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Osisko receives final permits to expand its gold mine in British Columbia

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(Kitco News) - Osisko Development today announced the approval of amendments to Mines Act Permits M-238 and M-198 allowing for the expansion of the existing Bonanza Ledge II underground mine, located in British Columbia, with an increase in production from 150,000 t/yr to 215,000 t/yr.

These amendments support the ongoing employment of 127 workers at the mine. The ore will be trucked from Bonanza Ledge II to the Quesnel River Mill for processing and tailings storage.

"The anticipated mine life of Bonanza Ledge II is approximately 18 months. The expansion of the Bonanza Ledge II project allows for continuity of mining while the Cariboo Gold project Environmental Assessment proceeds. If approved, the Cariboo Gold project will extend mining by an additional 16 years and employ 459 people," the company said in a statement.

The Bonanza Ledge II deposit is located within the broader Cariboo Gold mining camp which is 100% owned by Barkerville Gold Mines, a wholly owned subsidiary of Osisko Development.

The Cariboo gold project, located in central British Columbia, is Osisko Development's flagship asset with measured and indicated resources of 21.44 Mt at 4.6 Au g/t for a total of 3.2 million ounces of gold and inferred resource of 21.69 Mt at 3.9 Au g/t for a total of 2.7 million ounces of gold.

The Cariboo gold project is advancing through permitting as a 4,750 tonnes per day underground operation with a feasibility study on track for completion in the first half of 2022.

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