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TORONTO, Dec. 8, 2022 (GLOBE NEWSWIRE) — Osisko Mining Inc. (OSK:TSKS. “Osisko” or the “Corporation”) is pleased to announce that it has signed a binding agreement with Miiuukaa Corp. (“Miiuukaa” “), a corporation wholly owned by the Cree First Nation of Waswanipi (“CFNV”), with respect to the construction of proposed hydroelectric transmission and transportation facilities to the Windfall Project, located in the Abitibi Greenstone Belt, Eeiou Eastchee James Bay , Quebec.
Miiuukaa will finance, build, own and operate a dedicated 69 kV transmission line that will transport hydroelectric power to the Windfall project. The power line from Waswanipi substation to Windfall minimizes environmental impact and is located 100% on CFNV traditional lands covered James Bay Treaty of Northern Quebec.
As an end user, Osisko will pay for Miiuukaa’s services. The binding document sets out the general and financial terms of the agreement between Osisko and Miiuukaa, which aims to ensure the delivery of hydroelectric power during the life of the planned Windfall mill as needed. The terms will be further spelled out in the final agreement to be signed between Osisko and Miiuukao, which is expected to be finalized in the coming month.
This agreement solidifies the cooperative approach between Osiska and CFNV in order to sustainably develop the energy infrastructure, which will create strong employment opportunities for CFNV members. The use of hydroelectric power in the final stages of exploration and during the planned construction and operation phases will reduce greenhouse gas emissions and the Windfall Project’s dependence on fossil fuels.
Work is expected to begin in January on existing access roads, in preparation for brush clearing and power line construction, pending permits. The work is expected to last 12 months, with a merger date expected in the first half of 2024.
Osisko CEO and President John Burzynski said, “We are proud to announce today’s landmark agreement with Miyuka and begin preparations to operate the line that will deliver hydroelectric power to Windfall. Windfall’s power generation will allow us to move away from diesel-generated electricity energy for our exploration activities The availability of hydroelectric power for the anticipated construction of the Windfall mine will make a significant difference in the costs and environmental impact of our future planned activities Today’s agreement with Miiuukaa is aligned with the vision of Osisko and CFNV to develop infrastructure and natural resources at sustainable way in their traditional territory”.
Irene Neeposh, Chief of the Cree Waswanipi First Nation, commented, “The Cree Waswanipi First Nation will always prioritize the protection of its territory and the traditional way of life of its members, but that does not prevent us from also participating in the economic development of our country. Cree ownership of this transmission line is an excellent example of what can be achieved when resource development companies engage with Indigenous peoples in an honorable and meaningful way, and the concerns of all parties are addressed upstream and reconciled. By owning and managing this key infrastructure for the region, with Osiska as a partner, the Cree First Nation of Waswanipi continues its journey to control the development of its traditional territory.”
John Kitchen, President and Chief Executive Officer of Miiuukaa commented, “Today’s agreement with Osiska highlights the benefits of what can be achieved when First Nations are involved in decision-making. The electrification of the Windfall project in collaboration with the Cree First Nation of Waswanipi is part of the vision behind the Grande Alliance agreement signed in February 2020 between the Grand Council of the Cree, the government of the Cree Nation and the government of Quebec. A vision that calls for cooperative, long-term, balanced socio-economic development in a spirit of respect for Cree values in the Eeiou Istchee James Bay Territory Kuikuhaacheu Transmission Line, to be built by Miiuukaa, is a generational asset that will provide decades of training, employment and business opportunities with respecting our Cree way of life. It’s hard to contain the emotions when thinking about the positive impact this will have on the youth of CFNV, the core of our membership.”
