Act and Environmental
Management Act permits. Readers are urged to consult the disclosure
provided under the heading "Risk Factors" in the Company's annual
information form for the year ended December 31, 2023 as well as
the financial statements and MD&A for the year ended December
31, 2023, which have been filed on SEDAR+ (www.sedarplus.ca) under
Osisko Development's issuer profile and on the SEC's EDGAR website
(www.sec.gov), for further information regarding the risks and
other factors facing the Company, its business and operations.
Although the Company's believes the expectations conveyed by the
forward-looking statements are reasonable based on information
available as of the date hereof, no assurances can be given as to
future results, levels of activity and achievements. The Company
disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or results or
otherwise, except as required by law. Forward-looking statements
are not guarantees of performance and there can be no assurance
that these forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
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.
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