QUEBEC – Osisko Mining has signed a letter of agreement with Osisko Gold Royalties, both headquartered in Montreal, to earn 100% of interest in the latter’s portfolio of exploration properties in the James Bay and Labrador Trough areas.
Osisko Mining may earn 50% interest of Osisko Royalties interest by spending $19.2 million or a 100% of its interest by investing $32 million over a seven-year period. Osisko Royalties will maintain an escalating royalty ranging between 1% and 3.5% on the properties subject to certain conditions that will be negotiated before the completion of the transaction. New properties acquired by Osisko Mining in the designated area of interest during the seven-year term will also be subject to the agreement.
Osisko Mining will be acquiring the database and expert team of the former Virginia Mines. Virginia was acquired by Osisko Gold Royalties in 2015. Chief among the projects is the Coulon copper-zinc-silver advanced exploration property.
More information is available at www.OsiskoMining.com and www.OsiskoGR.com.