Osisko Development Corp. (NYSE: ODV, TSXV: ODV)
("
Osisko Development" or the
"
Company") is pleased to announce that the Mines
Act permit for its 100%-owned Cariboo Gold Project
("
Cariboo" or the "
Project")
located in central British Columbia ("
BC"), Canada
has been referred for decision to the statutory decision maker in
the BC Ministry of Energy, Mines and Low Carbon Innovation. The
review of the Environmental Management Act permits has been
completed, as well, and the Company is awaiting referral thereof to
the statutory decision maker in the immediate future. The Company
anticipates receiving final decisions in Q4 2024.
The Company is committed to advancing
collaborative partnerships with Indigenous nations related to the
Project as evidenced by years of extensive consultation and the
signing and ongoing implementation of the participation agreements
with each of the Lhtako Dené Nation in 2020 and the Williams Lake
First Nation in 2022.
The Company has yet to reach an agreement with
the Xatśūll First Nation, but it will continue to engage and
consult with Xatśūll First Nation, including after any decision on
the Mines Act and other permits.
"We have made good faith and reasonable efforts
in the past two years to reach agreement with Xatśūll First Nation,
including reasonable offers for financial and other benefits along
substantially similar frameworks as those offered to, and agreed
by, other Indigenous communities," commented Sean Roosen,
Chairman and CEO. "Our efforts have focused on providing
meaningful benefits to all Indigenous nations, whilst ensuring the
project remains viable."
The Company is dedicated to developing a modern,
safe and sustainable operation at the Cariboo Gold Project, and
remains committed to engaging in constructive dialogue to ensure
all stakeholders benefit from the development of the Project.
"We must ensure the integrity of the permitting
process is respected, because we believe the consultation on this
Project has been robust. We stand by our record to date in meeting
our obligations and expect the provincial government will act
within its authority," continued Sean Roosen. "Our
commitment to engaging with Xatśūll First Nation will continue
including after the permit decision is made. We genuinely want to
find a meaningful, sustainable and realistic way to share the
socio-economic benefits from this Project".
Over the last four years, the Company has
engaged in constructive and extensive discussions with all
provincial regulators, Indigenous nation partners and host
communities. This culminated in the receipt of the Environmental
Assessment Certificate ("EA Certificate") on
October 10, 2023.
Through its EA review process the Company
received and successfully addressed over 1,700 comments, which
underpinned receipt of the positive EA Certificate. More recently,
as part of the permit application process, through four rounds of
review from the Mine Review Committee, which included Lhtako Dené
Nation, Williams Lake First Nation, and Xatśūll First Nation, the
Company responded to, addressed, and closed over 1,800 comments.
The Company has commitments through permitting, management plans
and positive relationships to continue engaging with all Indigenous
nations and stakeholders.
ABOUT OSISKO
DEVELOPMENT CORP.
Osisko Development Corp. is a North American
gold development company focused on past-producing mining camps
located in mining friendly jurisdictions with district scale
potential. The Company's objective is to become an intermediate
gold producer by advancing its 100%-owned Cariboo Gold Project,
located in central B.C., Canada, the Tintic Project in the historic
East Tintic mining district in Utah, U.S.A., and the San Antonio
Gold Project in Sonora, Mexico. In addition to considerable
brownfield exploration potential of these properties, that benefit
from significant historical mining data, existing infrastructure
and access to skilled labour, the Company's project pipeline is
complemented by other prospective exploration properties. The
Company's strategy is to develop attractive, long-life, socially
and environmentally sustainable mining assets, while minimizing
exposure to development risk and growing mineral resources.
For further information, visit our website at
www.osiskodev.com or contact:
Sean Roosen |
Philip Rabenok |
Chairman and CEO |
Director, Investor Relations |
Email: sroosen@osiskodev.com |
Email: prabenok@osiskodev.com |
Tel: +1 (514) 940-0685 |
Tel: +1 (437) 423-3644 |
CAUTION REGARDING FORWARD LOOKING
STATEMENTS
Certain statements contained in this news
release may be deemed "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and "forward-looking information" within the meaning of
applicable Canadian securities legislation (together,
"forward-looking statements"). These forward-looking statements, by
their nature, require Osisko Development to make certain
assumptions and necessarily involve known and unknown risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in these forward-looking
statements. Forward-looking statements are not guarantees of
performance. Words such as "may", "will", "would", "could",
"expect", "believe", "plan", "anticipate", "intend", "estimate",
"continue", or the negative or comparable terminology, as well as
terms usually used in the future and the conditional, are intended
to identify forward-looking statements. Information contained in
forward-looking statements is based upon certain material
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including the assumptions, qualifications
and limitations relating to the potential for unknown mineralized
structures to extend existing zones of mineralization; category
conversion; the timing and status of permitting, including
receiving a final decision (if any); future consultation efforts
between Osisko Development and Xatśūll First Nation; the future
development and operations at the Cariboo Gold Project; the ability
of the Company to execute its planned activities; management's
perceptions of historical trends, current conditions and expected
future developments; the ability and timing for Cariboo to reach
commercial production (if at all); the Company being a
well-positioned gold development company in Canada, USA and Mexico;
sustainability and environmental impacts of operations at the
Company's properties; as well as other considerations that are
believed to be appropriate in the circumstances, and any other
information herein that is not a historical fact may be "forward
looking information". Material assumptions also include,
management's perceptions of historical trends, management's
understanding of the permitting process and status thereof, the
ability of exploration (including drilling and chip sampling
assays, and face sampling) to accurately predict mineralization
current conditions and expected future developments, regulatory
framework remaining defined and understood, as well as other
considerations that are believed to be appropriate in the
circumstances. Osisko Development considers its assumptions to be
reasonable based on information currently available, but cautions
the reader that their assumptions regarding future events, many of
which are beyond the control of Osisko Development, may ultimately
prove to be incorrect since they are subject to risks and
uncertainties that affect Osisko Development and its business. Such
risks and uncertainties include, among others, risks relating to
third-party approvals, including the issuance of permits by the
government; regulatory framework and presence of laws and
regulations that may impose restrictions on mining; the ability of
exploration activities (including drill results and chip sampling,
and face sampling results) to accurately predict mineralization;
errors in management's geological modelling the timing and ability
of the Company to obtain required approvals and permits; the
results of exploration activities; risks relating to exploration,
development and mining activities; the global economic climate;
metal and commodity prices; environmental risks; and community,
non-governmental and governmental actions and the impact of
stakeholder actions. Readers are urged to consult the disclosure
provided under the heading "Risk Factors" in the Company's annual
information form for the year ended December 31, 2023 as well as
the financial statements and MD&A for the year ended December
31, 2023, which have been filed on SEDAR+ (www.sedarplus.ca) under
Osisko Development's issuer profile and on the SEC's EDGAR website
(www.sec.gov), for further information regarding the risks and
other factors facing the Company, its business and operations.
Although the Company's believes the expectations conveyed by the
forward-looking statements are reasonable based on information
available as of the date hereof, no assurances can be given as to
future results, levels of activity and achievements. The Company
disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or results or
otherwise, except as required by law. Forward-looking statements
are not guarantees of performance and there can be no assurance
that these forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
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