09:02:18 EDT Tue 28 Jun 2022
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Osisko Mining Inc
Symbol OSK
Shares Issued 350,002,755
Close 2022-06-22 C$ 3.61
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Osisko Mining closes Windfall drill hole database

2022-06-23 12:28 ET - News Release

Mr. John Burzynski reports


Osisko Mining Inc. has provided the following corporate updates and notes management appointments and departures.

Windfall updates

The corporation recently closed its Windfall project drill hole database, on schedule for, and in preparation of, an updated mineral resource estimate (MRE) scheduled for Q4 2022. The updated MRE will form the basis of the planned Windfall project feasibility study (FS), scheduled for delivery by year-end 2022. The FS will form the basis of the corporation's Windfall project production decision. Osisko plans to continue underground and surface exploration drilling, including expansion targets within the Windfall deposit, pursuing mineralization in the Golden Bear discovery area and testing additional high-priority targets proximal to Windfall.

Extraction of the Lynx 600 bulk sample (600-metre vertical level located in the Triple Lynx zone) is expected to be completed in early July, 2022. Processing of the approximately 5,000 tonnes of material is expected to commence in Q3 2022 at a custom mill located near Timmins, Ont. Results of the test are expected to be released in early Q4 2022.

In Q2 2022 the corporation applied for a certificate of authorization to extract a fourth bulk sample in Lynx 4 with the Ministere de l'Environnement et de Lutte aux les changements climatiques (MELCC). The authorization, anticipated to be received in Q3 2022, will permit the corporation to advance the exploration ramp to the high-grade Lynx 4 zone. The advance of the exploration ramp will give access to the fourth bulk sample, and will also be used to conduct a stope school in partnership with local stakeholders. The stope school will provide certified training programs in ore extraction for local community trainees from the Eeeyou-Itshee James Bay area.

The corporation has initiated work on elements of the detailed engineering for the proposed mill site and other major project components with its consultants as part of the continuing work contributing to the FS.

As was the case in the successful on-budget and ahead-of-schedule construction of the Canadian Malartic mine, Osisko intends, subject to a positive production decision and obtaining all necessary permits, to self-manage the construction of the proposed Windfall mine. In this regard, Osisko recently obtained its entrepreneur licence from the Regie du batiment du Quebec.

Management appointments and departures

Osisko is pleased to announce the appointment of Ronald Bougie as vice-president, construction and engineering. Mr. Bougie has over 35 years of construction and project development experience, gained through building a number of successful mining and industrial projects. Mr. Bougie played a key role as general manager, engineering and construction, for Osisko Mining Corp. during the development and construction of the Canadian Malartic gold mine, the largest producing gold mine in Canada and ninth-largest gold producer worldwide in 2021. Recently, Mr. Bougie was executive vice-president, construction and operations, for Alliance Magnesium, and vice-president, engineering and construction, for Falco Resources Inc. Mr. Bougie remains technical adviser of Falco and Alliance. Prior to joining Falco, he served as executive vice-president, engineering, construction and operations, for the Ciment McInnis project. Mr. Bougie also previously led construction at the Renard diamond mine as general manager, engineering and construction. Mr. Bougie reports directly to the chief operating officer of the corporation.

Osisko is also pleased to announce the appointment of Andreanne Boisvert as vice-president, environment and community relations. She has over 20 years of experience in environment and community relations positions. Prior to joining the Osisko team, Ms. Boisvert worked at Arcelor Mittal Mining Operations, first as a compliance and environmental projects expert, then as a senior environmental program manager. She also worked with WSP (formerly Genivar), leading various mandates (direction of environmental studies, strategic studies, prefeasibility and feasibility, and negotiations with government authorities). She also co-ordinated economic, social and cultural monitoring studies for the Eastmain-1-A hydroelectric project, working in close collaboration with first nation communities. Ms. Boisvert holds a bachelor's degree in geography and environmental studies, and a master's degree in geography. Ms. Boisvert reports directly to the president of the corporation.

With regret, Osisko announces the departure of Alix Drapack as chief sustainability officer of the corporation. Osisko would like to thank Ms. Drapack for her many contributions to Osisko Mining, as well as acknowledge her work with the original Osisko Mining Corp. An Osisko veteran who has worked with both iterations of the company, Ms. Drapack has played a key role in fostering strong relationships with stakeholders in the corporations, particularly on the Windfall project with the company's Cree First Nation hosts and the community of Waswanipi. She will be missed, and the company wishes Ms. Drapack every success in her future endeavours. Ms. Drapack will continue with the corporation as a member of the technical advisory committee.

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration and development of gold resource properties in Canada. Osisko holds a 100-per-cent interest in the high-grade Windfall gold deposit located between Val d'Or and Chibougamau in Quebec and holds a 100-per-cent undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quevillon area (over 2,400 square kilometres).

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