Osisko Mining Corporation

Osisko Mining Corporation

October 01, 2007 13:46 ET

Osisko Advances Community Relocation Plan

MONTREAL, QUEBEC--(Marketwire - Oct. 1, 2007) - Osisko Exploration Ltd. (TSX VENTURE:OSK)(FRANKFURT:EWX) is pleased to announce that it has entered into agreements to acquire strategic parcels of land in the Town of Malartic, in the new area targeted for the relocation program as outlined by urban planners working with the municipality and the Company. These purchase agreements will allow the Company to proceed with the next stage of planning of the relocation program, which will encompasse moving a number of residences and several institutional buildings from the southern portion of the town located within the area of influence of the planned future Canadian Malartic mine.

Since early 2006, Osisko has engaged in collaborative efforts with the residents, the Town of Malartic, and its professional advisors to identify the most desirable sector for the planning and development of the new neighbourhood. The current urban plan, as designed by consulting firms Devamco and Genivar, has 190 new lots scheduled for development. Furthermore, there is additional land available for future growth in the development area. Included in the program is the modification of a portion of the Malartic golf course to accommodate a new residential section along the northern part of the course.

The Company will begin the first phase of development of the new neighbourhood in October 2007, including the construction of infrastructure for the initial 23 lots. The Company has undertaken this first phase of the development program to demonstrate its commitment to ensuring the continued quality of life of the residents while advancing work towards final feasibility. This first phase of work represents an investment by Osisko of over $2 million towards community development, including acquisitions and development of new infrastructure. This budget will be expanded as the program advances.

Mr. Sean Roosen, President and Chief Executive Officer of Osisko, stated: "On behalf of the Company and the Board of Directors, I would like to take this opportunity to once again thank the residents of the Town of Malartic for their continued support of our project. We see this investment as an opportunity for Osisko to make a significant contribution to the community that will provide tangible long-term benefits to the town and local economy prior to the final feasibility. Osisko and the Town of Malartic have worked together to provide a well thought-out, viable and desirable relocation plan to the residents. It is our goal to make the Canadian Malartic project a significant contributor to the on-going development of the community of Malartic. We are very appreciative of the tremendous efforts and support of the Town Council, the Community Consultation Group and the urban planning and engineering professionals involved in the project. We are now at the point where we have a viable blueprint for relocation and are looking forward to breaking ground in the new neighbourhood."

Osisko Exploration Ltd. is currently evaluating the Canadian Malartic gold deposit for a large-scale open pit, bulk-tonnage mining operation. The Company is well-funded with approximately $80 million on hand and is carrying out an aggressive definition drilling and exploration campaign on the Canadian Malartic deposit and surrounding properties. An updated NI 43-101 complaint, inferred gold resource estimate on the main deposit was released on July 5, 2007 and the full report is available on SEDAR.

Contact Information

  • Osisko Exploration Ltd.
    John Burzynski
    Vice-President Corporate Development
    Daniel Boase
    Investor Relations
    416-742-5600 or Toll Free: 1-866-580-8891