Osisko Signs Binding Letter Of Intent On Large Land Package Near Lebel-Sur-Quévillon, Quebec
(Montreal, March 15, 2017). Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce that it has entered into a binding letter of intent with Deloitte Restructuring (“Deloitte”), acting as trustee in bankruptcy for the Maudore Minerals Ltd., to acquire ownership over an additional property package in the Lebel-sur-Quévillon area of Québec in consideration of a cash payment of $1,000,000 and the issuance of 100,000 shares of the Corporation, subject to the approval of the Toronto Stock Exchange. The purchase, once finalized in a sales agreement, will add 1,205 claims to the recently announced acquisition through staking in the same area (see March 6, 2017 press release), giving Osisko a total of 4,150 claims covering a 216,000 hectare (2,160 square kilometres) land package (the “Quévillon Project”).
The Quévillon Project includes approximately thirty known gold showings as well as the historical Osbell gold deposit, which is located 17 kilometres northwest of the town of Lebel-sur-Quévillon and 112 kilometres west of the Windfall Lake gold deposit. The Osbell deposit has been the object of significant historical drilling over the past fifteen years, and will be the focus of new drilling and resource re-evaluation by Osisko.
“The acquisition of this additional property in the Quévillon area consolidates our position west of Windfall and the existing Urban-Barry property, giving us a total regional land package of over 3,000 square kilometers. Furthermore, it provides a new high-potential gold target in the immediate area of the historical Osbell deposit.” said John Burzynski, Osisko’s President and Chief Executive Officer.
The scientific and technical content of this press release has been reviewed by Mr. Robert Wares, P.Geo. Executive Vice President Exploration for Osisko Mining Inc., Qualified Person as defined by National Instruments 43-101 – Standards of Disclosure for Mineral Projects.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québec’s prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Ontario. Osisko continues to be well financed with approximately $190 million in cash and investments.
President & Chief Executive Officer