6 April 2020
Osisko Metals Incorporated wishes to announce that continues to advance the Preliminary Economic Assessment (“PEA”) for its wholly-owned Pine Point Project, slated for release in Q2 2020 in collaboration with BBA Inc., WSP, Tetra Tech and Golder Associates Inc. The Company is currently focused on project optimization including material sorting methodology trade-off studies.
The Company is following the guidelines and advice of the Public Health Agency of Canada as well as regulations from provincial and territorial governments with respect to the COVID-19 virus. All personnel have been safely working from home since March 16th.
The 2019-2020 Pine Point winter exploration campaign has concluded due to spring break-up and compliance with guidelines of the Public Health Agency of Canada. The exploration camp has been placed on care and maintenance following travel restrictions and will remain so for the foreseeable future. Results of the winter drill program are being processed and will be released as soon as possible. The Company will be able to rapidly restart exploration and environmental baseline work campaigns that are planned for this year, once restrictions are lifted.
Robert Wares, Executive Chairman & CEO, commented “Along with our consultants, we continue to diligently advance the PEA of Pine Point and will continue to develop the project throughout 2020. Current market conditions have temporarily reduced demand for base metals, but weak spot markets will result in further deterioration of the zinc supply chain in the longer term through new mine closures and suspended development projects. We believe that Osisko Metals and the Pine Point project are best positioned to leverage this future opportunity in the zinc markets.”
The Company also wishes to announce that Mr. Paul Dumas has stepped down from his position as Executive Vice President Finance and Director of the Company to devote his efforts on several private businesses. However, he will maintain a role as Special Consultant to the Company. Mr. Dumas was co-founder and CEO of the Company from 2008 to 2017 (previously named Bowmore Exploration Ltd) and since June 2017 was instrumental in the successful reorganization to create Osisko Metals. Mr Dumas was also key in the completion of over $75 million in financings as well as the successful negotiation of the repurchase of the Pine Point NSR, amongst other things. The Company would like to thank Mr. Dumas for his contributions over the years and wishes him well in his future endeavors.