Osisko Mining Corporation: Proceeds of $39.6 M From Exercise of $7.90 Warrant
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Osisko Mining Corporation: Proceeds of $39.6 M From Exercise of $7.90 Warrant
MONTREAL, QUEBEC, Nov 17, 2009 -- Osisko Mining Corporation ("Osisko") (TSX: OSK) (FRANKFURT: EWX) is pleased to report that it has received proceeds of $39,622,000 from the exercise of 5,015,490 of its $7.90 warrant (OSK.WT) which expired on November 16, 2009. Some 4,609,510 warrants were not exercised.
The $7.90 warrants were issued as part of a November 2007 $125 million Special Warrant Financing which comprised of one common and one half share purchase warrant.
About Osisko
Osisko Mining Corporation is currently developing the Canadian Malartic gold deposit and evaluating adjacent areas for a large-scale open pit, bulk-tonnage mining operation. The Canadian Malartic deposit currently represents one the biggest gold reserves in Canada for a single deposit, and is still growing through ongoing drilling on new mineralized zones. Current reserves for the Canadian Malartic property are 6.28 million ounces, plus a global measured and indicated resource of 3.65 million ounces and an inferred resource of 0.84 million ounces (including the adjacent South Barnat deposit).
Cautionary Notes Concerning Estimates of Mineral Resources
This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that that further work on the stated resources will lead to mineral reserves that can be mined economically.
Forward Looking Statements
Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Corporation expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that all technical, economical and financial conditions will be met in order to put the Canadian Malartic Project into commercial production, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development and mill production personnel, results of exploration and development activities, the Corporation's limited experience with production and development stage mining operations, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in the Corporation's most recent Annual Information Form filed on SEDAR, which also provides additional general assumptions in connection with these statements. The Corporation cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Corporation's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.
Kontakt:
Osisko Mining Corporation
John Burzynski
Vice-President Corporate Development
514-735-7131
Osisko Mining Corporation
Sylvie Prud'homme
Investor Relations
514-735-7131
Gebührenfrei: 1-888-674-7563
www.osisko.com
Leseranfragen:
Osisko
Windsor Station, Suite 300
1100 De La Gauchetière West
P.O. Box 211
Montréal, Québec, H3B 2S2
Tel: 514.735.7131
Fax: 514.933.3290
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Datum: 18.11.2009 - 09:33 Uhr
Sprache: Deutsch
News-ID 8288
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