MONTREAL, QUEBEC--(Marketwire - July 9, 2009) - Osisko Mining Corporation ("Osisko") (TSX:OSK)(FRANKFURT:EWX) is pleased to announce that the Quebec Minister of Sustainable Development, Environment and Parks has made public the report on the public inquiry and hearings on the Canadian Malartic project by the Bureau d'audiences publiques sur l'environnement (BAPE), Quebec's environmental review board.
The report "concluded that the project could be authorized under certain conditions. These conditions include certain follow-up programs and the deposit of financial guarantees sufficient to ensure that the project could be carried out in a sustainable development perspective."
Osisko President and CEO Sean Roosen commented: "We are pleased to have passed this major stage in the regulatory approval process for the Canadian Malartic project. We are satisfied by the report's conclusions and will carefully review all the BAPE commissioners' comments and recommendations. We intend to take these into account should authorization be granted to move on to the next phases of our project."
"We are more enthusiastic than ever at the prospects offered by our project for Malartic's community as well as for our investors," Roosen added. "Should the Quebec provincial cabinet authorize us to go ahead, we are confident that the Canadian Malartic project will create value not only for our shareholders but also for the economy, businesses and workers in Malartic, Abitibi-Temiscamingue and all of Quebec. From the beginning of this project, we have been determined to optimize the economic impact over its entire life cycle, while being diligent to minimize its impact on the physical and human environment. We are committed to facilitating its integration with the community and to creating new sustainable development for Malartic and the region."
The complete report is available on the BAPE website at: http://www.bape.gouv.qc.ca.
Osisko Mining Corporation is currently developing the Canadian Malartic gold deposit and evaluating adjacent areas for a large-scale open pit, bulk-tonnage mining operation. The Canadian Malartic deposit currently represents one the biggest gold reserves in Canada for a single deposit, and is still growing through ongoing drilling on new mineralized zones. Current reserves for the Canadian Malartic property are 6.28 million ounces, plus (including the Barnat deposit) a measured and indicated resource of 3.65 million ounces and an inferred resource of 0.84 million ounces. Osisko is well-funded with approximately $440 million on hand.
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", "scheduled" 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 consultants, 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 personnel, 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 Sustainable Development
Osisko Mining Corporation
Toll Free: 1-888-674-7563