Osisko Mining steps onto Famatina mountain range, Argentina
Published by MAC on 2011-09-06Source: The Gazette, MARKETWIRE, Indymedia Argentina
Over 2000 people protest against Canadian deal
The legislature of Mendoza province, Argentina, denied a key environmental certification for the San Jorge copper-gold project last week (see: Coro Mining firmly rejected by Mendoza's legislature, Argentina).
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| Protests in Famatina over Osisko deal, Sept 4 2011 Source: Indymedia Argentina |
However, another Canadian mining company is now venturing into the province of La Rioja, where the Famatina mountain range has been actively defended by local assemblies for the past 5 years.
See: Barrick bids Famatina project goodbye, La Rioja & Legislators repeal year-old mining ban in La Rioja
More than 2,000 people protested last week, in the cold streets of Famatina, against the announced deal between provincial state company Energia y Minerales Sociedad Del Estado (EMSE) and Canadian miner Osisko, in order to protect their mountains.
Photos are from Radio Voces on Indymedia Argentina
Protests in Famatina over Osisko deal, Argentina
4 September 2011
http://argentina.indymedia.org
More than 2,000 people protested in the cold streets of Famatina against the announced deal between provincial state company Energia y Minerales Sociedad Del Estado (EMSE) and Canadian miner Osisko over their mountains.
There are a number of protests announced for today in other cities.
Osisko Mining, Argentina sign gold-mining deal
By Robert Gibbens
The Gazette
31 August 2011
Osisko Mining Corp., operator of the $1-billion Canadian Malartic gold mine near Val d’Or, is stepping into Argentina with an agreement with a state government (EMSE) for joint development of the Famatina gold property in La Rioja Province.
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| Protests in Famatina over Osisko deal, Sept 4 2011 Source: Indymedia Argentina |
Osisko put down $500,000 U.S. in cash on signing and will spend $10 million U.S. on exploration in the first year of a four-year period, arrange the feasibility study and finance 100 per cent of development and mine construction costs. EMSE handles all permitting and will repay its 25 per cent share of mine costs from future production.
“This an ideal project for entering one of Latin America’s best mining jurisdictions,” said Osisko CEO Sean Roosen. “The property has some very promising targets for future development and we’re sending in a highly experienced team.”
Osisko is also bringing the Hammond Reef gold mine in Northern Ontario into production, with target annual capacity of 650,000 ounces, and has a portfolio of exploration properties mainly in Canada.
Osisko and EMSE Sign Agreement for Development of Famatina Project in Argentina
Aug. 31, 2011
MARKETWIRE
MONTREAL, QUEBEC - Osisko Mining Corporation and Energia y Minerales Sociedad Del Estado ("EMSE"), the La Rioja state mining corporation, are pleased to announce that they have entered into a binding agreement regarding the development of the Famatina gold project ("Famatina" or the "Project") in La Rioja Province, Argentina. The Famatina project area covers a 40 square kilometre zone hosting various gold-enriched epithermal and porphyry targets.Terms of the agreement include:
-- US$500,000 cash payment to EMSE within 15 days of signing the agreement
-- A first-year US$10M commitment in exploration expenditures during the
initial 4 years term ("Initial Term") of the Agreement
-- Osisko may earn a 70% interest in the Project by completing a
feasibility study within the Initial Term, as said Initial Term may be
extended at Osisko's discretion for an additional term of 4 years if
required to complete said feasibility study
-- Osisko commits to financing 100% of the Project's development and
construction costs, with repayment of EMSE's portion from 25% of its
attributable project cash flows
-- EMSE will be responsible for gaining all required permits throughout the
life of the Project
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| Protests in Famatina over Osisko deal, Sept 4 2011 Source: Indymedia Argentina |
The Famatina Project is characterized by intense hydrothermal alteration produced by a number of Upper Miocene dacite porphyry stocks intruding low grade, metamorphic sedimentary (Cambrian-Ordovician) and granitic rocks (Ordovician). Known mineral occurrences include at least five Cu-Mo-Au porphyries, three associated gold epithermal high sulfidation systems and one higher grade structurally controlled epithermal vein system. None of the mineral systems at Famatina currently have NI 43-101 compliant resources.
Mr. Sean Roosen, President and Chief Executive Officer of Osisko stated: "In Famatina, Osisko has identified an ideal project with which to enter one of the best mining jurisdictions in South America. We are very excited at the addition of another high quality project to our current portfolio of properties. We believe Famatina hosts very promising targets with excellent potential for future development. We have assembled a highly experienced team to oversee the work and we look forward to an intensive exploration program on the property over the coming year."
About Osisko Mining Corporation:
Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec and is aggressively pursuing resource definition on the Hammond Reef Gold Project in Northern Ontario, as well as exploration on a number of additional properties in Canada.