OSISKO AND CLIFTON STAR INTERSECT 70 METRES AVERAGING 1.94 g/t Au
AT DUPARQUET
Montreal,
QC - November 2, 2010 - Osisko Mining Corporation
(�Osisko�, OSK � TSX; EWX � Deutsche Boerse) and Clifton Star Resources Inc (�Clifton�, CFO
� TSXV; C3T � Deutsche Boerse) are pleased to
announce results from thirty-five 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 49.3 metres
averaging 2.05 g/t Au (BD10-267), 70.5 metres
averaging 1.94 g/t Au and 96 metres averaging 1.21
g/t Au (separate intersections in BD10-282), 73.5 metres
averaging 1.70 g/t Au (BD10-286), and 132 metres
averaging 0.94 g/t Au (BD10-281). A narrower but very
high grade intersection of 7.5
meters averaging 69.18 g/t Au (2.22 ounces gold per tonne) was encountered in BD10-284. Assay results are
summarized in the table below:
THIS
PRESS RELEASE CONTAINS A TABLE, CLICK HERE TO VIEW THE ENTIRE DOCUMENT IN
PDF FORMAT.
Drill holes
BD10-285, BD10-287, BD10-288, BD10-292, BD10-296, BD10-297, BD10-299,
BD10-305, BD10-307 and BD10-309 did not intersect significant
mineralization. These holes tested the margins to underground stopes, or alternatively surrounding basalts and
sediments, all separate from the known mineralized zones. Results for
holes BD10-251, BD10-261, BD10-278, BD10-290 and BD10-293 are pending.
Drilling has
focused on three properties: Beattie, Donchester
and Duquesne, for an overall 2010 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. The Phase Two drilling
program of 20,300 metres comprised 69 holes on
the Duquesne property, and the Phase Three program of 32,700 metres on the Donchester
Property and Central Duparquet comprised a
total of 96 holes.
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 maximum
intervals of 20 metres with an upper cut-off of
30 g/t Au 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, with the
exceptions of BD10-263 and BD10-264, which were fan holes drilled
sub-parallel to dip of the mineralized zone.
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.
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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 re present 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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