Osisko Announces MOU With the Cree First Nation of Waswanipi to Transport Hydroelectric Power to Windfall
28 Februar 2022 - 1:00PM
Osisko Mining Inc. (OSK:TSX, "Osisko" or the "Corporation") is
pleased to announce that it has entered into a memorandum of
understanding (“MOU”) with the Cree First Nation of Waswanipi (the
“CFNW”) whereby the CFNW will transport hydroelectric power to the
Windfall project.
The CFNW will finance, build, own and operate a
120kV transmission line that will transport hydroelectricity to the
Windfall project and surrounding area. As an end user, Osisko will
pay transportation fees to the CFNW. The MOU outlines the principal
terms of the agreement between Osisko and the CFNW which will
ensure delivery of hydroelectricity to Osisko’s Windfall project
for a nominal period of 18 years, with further extensions over the
life of the Windfall mill.
The MOU solidifies the partnership approach
between Osisko and the CFNW to natural resource development.
Additionally, using hydroelectric power through the final stages of
exploration and throughout the construction and operations phases
will reduce greenhouse gas emissions by reducing the Windfall
project’s dependency on fossil fuels.
CEO and Chairman of Osisko John Burzynski
stated: "Osisko is proud to enter into this MOU with the Cree First
Nation of Waswanipi, historically a new approach with respect to
conducting business on Eeyou Istchee/James-Bay territory. The
hydroelectric power transportation MOU is aligned with Osisko’s
vision for sustainable development of natural resources, and with
the CFNW’s vision of sustainable infrastructure within their
traditional territory.
Chief Marcel Happyjack of the Cree First Nation
of Waswanipi stated: “Osisko has consulted and worked with us as
rightsholders since their acquisition of Windfall in August 2015.
Their sustainable development approach is highlighted by the
success of Miyuukaa Corp., our socio-economic development entity.
This ownership opportunity is the culmination of years of mutual
respect and collaboration. We are writing a new chapter in
sustainable infrastructure development within the Eeyou
Istchee/James Bay territory.”
About Osisko Mining Inc.Osisko
is a mineral exploration company focused on the acquisition,
exploration, and development of precious metal resource properties
in Canada. Osisko holds a 100% interest in the high-grade Windfall
gold deposit located between Val-d'Or and Chibougamau in Québec and
holds a 100% undivided interest in a large area of claims in the
surrounding Urban Barry area and nearby Quévillon area (over 2,500
square kilometres).
Cautionary StatementsThis news
release contains “forward-looking information” within the meaning
of applicable Canadian securities legislation based on
expectations, estimates and projections as at the date of this news
release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is
not limited to the ability of Osisko to complete the negotiation
and enter into final and additional documentation in relation to
the provision or electricity on terms acceptable to it; the ability
of CFNW to finance, build, own and operate the power line;
objectives, goals or future plans; statements regarding development
and the provision of supplies to support development. Factors that
could cause actual results to differ materially from such
forward-looking information include, but are not limited to,
successful negotiation of documents; capital and operating costs
varying significantly from estimates; delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals; uncertainties relating to the availability and
costs of financing needed in the future; changes in equity markets;
inflation; fluctuations in commodity prices; delays in the
development of projects; the other risks involved in the mineral
exploration and development industry; and those risks set out in
Osisko’s public disclosure record on SEDAR (www.sedar.com) under
Osisko’s issuer profile. Although Osisko believes that the
assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all.
Osisko disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
CONTACTS INFORMATION:John
Burzynski Chairman
and Chief Executive
Officer Telephone
(416) 363-8653
John KitchenMiyuukaa Corp. Director and Chief
Executive OfficerTelephone (819) 856-7273
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