Posted in | Gold | Mining Business

Osisko Acquires Additional Land Package in the Area of Lebel-sur-Quevillon, Quebec

Osisko Mining Inc. is pleased to announce, further to its announcement on March 15, 2017, that it has acquired an additional land package in the area of Lebel-sur-Quévillon, Québec from Deloitte Restructuring Inc., acting as trustee in bankruptcy for the assets, undertakings and properties of Maudore Minerals Ltd.

With the acquisition of the Additional Quévillon Claims, Osisko now holds a total of 4,150 claims covering a 216,000 hectare (2,160 square kilometres) land package (the "Quévillon Project").

The Quévillon Project includes approximately 30 known gold showings as well as the historical Osbell gold deposit, which is located 17 kilometres northwest of the town of Lebel-sur-Quévillon and 112 kilometres west of the Windfall Lake gold deposit. The Osbell deposit has been the object of significant historical drilling over the past fifteen years, and will be the focus of new drilling and resource re-evaluation by Osisko.

Osisko acquired the Additional Quévillon Claims in exchange for $1 million in cash and 100,000 common shares of the Corporation payable to FBC Holdings SARL, the secured creditor over the Additional Quévillon Claims. The listing of the common shares of the Corporation to FBC Holdings SARL remains subject to the final approval of the Toronto Stock Exchange, and such shares will be subject to a hold period expiring four months and one day from the date hereof.

Qualified Person

The scientific and technical content of this press release has been reviewed by Mr. Robert Wares, P.Geo. Executive Vice President Exploration for Osisko Mining Inc., a "qualified person" as defined by National Instruments 43-101 - Standards of Disclosure for Mineral Projects.


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