Published: November 16, 2021 |

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The Province of British Columbia, Lhtako Dené First Nation, and Osisko Development Corp. announced the approval of amendments to Mines Act Permits allowing for the expansion of the existing Bonanza Ledge II underground mine.

These amendments support the ongoing employment of 127 workers at the mine. The ore will be trucked from Bonanza Ledge II to the Quesnel River Mill (QR Mill) for processing and tailings storage. The anticipated mine life of Bonanza Ledge II is approximately 18 months. The expansion of the Bonanza Ledge II project allows for continuity of mining while the Cariboo Gold project environmental assessment proceeds. If approved, the Cariboo Gold project will extend mining by an additional 16 years and employ 459 people.

The Bonanza Ledge II deposit is located within the broader Cariboo Gold mining camp which is 100 percent owned by Barkerville Gold Mines Ltd., a wholly owned subsidiary of Osisko Development. Cariboo Gold is currently undergoing an environmental assessment under British Columbia’s Environmental Assessment Act (2018) and is moving along according to timelines set under this new act. If the project is granted environmental assessment approval, it will provide employment, training and opportunities for meaningful economic partnerships for First Nations local communities and the Province of British Columbia. The project will be powered by hydro-electricity providing it with a sustainable source of low-carbon power.

“I am pleased to see the Bonanza Ledge II project become a reality through a partnership between the Lhtako Dené Nation and Osisko Development Corp. This project promises to be a welcome opportunity for the surrounding communities and an example of industry working with First Nations to create meaningful partnerships while protecting our environment by harnessing the power of hydroelectricity to run their operation,” said Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation.

“The Bonanza Ledge II project receipt of permits marks another milestone in what has turned out to be a very beneficial partnership between Lhtako Dené Nation and Osisko Development Corp. This partnership illustrates that First Nations and industry can work together in a good way for the benefit of both partners, economically and with community growth for Wells, Quesnel, and the Lhtako Dené Nation,” said Chief Clifford Lebrun of the Lhtako Dené First Nation.

“Its more than jobs and contract opportunities or training, it’s the development and growth of all three communities and all the ones in between that is important here. The Lhtako Dené Nation looks forward to working together with Osisko Develoment Corporation in the future to move these values forward,” added Lebrun.

“The Bonanza Ledge II project is an important milestone for the growth of Osisko Development. This will provide hands on training and commissioning of our mining and processing complex at the Cariboo Gold Project as well as contributing important economic and social benefits for our partner First Nations and communities,” said Sean Roosen, chair and chief executive officer of Osisko Development.

“Also receipt of these permits demonstrates the strong and efficient support of the province towards the safe, environmentally responsible and socially acceptable growth of British Columbia ’s mining industry,” added Roosen.

About Osisko Development
Osisko Development is a newly created premier North American gold mining company mainly focused on developing a mining camp in Canada. Led by world-class team with a proven track record of discovering, developing and operating tier-1 project globally, Osisko is working on developing its extensive mineral rights package located in the historical Cariboo Mining District of central British Columbia. The Cariboo Gold Project mineral tenures cover 2,071 square kilometres; along a strike length of 83 kilometres which includes several past producing placer and hard rock mines, making it one of the most well-endowed land packages in Canada. With the help on near-term potential production from other large and highly prospective exploration properties in Canada and Mexico, Osisko has a clearly defined path to intermediate producer status.

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