Osisko Development Responds to Third Party Disclosure
August 09 2022 - 11:33AM
Osisko Development Corp. (“
Osisko Development” or
the “
Company”) (ODV TSX.V & NYSE) responds to
commentary by third parties in relation to its Tintic project.
The third parties attended at the Company's
premises and interviewed Company personnel. Following the
interview, Osisko Development reviewed and authorized for release
an abridged version of the interview. Contrary to the Company's
guidance, the third parties proceeded to release an unabridged
version of the interview that includes commentary by the third
parties that the Company did not authorize.
The Company is committed to the highest
standards of public disclosure. The Company cautions that investors
should not rely upon third party commentary in respect of the
Company and its assets, and should instead rely upon disclosure
made by the Company. The Tintic Project, while viewed by the
Company as an exciting opportunity for further exploration with
potential for development, remains as described in the public
disclosure of the Company, in particular its news releases of June
10, 2022, June 28, 2022, and July 7, 2022.
The Tintic Project
For further information on Tintic, including
additional production details please see the technical report on
the Tintic Project, entitled "Technical Report on the Tintic
Project, East Tintic Mining District, Utah County, dated June 10,
2022 (effective date of June 7, 2022), and filed at www.sedar.com
under the profile of the Company.
The Company cautions that the decision to
commence and continue production at the Trixie test mine at the
Tintic Project in the form of small scale underground mining and
batch vat leaching without the benefit of a feasibility study, or
reported mineral resources or mineral reserves, demonstrating
economic and technical viability, and, as a result there may be
increased uncertainty of achieving any particular level of recovery
of material or the cost of such recovery. The Company cautions that
historically, such projects have a much higher risk of economic and
technical failure. There is no guarantee that production will
continue as anticipated or at all or that anticipated production
costs will be achieved. The failure to continue production may have
a material adverse impact on the Company's ability to generate
revenue and cash flow to fund operations. Failure to achieve the
anticipated production costs may have a material adverse impact on
the Company's cash flow and potential profitability. In continuing
current operations at Trixie, the Company has not based its
decision to continue such operations on a feasibility study, or
reported mineral resources or mineral reserves demonstrating
economic and technical viability. The Company cautions that mining
at Trixie could be suspended at any time.
About Osisko Development Corp.
Osisko Development Corp. is uniquely positioned
as a premier gold development company in North America to advance
the Cariboo Gold Project and other properties in the USA and
Mexico, with the objective of becoming the next mid-tier gold
producer. The Cariboo Gold Project, located in central British
Columbia, Canada, is Osisko Development's flagship asset. The
considerable exploration potential at depth and along strike
distinguishes the Cariboo Gold Project relative to other
development assets. Osisko Development's project pipeline is
complemented by its interest in the San Antonio gold project,
located in Sonora, Mexico and the Trixie gold test mine, located in
Utah, U.S.A.
For further information about Osisko Development
(NYSE: ODV; TSX-V:ODV), please visit www.osiskodevelopment.com
or follow us on Twitter @OsiskoDev
|
For further information,
please contact Osisko Development Corp.: |
Jean Francois LemondeVP Investor
Relationsjflemonde@osiskodev.comTel: 514-299-4926 |
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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