Osisko Metals files amended and restated pine point project technical report

28 January 2019

Osisko Metals Incorporated announces that, as a result of a review by the British Columbia Securities Commission, the Company is issuing this news release to clarify its disclosure in respect of the inferred mineral resource estimate (the “Inferred Resource Estimate”) for its 100% owned Pine Point project located near Hay River, in the Northwest Territories of Canada (the “Pine Point Project”).
In its news release dated December 6, 2018 announcing the Inferred Resource Estimate, the Company disclosed that it was uncertain whether or not further exploration and definition drilling would result in upgrading the Inferred Resource Estimate to the indicated or measured resource categories. This statement, which was also included in the independent technical report filed on January 18, 2019 in respect of the Pine Point Project (the “Previous Technical Report”), was inconsistent with the current CIM definition of “Inferred Mineral Resource” which provides that it should be reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

As a result, the Company has filed an amended and restated technical report today titled “Mineral Resource Estimate for the Pine Point Lead-Zinc Project, Hay River, Northwest Territories, Canada dated January 25, 2019” (the “Amended Technical Report”), and a copy of the Amended Technical Report can be found at www.sedar.com and on the Company’s website. In addition, the authors of the Previous Technical Report have, in the Amended Technical Report, included the current definitions of the categories of mineral resources, supplemented the disclosure in respect of the Inferred Resource Estimate, deleted all references to “ore” and to historical estimates that were contained in the Previous Technical Report and included additional required disclosure in respect of drilling work conducted on the Pine Point Project.