“We are very pleased to secure funding that will enable us to commence the development of a 1.2 km underground drift at Cariboo and advance important design and engineering work ahead of the anticipated receipt of permits in Q2 2024,” said Osisko Development chair and CEO Sean Roosen.
“Completing this work is a significant step in further de-risking the project ahead of a construction decision by accessing the orebody and demonstrating the performance of the roadheader and ore sorter technologies, while we continue to progress toward sourcing a fully-funded solution for the project,” he added.
“Importantly, this facility is non-dilutive with no early repayment penalties and provides us with financial flexibility to refinance the facility prior to maturity.”
The Cariboo feasibility study was produced in 2023. It foresees underground mining for 12 years, during which time about 1.8 million oz. of gold will be produced….
