1 week Ago By Umesh Ellichipuram
Osisko Development has obtained Environmental Management Act permits for its Cariboo Gold Project in central British Columbia (BC), Canada. This achievement, coupled with the BC Mines Act permits received on 20 November 2024, signifies the completion of the critical permitting phase for the project, confirming its readiness for development. The company previously announced a final investment decision and is currently engaging in discussions over a project financing package.
In May last year, Osisko Development reached two permitting agreements with provincial government authorities in BC for the Cariboo Gold Project. Full-scale construction is set to commence in H2 2025, with the goal of completing the project by the end of 2027. Additionally, Osisko Development is actively exploring various funding options to support this initiative.
The Cariboo Gold Project underwent a comprehensive review by the Mine Review Committee of the Major Mines Office, resulting in the issuance of several key permits. The company has received several permits for the Cariboo Gold Project, including the M-247 Mines Act permit for the Mine Site Complex and Bonanza Ledge; the M-198 Mines Act permit for the QR Mill; and the PE-111511 Environmental Management Act permit for the Mine Site Complex. Additionally, the company obtained the PE-12601 Environmental Management Act permit for the QR Mill and the PE-17876 Environmental Management Act permit for Bonanza Ledge.
The Mines Act permits enable Osisko Development to move forward with construction, operation and reclamation within the project’s designated boundaries. The Environmental Management Act permits outline the environmental regulations for discharges, including water and air, beyond the immediate mine site boundaries. Osisko Development has also indicated that discussions with the Ministry of Water, Land and Resource Stewardship and the Ministry of Forests are progressing well.
These talks are crucial for securing approvals for the construction of the necessary transmission line for the project. Osisko Development founder, chairman and CEO Sean Roosen said: “We are very pleased with the receipt of the EMA permits, which, together with the Mines Act, permits put the Cariboo Gold Project in the enviable position of being construction and operation ready. “This significant milestone brings us one step closer to unlocking the project’s value potential for shareholders, indigenous nations and stakeholders, while upholding the highest standards in environmental stewardship.
“With the ongoing bulk sample and underground development work set for completion in Q1 2025, and an optimised feasibility well under way and expected in Q2 2025, the Cariboo Gold Project is on track to becoming Canada’s next large-scale gold mine.”.
