Osisko Development has obtained the BC Mines Act permits for its Cariboo Gold Project in central British Columbia, Canada.
This development propels the company towards commencing construction and operation of the underground gold mine.
Osisko is awaiting the final Environmental Management Act permits, which are currently under review by the Ministry of Energy and Climate Solutions, with a decision anticipated soon.
The company is now in talks on financing options including a comprehensive package.
It is making steady progress on the bulk sample and underground development in the Lowhee Zone. These efforts are in tandem with the optimised feasibility study, which is expected to be completed in the first and second quarters of 2025, respectively.
Pre-construction activities are also advancing, with detailed engineering and project execution work under way, which is critical to the financing discussions.
“A formal positive final investment decision and the engagement on a project financing package in the coming months would allow for full-scale construction to commence in the second half of 2025," stated the company.
The project is on track for completion by the end of 2027.
It is set to operate for an initial 12-year period. At its peak, it is expected to produce up to 223,000oz of gold annually and average 194,000oz per year during phase two, processing 4,900 tonnes daily.
The project is expected to generate substantial employment, with nearly 634 jobs during construction and up to 488 positions during peak operations.
Osiko founder, chairman and CEO Sean Roosen said: "Receipt of the construction and operating permits for the Cariboo Gold Project is a major milestone and monumental achievement for Osisko Development and its stakeholders. It is the culmination of almost five years of extensive discussion and consultation with provincial regulators, indigenous nations and host communities in ensuring the project becomes a model for responsible mine development and environmental stewardship that redefines mining for a better future."
