Mr. Sandeep Singh reports
OSISKO ANNOUNCES INCREASE TO ITS ROYALTIES ON OSISKO MINING'S WINDFALL PROJECT
Osisko Gold Royalties Ltd. has increased its net smelter return royalty on the world-class Windfall gold project, currently being developed by Osisko Mining Inc.
Pursuant to its investment agreement with Osisko Mining dated Aug. 25, 2015, the company has exercised its right to repurchase six existing royalties on the Windfall project. The royalties were purchased for total consideration of $3-million cash and have increased the company's effective NSR royalty on the claims covering the Windfall project to 2 per cent to 3 per cent, up from 1 per cent to 1.5 per cent.
Sandeep Singh, president of Osisko, stated: "We are very pleased with today's announcement, which highlights the benefits of Osisko's unique and potent accelerator model. The exercise of Osisko's right to repurchase existing royalties, at cost, represents an excellent transaction for Osisko covering a vast area in an emerging world-class Canadian mining camp. We would also like to extend our congratulations to the Osisko Mining team as they continue to deliver exceptional results; we believe that the Windfall project will deliver substantial benefits to the province of Quebec, the area's first nations communities and our respective shareholders."
About the Windfall project
The continuing drill program at Windfall started in October, 2015, and has included over 900,000 metres of reported drilling to date from approximately 3,000 holes. The program is currently focused on infill drilling and expansion drilling at the Lynx deposit, exploration on the main mineralized zones, and deep exploration in the central areas of the mineralized intrusive system.
About Osisko Gold Royalties Ltd.
Osisko Gold Royalties is an intermediate precious metal royalty company that holds a North American-focused portfolio of over 135 royalties, streams and precious metal off takes. Osisko's portfolio is anchored by its 5-per-cent NSR royalty on the Canadian Malartic mine, the largest gold mine in Canada.
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