Osisko Metals advances permitting initiatives at Pine Point and provides corporate update
24 September 2020
Osisko Metals Incorporated is pleased to provide an update on its permitting initiatives at its wholly owned Pine Point Project. Since the release of the Preliminary Economic Assessment, Osisko Metals has continued discussions with stakeholders and shareholders and is now advancing the Project toward the submission of an Environmental Assessment (“EA”) to governmental agencies in the fourth quarter of 2020.
Jeff Hussey, President and Chief Operating Officer, commented: “Concurrent to the restart of drilling announced last month, the forthcoming submission of the EA will mark an important milestone towards advancing the Project to a “shovel ready” stage by late 2023. Supporting the environmental work, key recommendations from the recent PEA are being initiated in preparation for a Feasibility Study. We are committed to rapidly advancing the Pine Point Project to be well positioned to take advantage of a forecasted deficit in the zinc market supply. Furthermore, we are looking forward to releasing drill results in the coming weeks.”
Osisko Metals is pleased to announce that it has engaged Swiss Resource Capital AG (“SRC”) to assist with its European marketing effort. The agreement is for 6 months effective October 1, 2020 and will be renewable quarterly afterwards. The remuneration payable to SRC will be CHF$4,000 per month. In addition, SRC has been granted 150,000 options, vesting monthly over a period of six months with an 18-month term and an exercise price of $0.40 per share. The agreement is subject to the approval of the TSX Venture Exchange.
Osisko Metals would also like to announce that, subject to regulatory approval, it has retained Independent Trading Group (ITG), Inc., ("ITG"), to provide market making services to the Company in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable securities legislation.
ITG will trade shares of Osisko Metals on the TSX Venture Exchange for the purposes of maintaining a reasonable market and improving the liquidity of Osisko Metals common shares. The agreement between ITG and the Company can be terminated by either party with a written notice of 30 days and the Company has agreed to pay ITG $5,000 per month, payable quarterly. There are no performance factors contained in the agreement between ITG and the Company and ITG will not receive any shares or options from the Company as compensation for the services.