Strong Shareholder Support for Osisko Shareholder Rights Plan
MONTREAL, QUEBEC -- (Marketwire) -- 07/05/10 -- Osisko Mining Corporation ('Osisko)(TSX: OSK)(FRANKFURT: EWX) is pleased to report the adoption of a shareholders rights plan which was approved by 94.1% of shareholders at the June 30, 2010 Annual and Special Meeting of the corporation.
The purpose of the shareholders rights plan is to provide the board of directors and shareholders with sufficient time to properly consider any takeover bid made for the corporation and to allow for competing bids and alternative proposals to emerge. Sean Roosen, President and CEO of Osisko commented: 'We are extremely pleased with the continued strong support of our shareholders as we work towards our goal of developing Osisko as a leading intermediate gold producer, creating significant value for our shareholders.'
New Appointments to Board of Directors
The shareholders have reelected Mr. Victor Bradley, Mr. Staph Leavenworth Bakali, Mr. Andre Douchane, Mr. Serge Vezina, Mr. Norman Storm, Mr. Robert Wares and Mr. Sean Roosen to the board of directors. In addition, the shareholders have elected two new members to the board: Mr. Marcel Cote and Mr. William McKinnon. Mr. Cote is a founder and senior partner of SECOR Consulting Inc., and Mr. McKinnon is the retired former CEO of KPMG Canada, a major accounting firm.
About Osisko Mining Corporation
Osisko Mining Corporation is currently developing the Canadian Malartic gold deposit and evaluating adjacent areas for a large-scale open pit, bulk-tonnage mining operation. Osisko is well-funded with approximately $580 million on hand.
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 the Corporation expects 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. Although the Corporation believes 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 put the Canadian Malartic Project into commercial production, 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 and mill production personnel, results of exploration and development activities, the Corporation's 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 the Corporation's most recent Annual Information Form filed on SEDAR, which also provides additional general assumptions in connection with these statements. The Corporation cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Corporation's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes 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.
Contacts:
Osisko Mining Corporation
John Burzynski
Vice-President Corporate Development
416-363-8653
www.osisko.com
Osisko Mining Corporation
Sylvie Prud'homme
Investor Relations
514-735-7131
Toll Free: 1-888-674-7563