Osisko Development Receives BC Mines Act Permits for Cariboo Gold Project

Osisko Development Corp. announced on November 20, 2024, that it has received the necessary BC Mines Act permits for its wholly-owned Cariboo Gold Project in central British Columbia. These permits are a critical step towards enabling the construction and operation of the underground gold project.

"Receiving the construction and operating permits for the Cariboo Gold Project is a major milestone and a monumental achievement," said Sean Roosen, Founder, Chairman, and CEO of Osisko Development. He noted the culmination of nearly five years of discussions and consultations aimed at making the project a model for responsible mine development.

The Cariboo Gold Project is the first to be assessed and permitted under British Columbia's new environmental assessment framework, established in 2018. Honourable Jagrup Brar, BC's Minister of Mining and Critical Minerals, congratulated Osisko Development, highlighting the project's importance for job creation and benefits to local businesses and First Nations.

Clifford Lebrun, Chief of the Lhtako Dené Nation, stated that the project represents a significant opportunity for his nation and expressed satisfaction with the permit approvals. The project, with an initial estimated 12-year mine life, is expected to employ approximately 634 workers during construction and up to 488 employees during peak operations.

Progress on the project includes ongoing bulk sampling and underground development in the Lowhee Zone. An optimized feasibility study is expected in the second quarter of 2025. Full-scale construction is anticipated to commence in the latter half of 2025, with completion targeted for the end of 2027.