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Osisko Mining Corporation
("Osisko")(TSX:OSK
- News; FRANKFURT:EWX - News) and Clifton Star
Resources Inc ("Clifton")(TSX VENTURE:CFO - News; FRANKFURT:C3T - News) are pleased to announce
results from twenty-one additional holes from the 2010 drill program at the
Duparquet Project, located in the Abitibi region of Quebec. Significant
intersections from the new drill holes on the Beattie property include 41.6
metres averaging 3.38 g/t (BD10-320), 33.0 metres averaging 2.93 g/t Au
(BD10-321), 48.5 metres averaging 1.98 g/t Au (BD 10-316), 21.5 metres
averaging 3.76 g/t Au (BD10-312) and 68.7 metres averaging 1.38 g/t Au
(BD10-319). Assay results are summarized in the table below:
------------------------------------------------------------------------
Hole No. Section Az./dip From (m) To (m) Length Au g/t
(m)
BD10-278 630600E 180/60 393.0 412.5 19.5 0.73
BD10-290 630500E 0/60 263.0 284.0 21.0 2.63
And 446.7 465.1 18.4 1.14
BD10-310 630600E 180/45 73.0 79.0 6.0 1.99
BD10-311 631300E 0/50 49.5 63.0 13.5 0.71
And 126.0 127.5 1.5 8.46
BD10-312 631300E 0/69 76.5 98.0 21.5 3.76
BD10-313 631300E 0/80 100.5 123.6 23.1 4.20
including 121.5 123.6 2.1 14.40
BD10-314 631200E 0/50 74.0 85.8 11.8 2.27
And
BD10-315 631200E 0/70 236.0 241.4 5.4 3.77
BD10-316 630100E 180/45 83.0 131.5 48.5 1.98
And 269.5 293.5 24.0 1.29
BD10-317 630100E 180/67 99.5 135.5 36.0 2.52
BD10-318 630150E 180/54 95.0 105.5 10.5 3.92
BD10-319 630150E 180/74 111.0 179.7 68.7 1.38
BD10-320 630150E 0/45 53.5 95.1 41.6 3.38
BD10-321 630150E 0/58 63.5 96.5 33.0 2.93
BD10-322 629950E 180/60 54.5 81.0 26.5 1.73
BD10-323 630000E 185/57 35.3 74.5 39.2 1.30
And 117.0 130.0 13.0 1.45
And 197.5 243.0 45.5 1.63
BD10-324 630000E 190/45 63.0 103.0 40.0 2.24
BD10-326 630050E 170/55 29.0 42.0 13.0 1.00
BD10-327 630050E 180/55 76.1 100.3 24.2 2.04
BD10-328 630050E 180/63 77.0 101.0 24.0 1.87
------------------------------------------------------------------------
Drill hole
BD10-325 encountered old underground mine workings did not intersect
significant mineralization.
Drilling in 2010 has focused on three
properties: Beattie, Donchester-Central Duparquet and Duquesne, for an
overall drilling campaign of 122,800 metres that is now completed. The Phase
I drill program comprised 69,800 metres of drilling on the Beattie property
with a total of 219 holes. All significant results for the Beattie drill
program have now been disclosed. The Phase Two drilling program of 20,300
metres comprised 69 holes on the Duquesne property (all results disclosed as
well), and the Phase Three program of 32,700 metres on the Donchester
Property and Central Duparquet comprised a total of 96 holes. Results for the
latter are pending and will be disclosed as they are made available.
Osisko and Clifton are also pleased to
announce that GPR International Inc. has been contracted to fly a
high-resolution airborne geophysical survey that will include total field
magnetics, time-domain electromagnetics and radar altimetry for digital
elevation modeling. Survey lines will be spaced 100 m apart for a total of
approximately 1030 line-km. The survey will cover the Beattie, Donchester and
Duquesne properties as well as intervening ground and will be done in
collaboration with two other public companies working in the area. This
survey should allow for better interpretation of trends of
structurally-controlled gold mineralization on the properties. Results should
be available before the end of January 2011.
Osisko has the right to acquire a 50%
interest in the Duparquet project in consideration for (1) total exploration
expenditures of $70 million from 2010 to 2013, and (2) extending loans to
Clifton to fund option payments on the property of $8.5 million for 24 months
and $22.5 million for 36 months. These loans would carry interest at 5% and
can be converted into stock at Clifton's choice. Osisko had also extended a
$6 million credit line to Clifton, to be drawn prior to January 1, 2010,
which was not utilized.
All NQ core assays reported above were
obtained by standard 50 g fire assaying-AA finish or gravimetric finish at
ALS Chemex laboratories in Val d'Or, Quebec. Reported drill core weighted
averages were calculated using a minimum of 0.60 g/t Au over successive
intervals of 20 metres. The lengths of mineralized intervals of less than 20
metres were minimized, and an upper cut-off of 30 g/t Au was applied to
individual assays where indicated. Intersected drifts or lost core within
mineralized intersections were incorporated as blank intervals. The true
widths are estimated at approximately 50% to 75% of the core lengths reported
above.
Osisko follows strict QA-QC protocol
measures in keeping with industry standards and regulatory reporting
requirements. Mr. Robert Wares, P. Geo. and Executive Vice-President of
Osisko, is the Qualified Person who has reviewed this news release and is
responsible for the technical information reported herein, including
verification of the data disclosed including the sampling, analytical and
test data underlying the technical information.
Forward-Looking Statements
Certain statements contained in this
press release may be deemed "forward-looking statements". All
statements in this release, other than statements of historical fact, that
address events or developments that Osisko and Clifton (collectively the
"Parties") expect to occur, are forward looking statements. Forward
looking statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential",
"scheduled" and similar expressions, or that events or conditions
"will", "would", "may", "could" or
"should" occur including, without limitation, the commencement of
commercial production. Although the Parties believe the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, including, without limitation that all technical, economical and
financial conditions will be met in order to warrant further development of
the Duparquet Project, such statements are not guarantees of future
performance and actual results may differ materially from those in forward
looking statements. Factors that could cause the actual results to differ
materially from those in forward-looking statements include gold prices,
access to skilled consultants, mining development personnel, results of
exploration and development activities, the Parties' limited experience with
production and development stage mining operations, uninsured risks,
regulatory changes, defects in title, availability of personnel, materials
and equipment, timeliness of government approvals, actual performance of
facilities, equipment and processes relative to specifications and
expectations, unanticipated environmental impacts on operations market
prices, continued availability of capital and financing and general economic,
market or business conditions. These factors are discussed in greater detail
in Osisko's most recent Annual Information Form and in Clifton's most recent
Management Discussion and Analysis filed on SEDAR, which also provide
additional general assumptions in connection with these statements. The
Parties caution that the foregoing list of important factors is not
exhaustive. Investors and others who base themselves on the Parties'
forward-looking statements should carefully consider the above factors as
well as the uncertainties they represent and the risk they entail. The
Parties believe that the expectations reflected in those forward-looking
statements are reasonable, but no assurance can be given that these
expectations will prove to be correct and such forward-looking statements
included in this press release should not be unduly relied upon. These
statements speak only as of the date of this press release.
Contact:
John Burzynski
Osisko Mining Corporation
Vice-President Corporate Development
416-363-8653
www.osisko.com |
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