Osisko Mining Corporation

Osisko Mining Corporation

September 16, 2009 18:55 ET

Canadian Malartic Monitoring Committee: Osisko Plans to Deliver on its Commitment

MALARTIC, QUEBEC--(Marketwire - Sept. 16, 2009) - Osisko Mining Corporation ("Osisko") (TSX:OSK)(FRANKFURT:EWX) has learned of statements made in a press release issued by Lucien Wabanonik, Grand Chief of the Algonquin Anishinabeg Nation Tribal Council. Mr. Wabanonik stated that he was "insulted" by the Canadian Malartic Monitoring Committee project. The committee as envisioned by Osisko includes one aboriginal resident of the Abitibi-Temiscamingue region.

It should be noted that Osisko has no involvement in the selection of the members of the Committee. The selection is to be made by representatives of Universite du Quebec en Abitibi-Temiscamingue ("UQAT").

"I am very disappointed by Mr. Wabanonik's reaction," said Sean Roosen, President and Chief Executive Officer of Osisko. "We are determined that our Canadian Malartic project will benefit the Abitibi-Temiscamingue region, including its aboriginal residents, which is why we feel the Monitoring Committee's work will profit from the participation of an aboriginal member from the region."

Osisko underscores that it has all the government authorizations required to proceed with its project, and that it has therefore fulfilled all its obligations under the applicable laws and regulations. Osisko is not aware of any aboriginal title to Malartic town land, where the Canadian Malartic project is located, nor to any land associated with the Company's projects.

"Mr. Roosen reiterated: "If the aboriginal people have claims, they must take it up with the governments. Osisko is not a substitute for the governments."

"The creation of the Monitoring Committee should proceed under the governance of UQAT," concluded Mr. Roosen. "The Monitoring Committee is the fulfillment of a commitment we made in 2006 to the people of Malartic and the Abitibi-Temiscamingue region. Osisko delivers on its commitments."

About Osisko

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.

Cautionary Notes Concerning Estimates of Mineral Resources

This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.

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.

Contact Information

  • Osisko Mining Corporation
    Jean-Sebastien David
    Vice-president Sustainable Development
    Osisko Mining Corporation
    Helene Thibault
    Director of Communications
    819-757-2225 Ext. 222