OSISKO PROVIDES UPDATE FOLLOWING TEMPORARY SUSPENSION OF OPERATIONS AT THE CANADIAN MALARTIC MINE
March 25 2020 - 5:35PM
Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX
& NYSE) announces today that following the announcement by
Agnico Eagle Mines Limited and Yamana Gold Inc., the operators of
the Canadian Malartic Mine, operations at the Canadian Malartic
Mine will be ramped down and placed on care and maintenance until
April 13, 2020. As instructed, minimal work will take place
during that time, in compliance with the most recent Québec
Government order in an effort to contain the COVID-19 virus
outbreak.
Sean Roosen, Chair and Chief Executive Officer
of the Company declared: “Given the outstanding pandemic, we
support Agnico, Yamana and all other mine operators in their
efforts to put the health and safety of their work force first with
a view to contain the virus and thereby “flatten the curve” as
explained by public health authorities across the world.
While Osisko’s business will be impacted by these measures as metal
deliveries and revenues will be temporarily deferred, we are
confident that operators will be in a position to progressively
resume normal operations when deemed appropriate by Government
authorities.”
In a context of rapidly evolving news on
COVID‑19, Osisko is monitoring the situation closely and will
provide an update as soon as possible on restart of operations.
About Osisko Gold Royalties Ltd
Osisko Gold Royalties Ltd is an intermediate precious metal royalty
company focused on the Americas that commenced activities in June
2014. Osisko holds a North American focused portfolio of over 135
royalties, streams and precious metal offtakes. Osisko’s portfolio
is anchored by its cornerstone asset, a 5% net smelter return
royalty on the Canadian Malartic mine, which is the largest gold
mine in Canada. Osisko also owns the Cariboo gold project in Canada
as well as a portfolio of publicly held resource companies,
including a 15.9% interest in Osisko Mining Inc., 17.9% interest in
Osisko Metals Incorporated and a 19.9% interest in Falco Resources
Ltd.
Osisko’s head office is located at 1100 Avenue
des Canadiens-de Montréal, Suite 300, Montréal, Québec, H3B
2S2.
For further information, please contact Osisko Gold
Royalties Ltd:
Sandeep SinghPresidentTel. (514)
940-0670ssingh@osiskogr.com
Forward-looking Statements
Certain statements contained in this press
release may be deemed “forward‐looking statements” within the
meaning of applicable Canadian and U.S. securities laws. These
forward‐looking statements, by their nature, require Osisko to make
certain assumptions and necessarily involve known and unknown risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied in these forward‐looking
statements. Forward‐looking statements are not guarantees of
performance. These forward‐looking statements, may involve, but are
not limited to, the consequence of this suspension of operations at
the Canadian Malartic mine on the business and financial conditions
of Osisko and the timely resumption of normal operations by mine
operators. Words such as “may”, “will”, “would”, “could”,
“expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”,
“continue”, or the negative or comparable terminology, as well as
terms usually used in the future and the conditional, are intended
to identify forward‐looking statements. Information contained in
forward‐looking statements is based upon certain material
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including management’s perceptions of
historical trends, current conditions and expected future
developments, as well as other considerations that are believed to
be appropriate in the circumstances. Osisko considers its
assumptions to be reasonable based on information currently
available, but cautions the reader that their assumptions regarding
future events, many of which are beyond the control of Osisko, may
ultimately prove to be incorrect since they are subject to risks
and uncertainties that affect Osisko and its business; Such risks
and uncertainties include, among others, risks relating to the
ability of exploration activities carried out by Osisko Mining
(including drill results) to accurately predict mineralization;
errors in Osisko Mining’s geological modelling; the ability of
Osisko Mining to complete further exploration activities, including
drilling.
For additional information with respect to these
and other factors and assumptions underlying the forward‐looking
statements made in this press release, see the section entitled
“Risk Factors” in the most recent Annual Information Form of Osisko
which is filed with the Canadian securities commissions and
available electronically under Osisko’s issuer profile on SEDAR at
www.sedar.com and with the U.S. Securities and Exchange Commission
and available electronically under Osisko’s issuer profile on EDGAR
at www.sec.gov. The forward‐ looking information set forth
herein reflects Osisko’s expectations as at the date of this press
release and is subject to change after such date. Osisko disclaims
any intention or obligation to update or revise any forward‐looking
statements, whether as a result of new information, future events
or otherwise, other than as required by law.
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