About the Windfall gold deposit
The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Quebec, Canada. Mineral Resource Estimate at Windfall (with an effective date of June 7, 2022) (“Wind Resource Assessment”) and Windfall Mineral Reserves Assessment (with an effective date of September 1, 2022) (“Wind Reserves Assessment”) are described in the Osiska press release dated November 28, 2022 and entitled “Osisko Mining Gives Positive Feasibility Study for Inevitable Decline”. A no-progress resource estimate, assuming a cut-off value of 3.50 g/t Au, containing 811,000 tonnes at 11.4 g/t Au (297,000 ounces) in the Measured Mineral Resource category, 10,250,000 tonnes at 11.4 g/t Au (3,754,000 ounces) in the Indicated Mineral Resource category and 10,250,000 tonnes at 11.4 g/t Au (3,754,000 ounces) in the Mineral Resource category. .08 g Au (3.07.082 tonnes, 0.38.04 ounces). ) in the category of assumed mineral resources. Windfall Mineral Reserve, assuming 3.5 g/t operational, 2.5 g/t incremental and 1.7 g/t cut-off development levels, includes 12,183,000 tonnes grading 8.06 g/t Au (3,159,000 ounces) in the probable mineral reserve category. ThThe key assumptions, parameters, constraints and methods used in the Windfall Feasibility Study, including the related wind resource assessment and wind reserve assessment, will be further described in a technical report (the “FS Technical Report”), which is being prepared in accordance with National Instrument 43 -101 – Disclosure Standards for Mineral Projects (“NI 43-101”). The FS Technical Report will be filed on SEDAR (www.sedar.com) under the issuer’s Osisko profile within 45 days from November 28, 2022, in accordance with NI 43-101. The Windfall gold deposit is currently one of the highest quality resourced gold projects in Canada and has world-class proportions. Mineralization occurs in three principal areas: lynx, main, and Underdog. Mineralization is generally make subvertical lenses next intrusive porphyry contacts plunging to the the northeast. The rsources are defined from surface to the a depth of 1,600 meters, including the Triple 8 (TP8) zone. Reserves are defined from the surface to a depth of 1,100 meters. The deposit remains open together a blow and at depth. Mineralization has was identified at surface in some areas and like deep like 2,625 meters in others with significant potential for expansion of mineralization down-plunge and on depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration and development of precious metal resources in Canada. Osisko has a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Quebec and holding a 100% undivided interest in a a large areas of claims which surrounds the Urban Barry area and the nearby Kevillon area (over 2,400 sq kilometers).
Caution regarding forward-looking information
This release contains “forward-looking information” within the meaning of applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as of the date of this release. Any statement that includes predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “expects” , “interprets”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “planned”, “anticipates”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “could” or “will” be taken to occur or be achieved) are not statements of historical facts and may be forward-looking information and are intended to identify forward-looking information This release contains forward-looking information relating to, among other things: the timing and ability to construct transmission facilities and transportation of hydroelectric power to Windfall (if any or for the life of the Windfall mine); the timing and ability of Osiska and Miyuukaa to enter into a definitive agreement regarding the subject matter of the binding document; the binding nature of the term sheet; fees for services payable under the definitive agreement; environmental benefits, including reduction of greenhouse gas emissions, by reducing dependence on fossil fuels; the timeline and the possibility that the construction will be completed by the end of 2023 (if completed at all); the availability of electricity that is significantly suitable for Osisko from the point of view of costs and the environment; creating strong jobs for the region; the Windfall gold deposit is one of the highest quality gold resource projects in Canada and has a world class; key assumptions, parameters, limitations and methods used in the FS technical report, including the related resource estimate and expected reserve estimate; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osiska, if at all, to release the FS technical report; the amount and type of drilling to be completed and the time for completion of such drilling; focus of remaining infill drilling; the trend of increasing grades; the lynx zone remains open for downward expansion; upgrading an Inferred Mineral Resource to a Measured Mineral Resource or an Indicated Mineral Resource Category; future drilling at the Windfall gold deposit; the importance of historical research activities and results. Such factors include, among others, risks related to the ability of exploration activities (including drilling results) to accurately predict mineralization; errors in management geological modeling; the ability of Osiska to complete further exploration activities, including (infill) drilling; property interests and royalties in the Windfall gold deposit; the Corporation’s ability to obtain necessary approvals; results of investigative activities; risks related to mining activities; reliance on third parties for infrastructure, including transmission lines; global economic climate; metal prices; dilution; environmental risks; and community and NGO actions. Although the forward-looking information contained in this release is based on what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure stockholders and potential purchasers of the Corporation’s securities that actual results will be accordance with such advance – search information, because there may be other factors that cause results not to be in accordance with expectations, estimates or intentions, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such information about the future. Osisko undertakes, and undertakes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required to do so by law.
CONTACT INFO:
John Burzynski
Chief Executive Officer
Phone (416) 363-8653
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