Osisko Development Provides Corporate Update

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MONTREAL, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Osisko Development Corp. ("Osisko Development" or the "Corporation") (ODV: TSX-V) is pleased to provide the following update on its 100% owned Cariboo Gold Project in Wells, British Columbia and San Antonio Gold Project in Sonora, Mexico.

Highlights

• The company is well funded with approximately $325 million in cash and cash equivalents, comprising approximately $200 million cash and $125 million in marketable securities.
• At the Cariboo Gold Project, the Corporation is kicking off a new 2-year drill program aimed at resource extension and discovery-oriented exploration. The aim is to complete 90,000 meters of resource conversion drilling by Q3 2021 to support the feasibility study.
• The Corporation has entered the process planning stage of the BC Environmental Process, and is working with leading consultants to ensure that the Cariboo Gold Project can operate as one of the most socially and environmentally acceptable mines in the world.
• Commenced development of mineralized material from the Bonanza Ledge Phase 2, and stockpiling has been initiated at the mill.
• The Corporation is projecting first gold from our Bonanza Ledge Phase 2 project in Q2 2021.
• The Corporation purchased a brand new communition circuit (grinding circuit) that was designed for a mining project planned at 7,500tpd. This investment represents a major step forward in securing critical equipment for the concentrator, reduces engineering risk and will allow to fast track the construction of the processing facilities once all permits are received.
• A new Sandvik MT720 continuous miner ("roadheader") has been delivered on the Cariboo site, assembled and commissioned. The Corporation expects to use this new technology for drift development at the Bonanza Ledge Phase II and Cariboo projects. This equipment is engineered to mechanically cut the hard and abrasive rock mass and is expected to improve the development performance by 25%, and to reduce costs by 50% compared to traditional "drill and blast" development.
• At the San Antonio Gold Project, we have completed the engineering and permitting to process the gold mineralized stockpile via heap leaching.
• 35,000 meters exploration and infill drill program of the Sapuchi, Golfo de Oro and California Projects have been planned. We have established an initial exploration budget of approximately US$6 million for 2021.
• Engineering and permitting for heap leach mining for the Sapuchi, Golfo de Oro and California Projects is ongoing.

Cariboo Gold Project Update