Osisko Metals to Resume Trading Following Option Agreement to Acquire Gaspé Copper Mine FromGlencore Canada
MONTREAL, March 31, 2022 (GLOBE NEWSWIRE) — Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce that, as set out in the bulletin of the TSX-Venture Exchange (the « TSX-V« ) issued yesterday afternoon, its common shares will resume trading on Friday, April 1, 2022. The trading halt was imposed by the TSX-V, subsequent to the announcement that Osisko Metals had signed a binding term sheet with Glencore Canada Corporation (“Glencore” and collectively the “Parties”), providing Osisko Metals with an option (the “Option”) to acquire a 100% interest in the past-producing Gaspé Copper Mine (“Gaspé Copper”) located near Murdochville, Québec. Exercise of the Option remains subject to, among other things, typical conditions imposed by the TSX-V. For further information, please see the press release of the Company dated March 28, 2022.
Qualified Person
Mr. Jeff Hussey, P. Geo., is the Qualified Person and President/COO for Osisko Metals Incorporated. He is responsible for the technical data reported in this news release and he is a Professional Geologist registered in Quebec.
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the base metal space. The Company controls one of Canada’s premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories for which the 2020 PEA has indicated an after-tax NPV of $500M and an IRR of 29.6%. The Pine Point Project PEA is based on current Mineral Resource Estimates that are amenable to open pit and shallow underground mining and consist of 12.9Mt grading 6.29% ZnEq of Indicated Mineral Resources and 37.6Mt grading 6.80% ZnEq of Inferred Mineral Resources. Please refer to the technical report entitled “Preliminary Economic Assessment, Pine Point Project, Hay River, Northwest Territories, Canada” dated July 30, which has been filed on SEDAR. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, paved highway access, and has an electrical substation as well as 100 kilometres of viable haulage roads already in place.
The current Mineral Resources mentioned in this press release conform to NI43-101 standards and were prepared by independent qualified persons, as defined by NI43-101 guidelines. The abovementioned Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade and/or quality of continuity. Zinc equivalency percentages are calculated using metal prices, forecasted metal recoveries, concentrate grades, transport costs, smelter payable metals and charges (see respective technical reports for details).
For further information on this press release, visit www.osiskometals.com or contact:
Robert Wares, CEO, Osisko Metals, tel. 514-940-0670 ext. 111
Email: info@osiskometals.com
Cautionary Statement Regarding Forward-Looking Information
This news release contains « forward‐looking information » within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Option; the timing and ability of the Company to exercise the option (if at all); the timing and ability of the Company and Glencore to execute the Definitive Agreement (if at all); the results of any exploration work completed by Osisko Metals on Gaspé Copper; the significance (if any) of Gaspé Copper being a past producer and the results of such past production; the ability of Osisko Metals (if at all) to complete the required expenditures during the periods to be specified in the Definitive Agreement; the timing and ability of the Company to obtain regulatory approvals, including the approval of the TSX Venture Exchange, in respect of the Option and the acquisition of Gaspé Copper; and any other information herein that is not a historical fact may be « forward-looking information ».
Any statement that involves discussions with respect to 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 », « is expected », « interpreted », « management’s view », « anticipates » or « does not anticipate », « plans », « budget », « scheduled », « forecasts », « estimates », « believes » or « intends » or variations of such words and phrases or stating that certain actions, events or results « may » or « could », « would », « might » or « will » be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company, at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties or other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the Option; the ability of the Parties to negotiate and execute the Definitive Agreement; volatility in the trading price of common shares of the Company; risks relating to the ability of the Company to obtain required approvals; ability of Osisko Metals to complete further exploration activities; property interests; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks changes in the tax and regulatory regime; community and non-governmental actions; and those risks set out in the Company’s public documents filed on SEDAR (www.sedar.com) under Osisko Metals’ issuer profile. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot guarantee shareholders and purchasers of securities of the Company that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Company nor any other person assumes responsibility for the accuracy and completeness of any such forward looking information. The Company does not undertake, and assumes 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 by law.
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.