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21.06.2010
Osisko and Clifton Star Report 4.19 G/T Au Over 27.5 Metres at Duparquet
Osisko and Clifton Star Report 4.19 G/T Au Over 27.5 Metres at Duparquet
MONTREAL, QUEBEC, Jun 17, 2010 -- 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 twenty-two additional holes from the 2010 drill program and extended core sampling program at the Duparquet Project, located in the Abitibi region of Quebec. Drilling and extended sampling on selected holes are focused on three properties: Beattie, Donchester (eastern extension of Beattie) and Duquesne. The current Phase I drill program comprises 65,000 metres of drilling on the Beattie property (of the overall 2010 Duparquet Project drilling campaign planned for 120,000 metres). To date approximately 52,800 metres from Phase I have been completed as 148 holes. New drilling is planned to focus on the Donchester Property. The property-wide drill program is progressing on schedule with 10 drills currently on site. Additional results are expected to be received and released on a regular basis as they become available from the lab.
Significant new intersections from the new drill holes listed below (from the Beattie property) include 27.5 metres averaging 4.19 g/t Au (BD10-115), and 58.2 metres averaging 1.12 g/t Au (BD10-138). Assay results are summarized in the table below:
Beattie-Donchester Properties
Please find the tables with the results under the following link: http://www.irw-press.com/dokumente/OSK-170610-table.pdf
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.
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, and Mr. Fred Archibald, P. Geo. and VP of Exploration for Clifton Star Resources Inc., are the Qualified Persons who have reviewed this news release and are 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.
Contacts:
Osisko Mining Corporation
John Burzynski
Vice-President Corporate Development
514-735-7131
514-735-7131
www.osisko.com
Clifton Star Resources
Harry Miller President
425-453-0355
425-453-0355
hmiller@cliftonstarresources.com
www.cliftonstarresources.com
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MONTREAL, QUEBEC, Jun 17, 2010 -- 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 twenty-two additional holes from the 2010 drill program and extended core sampling program at the Duparquet Project, located in the Abitibi region of Quebec. Drilling and extended sampling on selected holes are focused on three properties: Beattie, Donchester (eastern extension of Beattie) and Duquesne. The current Phase I drill program comprises 65,000 metres of drilling on the Beattie property (of the overall 2010 Duparquet Project drilling campaign planned for 120,000 metres). To date approximately 52,800 metres from Phase I have been completed as 148 holes. New drilling is planned to focus on the Donchester Property. The property-wide drill program is progressing on schedule with 10 drills currently on site. Additional results are expected to be received and released on a regular basis as they become available from the lab.
Significant new intersections from the new drill holes listed below (from the Beattie property) include 27.5 metres averaging 4.19 g/t Au (BD10-115), and 58.2 metres averaging 1.12 g/t Au (BD10-138). Assay results are summarized in the table below:
Beattie-Donchester Properties
Please find the tables with the results under the following link: http://www.irw-press.com/dokumente/OSK-170610-table.pdf
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.
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, and Mr. Fred Archibald, P. Geo. and VP of Exploration for Clifton Star Resources Inc., are the Qualified Persons who have reviewed this news release and are 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.
Contacts:
Osisko Mining Corporation
John Burzynski
Vice-President Corporate Development
514-735-7131
514-735-7131
www.osisko.com
Clifton Star Resources
Harry Miller President
425-453-0355
425-453-0355
hmiller@cliftonstarresources.com
www.cliftonstarresources.com
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6882781009">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6882781009</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.