Osisko Mining Corporation

Osisko Mining Corporation

December 22, 2009 08:00 ET

Osisko Donates Shares to McGill University

MONTREAL, QUEBEC--(Marketwire - Dec. 22, 2009) - Osisko Mining Corporation ("Osisko") (TSX:OSK)(FRANKFURT:EWX) and Robert Wares, Executive Vice President, Chief Operating Officer and Founder of Osisko, are pleased to announce a joint gift of common shares of the company to McGill University in Montreal. The gift consists of 250,000 personal shares from Mr. Wares and 250,000 treasury shares from Osisko, worth approximately $4.1 million. Proceeds from these shares will go to the Department of Earth and Planetary Sciences and will finance two new tenure-track positions in economic geology (faculty scholars), as well as a permanent program of fellowships, scholarships and field trip funding for students enrolled in geological sciences. A portion of the gift will be matched by McGill's McConnell Challenge Fund, created in 2008 by the J.W. McConnell Family Foundation

"During the last mineral exploration boom, we had a hard time finding geologists," explained Wares. "Earth sciences departments across the country have been chronically underfunded for the last fifteen years, some departments have even closed, and this has seriously hindered student enrollment. I am interested in backing dynamic young talent and encouraging students to enroll in earth sciences. New mineral discoveries and the future of the Canadian mining industry depend on a steady supply of qualified geologists, and I encourage the industry leaders in this country to get more involved in supporting our educational institutions."

Sean Roosen, President and Chief Executive Officer of Osisko, stated "Geologists are key to the discovery of new mineral deposits and are the backbone of the Canadian exploration industry. Budget cut-backs and dwindling enrollments in earth science programs over the past number of years have lead to a shortage of qualified exploration geologists. If that trend continues it can only lead to the long-term demise of the Canadian mining exploration business. The successful discovery of Osisko's Canadian Malartic gold deposit is attributable to Bob's expertise, which largely grew out of his training and association with the earth sciences department at McGill University. To make such world-class mineral discoveries and to ensure the future of our industry, we need to encourage the training of dynamic, creative geologists. We hope that this gift of shares, which any public mining company can issue, will motivate our peers in the industry to take up the challenge and get involved in supporting the earth sciences departments at Canada's educational institutions."

About Osisko

Osisko Mining Corporation is currently developing the Canadian Malartic gold deposit and adjacent mineralized zones into a large-scale open pit, bulk-tonnage mining operation. The Company is well-funded with $825 M in cash resources and is carrying out an aggressive mine development, reserve definition and exploration campaign. 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 with 183.3 Mt @ 1.07 g/t Au (proven reserves: 5.16 Mt @ 1.14 g/t Au, probable reserves: 178.2 Mt @ 1.06 g/t).

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
    John Burzynski
    Vice-President Corporate Development
    Osisko Mining Corporation
    Sylvie Prud'homme
    Investor Relations
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