Osisko Mining Corporation

Osisko Mining Corporation

September 01, 2009 12:04 ET

Osisko Mining Corporation: Construction Activities at Canadian Malartic Are Progressing as Planned

MALARTIC, QUEBEC--(Marketwire - Sept. 1, 2009) - Osisko Mining Corporation ("Osisko") (TSX:OSK)(FRANKFURT:EWX) has taken notice of media reports about certain issues raised by Algonquin communities of the Abitibi-Temiscamingue in relation to its Canadian Malartic Project.

The media reported that on August 31, 2009, certain Algonquin Chiefs have denounced in a press conference that their Algonquin communities have not been consulted by the Governments and that they wish to obtain benefits from the Canadian Malartic Project.

Osisko has no knowledge of any concrete measure taken by an aboriginal community or anyone else which could delay or impact the timetable of construction and commissioning of the Canadian Malartic mine.

Osisko highlights that it has the necessary government authorizations to proceed with the project and that it has fulfilled its obligations in accordance with the applicable laws and regulations.

The construction activities are proceeding in accordance with the plan for the development of the mine and construction of the milling plant.

Osisko cannot be a substitute for Governments

Sean Roosen, President and Chief Executive Officer of Osisko, has indicated his disappointment with the statements attributed to the Algonquin Chiefs following the efforts deployed by Osisko. He mentioned, however, that Osisko wishes to maintain the dialogue with the Algonquin communities of the Abitibi-Temiscamingue, which was initiated to establish with them the basis of collaboration to maximize the benefits from the Canadian Malartic Project.

"Osisko cannot be a substitute for the Governments with respect to the issues raised by the Algonquins, noted Mr. Roosen. It is the responsibility of the Governments to deal with these questions."

"Since last spring, we have had a number of exchanges with representatives of various Algonquin communities of the region of Abitibi-Temiscamingue", he added. "We work towards ensuring that the region of Abitibi-Temiscamingue receives the maximum benefits from our mining project in Malartic. We are available to explore with the aboriginal communities of the region development opportunities offered by the Canadian Malartic Project. Again last week, representatives from Osisko were available to meet with representatives of Algonquin communities to pursue discussions on the subject. No meeting took place."

"Since 2005, we have proceeded in a rigorous and transparent manner, to inform, consult and exchange with the various groups, organizations and individuals which could be impacted or interested by the Project," added Mr. Roosen. "Our Project has been, for a long period, known by the population of the Abitibi-Temiscamingue and the opportunities were numerous for all individuals and groups to voice their concerns, particularly during the hearings of the BAPE held last spring."

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.

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
    Toll Free: 1-888-674-7563