The CEO says he’s already been discussing options with potential parties for more than six months in a tough funding market despite the price of gold hitting all-time highs this week. The partner would help raise the forecast C$588 million to build the underground Cariboo mine 700 km north of Vancouver. Osisko is targeting an operating permit by mid-next year followed by less than two years of construction. The project is part of the company’s longer-term plan to develop the legacy of brownfield sites around Cariboo.
“By getting this beachhead in there, the power and the mill, this becomes a central processing facility for many more mines to be developed in the open,” Roosen said. “We like to find these big systems, bring new science, bring capital intensity.”
Cariboo is expected to produce about 1.9 million oz. gold over a dozen-year mine life. It has an after-tax net present value of C$502 million at a 5% discount…
