Osisko Mining Corporation

Osisko Mining Corporation

September 08, 2009 20:39 ET

Osisko Sets Up the Monitoring Committee for the Canadian Malartic Project

MALARTIC, QUEBEC--(Marketwire - Sept. 8, 2009) - Osisko Mining Corporation ("Osisko") (TSX:OSK)(FRANKFURT:EWX) is pleased to announce the creation of the monitoring committee (the "Committee") for the Canadian Malartic project. Osisko undertook to form the Committee during the course of consultations with Malartic residents, which began in 2006.

Identify Issues, Provide Solutions

The Committee will be made up of Malartic residents and regional representatives. Its mission is to:

- Act as a liaison and promote dialogue between Osisko and Malartic residents;

- Quickly identify any concerns that Malartic residents might have regarding the Canadian Malartic project;

- Ensure the appropriate, effective and fast resolution of any problems that might arise, and follow up on demands, complaints and requests from Malartic residents.

Composition of the Committee

The Committee will be composed of 14 members, all independent of Osisko. Eight of these will be community representatives selected by three members of the personnel from Universite du Quebec en Abitibi-Temiscamingue ("UQAT").

These eight community representatives will have the following profiles:

- Three will be Malartic residents, including one with a socio-community background;

- One will be a Malartic youth representative under 20 years of age;

- One will be a resident of the Abitibi-Temiscamingue region from elsewhere than Malartic;

- One will be an Aboriginal resident of the Abitibi-Temiscamingue region;

- One will be a representative from the Conseil regional de l'environnement de l'Abitibi-Temiscamingue (CREAT);

- One will be a representative from the Malartic or regional business community.

These members will be selected from among the people who apply. The other six members, who will play an advisory and technical support role, will be designated by the agencies that they represent, as follows:

- One representative from the Town of Malartic;

- One representative from the MRC de La Vallee-de-l'Or ;

- One representative from the Ministry of Sustainable Development, Environment and Parks ;

- One representative from the Ministry of Natural Resources and Fauna;

- One representative from the Ministry of Health and Social Services;

- One representative from UQAT.

Osisko employees are not permitted to sit on the Committee in any capacity whatsoever. However, at the Committee's discretion, Osisko may participate in the Committee's work as a guest whenever the Committee feel this is helpful. Osisko would then be represented by the General Manager of Canadian Malartic, another member of management or a specialist, depending on type of issue being dealt with.

The members will have a three-year mandate. Initially, half the members will have a two-year mandate to ensure smooth, orderly transitions.

Operation of the Committee

The Committee will decide on its rules of procedure. However, a number of provisional rules have been established to facilitate the start-up process. These rules, which the Committee may change at its discretion, are as follows:

The Committee shall elect its chairman, who will have a one-year mandate, renewable for a period of one year. For the first year, the chairman will be Mr. Guy Lemire, chairman of the Groupe de consultation de la communaute (GCC) since February 2009. Mr. Lemire is the General Secretary of UQAT and a resident of Rouyn-Noranda. As such, he will hold the non-Malartic regional representative's seat.

Initially, the Committee will meet each quarter, or more often if necessary. It will hold a minimum of two public meetings per year. It will also be required to report on its activities annually.

Osisko will pay the Committee's operating expenses.

"The formation of this Committee is the natural outcome of the approach we have had since we arrived in Malartic in 2005," explained Sean Roosen, President and Chief Executive Officer of Osisko. "We began consulting local residents in 2006, and their concerns were taken into account at every stage of the project. We made a commitment to keep listening to what residents have to say, and the Monitoring Committee will be an excellent forum for this."

"UQAT is pleased to have an opportunity to place its knowledge of the social environment and its expertise, particularly that of our Desjardins Chair of Community Futures Development, at the service of Malartic residents," added Guy Lemire, UQAT General Secretary. "Osisko has rightly recognized that the Monitoring Committee must function independently, and UQAT's involvement will ensure that it does so."

To Apply for Membership

Anyone interested in being a member of the Committee has until September 30, 2009, to complete an application form, available on Osisko's website at www.osisko.com, on GCC's website at www.groupedeconsultation.org, or at the Malartic town hall.

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. Osisko is well-funded, with approximately $400 million on hand.

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