MONTREAL, QUEBEC--(Marketwire - Jan. 26, 2011) - Osisko
Mining Corporation ("Osisko")(TSX:OSK)(FRANKFURT:EWX)
and Clifton Star Resources Inc ("Clifton")(TSX
VENTURE:CFO)(FRANKFURT:C3T) are pleased to announce results from
forty-nine new holes from the completed 2010 drill program at the Duparquet Project, located in the Abitibi region of
Quebec. Significant wide intersections from the new drill holes on the Donchester property include 60.0 meters averaging
2.18 g/t Au (DON10-74), and 46.5 metres
averaging 1.19 g/t (DON10-83). The new drilling also intersected
significant higher grade intercepts including 3.4 meters averaging
162.0 g/t Au (DON10-107), 7.5 meters averaging 9.57 g/t Au (DON10-116)
and 10.5 meters averaging 7.40 g/t Au (DON10-69). Assay results from
the new holes (five sections spaced 100 m apart) are summarized in the
table below:
--------------------------------------------------------------------- Hole No. Section Az./dip From To Length Au g/t (m) (m) (m) DON10-44 631600E 0/60 36.6 42.5 5.9 2.24 And 304.1 320.7 16.6 0.73 And 361.9 385.0 23.1 1.05 DON10-51 631600E 0/60 254.5 269.7 15.2 0.77 And 301.9 307.4 5.5 2.39 DON10-52 631600E 0/60 197.0 198.6 1.6 8.06 And 263.0 272.0 9.0 0.89 DON10-53 631600E 0/60 205.5 216.0 10.5 1.42 DON10-72 631600E 0/60 57.0 62.5 5.5 1.03 And 75.5 90.5 15.0 1.90 DON10-83 631600E 0/61 87.0 133.5 46.5 1.19 DON10-132 631600E 0/60 297.5 299.0 1.5 14.90 DON10-133 631600E 0/60 221.0 243.5 22.5 1.79 DON10-140 631600E 0/60 123.5 128.0 4.5 3.73 DON10-99 631700E 180/60 10.8 39.5 28.7 1.49 And 132.5 137.0 4.5 4.00 DON10-101 631700E 180/60 86.0 89.0 3.0 4.89 101.2 118.0 16.8 1.62 DON10-114 631700E 180/60 78.5 86.3 7.8 1.29 DON10-115 631700E 0/60 115.5 117.0 1.5 7.06 And 129.0 135.0 6.0 4.21 DON10-116 631700E 0/60 65.5 76.0 10.5 0.99 And 171.0 178.5 7.5 9.57 including 172.5 174.0 1.5 34.90 And (cut) 171.0 178.5 7.5 8.59 And 205.6 210.5 4.9 2.44 DON10-131 631700E 0/60 115.7 124.5 8.8 1.20 And 242.5 252.0 9.5 1.24 DON10-54 631800E 0/60 84.1 99.3 15.2 2.13 And 333.4 338.9 5.5 5.29 DON10-55 631800E 0/60 32.0 36.5 4.5 5.06 And 271.5 276.0 4.5 1.70 And 397.5 399.0 1.5 21.10 DON10-60 631800E 0/60 77.5 95.5 18.0 0.62 And 163.0 164.0 1.0 44.90 And 307.5 318.0 10.5 0.79 And 358.2 373.9 15.7 0.82 DON10-68 631800E 0/50 6.5 11.0 4.5 1.96 And 127.5 134.5 7.0 1.01 DON10-69 631800E 180/50 254.0 287.0 33.0 1.39 And 434.0 462.5 28.5 1.77 including 456.5 458.0 1.5 14.60 And 488.0 498.5 10.5 7.40 And (cut) 488.0 498.5 10.5 6.36 DON10-91 631800E 0/60 11.0 32.0 21.0 0.79 And 239.0 245.0 6.0 1.20 DON10-109 631900E 0/60 26.9 33.4 6.5 2.25 DON10-110 631900E 0/60 327.0 328.5 1.5 18.85 And DON10-120 631900E 180/55 49.0 64.0 15.0 1.01 DON10-127 631900E 180/60 71.0 72.5 1.5 7.15 And 91.8 95.0 3.2 4.86 DON10-130 631900E 180/60 96.0 97.0 1.0 9.32 DON10-136 631900E 180/60 72.5 96.5 24.0 2.58 including 72.5 74.0 1.5 25.30 And 149.0 150.5 1.5 15.90 And 191.0 192.0 1.0 7.14 DON10-137 631900E 180/60 17.0 54.5 37.5 1.30 And 150.5 170.0 19.5 1.86 DON10-57 632000E 0/60 175.0 183.0 8.0 1.28 And 377.0 378.5 1.5 6.43 DON10-58 632000E 0/60 239.0 240.1 1.1 7.06 And 283.1 299.0 15.9 0.77 DON10-74 632000E 0/60 357.5 369.5 12.0 0.94 And 411.5 471.5 60.0 2.18 DON10-75 632000E 0/60 289.3 305.0 15.7 1.58 And 330.5 340.0 9.5 1.15 DON10-85 632000E 0/60 96.0 112.5 16.5 2.02 And 156.0 193.3 37.3 2.03 DON10-86 632000E 0/60 60.0 69.4 9.4 3.43 And 147.5 152.0 4.5 4.45 DON10-105 632000E 180/60 96.5 113.1 16.6 1.54 DON10-107 632000E 180/60 36.0 39.4 3.4 162.0 DON10-117 632000E 180/60 376.6 377.9 1.3 11.30 DON10-118 632000E 180/60 63.5 69.5 6.0 1.04 DON10-135 632000E 180/60 189.0 201.0 12.5 2.72 And 247.0 257.5 10.5 2.85 ---------------------------------------------------------------------
The high grade intersection in hole DON10-107 is associated with a syenite-hosted quartz vein containing visible gold.
Holes which did not intersect significant mineralization include: drill
holes DON10-73 and DON10-84 on section 631600E; hole DON10-100 on
section 631700E; holes DON10-59 and DON10-90 on section 631800E; holes
DON10-108 and DON10-119 on section 631900E and holes DON10-56, DON10-92
and DON10-106 on section 632000E.
Drilling in 2010 focused on three properties: Beattie, Donchester/Central Duparquet
and Duquesne, for an overall drilling campaign of 122,800 metres. 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 reported. The Phase Two drilling program of
20,300 metres comprised 69 holes on the
Duquesne property (all results reported), and the Phase Three program
of 32,700 metres on the Donchester
Property and Central Duparquet comprised a
total of 96 holes. Final results from the Phase Three program are
pending.
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.
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. Intervals containing individual
assays that are greater than six times the average of the interval are
included separately. 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.
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