MONTREAL, QUEBEC--(Marketwire - July 9, 2008) - Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX) is pleased to announce that two residences from the Southern Malartic Area have been relocated to the newly developed subdivision. The transportation of the homes to their new locations was undertaken at 5:00 AM today, and was witnessed by the Malartic Town Council, several residents and representatives from Osisko. The first two homes are part of a 23-home demonstration phase of the 160-home relocation program.
Sean Roosen, President and CEO noted: "We are pleased with reaching this significant milestone for our Canadian Malartic Project. The achievement comes after extensive consultation with the residents and their elected officials. We would like to extend our gratitude to the citizens of Malartic and the Town Council for their confidence in Osisko. We would also like to thank our employees and contractors who have made this milestone a reality."
The complete relocation program is expected to be carried over the next 18 months at an estimated cost of $82 million.
Osisko Mining Corporation is currently evaluating the Canadian Malartic gold deposit and adjacent areas for a large-scale open pit, bulk-tonnage mining operation. The Company is well-funded with approximately $160 million on hand and is carrying out an aggressive definition drilling and exploration campaign on the Canadian Malartic deposit and surrounding properties.
Forward Looking Statements
Certain statements contained in this Press Release, may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Corporation expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that all technical, economical and financial conditions will be met in order to put the Canadian Malartic Project into commercial production, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled mining development and mill production personnel, results of exploration and development activities, the Corporation's limited experience with production and development stage mining operations, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in the Corporation's most recent Annual Information Form filed on SEDAR, which also provides additional general assumptions in connection with these statements. The Corporation cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Corporation's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this Press Release should not be unduly relied upon. These statements speak only as of the date of this Press Release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Osisko Mining Corporation
Vice-President Corporate Development
Osisko Mining Corporation
(416) 742-5600 / Toll Free: 1-866-580-8891