Osisko Arrangement Receives Court Approval & Osisko Reports
Record Monthly Gold Production for May
MONTREAL, QUEBEC--(Marketwired - Jun 10, 2014) - Osisko Mining
Corporation ("Osisko")(TSX:OSK)(FRANKFURT:EWX), Yamana Gold Inc.
(TSX:YRI)(NYSE:AUY) ("Yamana") and Agnico Eagle Mines Limited
(NYSE:AEM)(TSX:AEM) ("Agnico Eagle") are pleased to announce that
they have received final court approval for the joint acquisition
of 100% of the outstanding shares of Osisko by Agnico Eagle and
Yamana pursuant to a plan of arrangement (the "Arrangement").
Subject to the satisfaction of remaining closing conditions, the
effective date of the Arrangement will occur on June 16, 2014.
The Arrangement
Under the Arrangement, each outstanding common share of Osisko
will be exchanged for C$2.09 in cash, 0.07264 of a common share of
Agnico Eagle, 0.26471 of a common share of Yamana, and one common
share (one tenth of a common share on a consolidated basis) of a
newly formed company that will acquire certain assets of Osisko as
part of the Arrangement ("Osisko Gold Royalties Ltd").
May Production of 51,114 Ounces of Gold
Osisko is pleased to report that Osisko's flagship Canadian
Malartic mine has achieved record monthly gold production in the
month of May. Statistics for May are presented below:
- Record monthly gold production of 51,114 ounces
- Record monthly mill throughput of 1,709,572 tonnes
- Record average daily throughput of 55,147 tonnes per calendar
day
- Average grade milled of 1.00 g/t Au
- Average recovery of 88.7%
Since commencement of milling operations in April 2011, Canadian
Malartic has produced 1,292,043 ounces of gold.
Sean Roosen, President and Chief Executive Officer of Osisko
stated: "Canadian Malartic has proven itself to be a world class
gold deposit. We would like to thank all of our shareholders, our
employees, the residents of Malartic, the Malartic town council and
the Québec government officials who have supported Osisko over the
years. We have been proud to have been able to work to bring you
the benefits of Canadian Malartic from conception to reality. We
appreciate your support, and look forward to your continued
participation in the benefits of Canadian Malartic through Osisko
Gold Royalties Ltd. Not least as royalty holders, we hope for the
continued success of Canadian Malartic, soon to be operated under
the Canadian Malartic Partnership, a 50/50 joint venture between
Agnico Eagle and Yamana."
Sean Boyd, President and Chief Executive Officer of Agnico
Eagle, and Peter Marrone, Chairman and Chief Executive Officer of
Yamana Gold issued the following joint statement: "We are pleased
and excited with the record monthly production and mill throughput
that were delivered by Osisko at Canadian Malartic for the month of
May. These increased levels reflect the significant potential for
the Partnership to leverage Agnico and Yamana's respective
expertise to unlock additional value through further optimizations
at the operation. We look forward to building on the track record
of solid operational performance at Canadian Malartic.
With that objective in mind, our integration efforts continue to
advance according to plan as we progress towards closing the
transaction. We have been impressed with the level of collaboration
and partnership our teams have achieved in a short period of time
and we expect a successful transition of operations
post-close."
Mr. Luc Lessard, Eng., Senior Vice-President and Chief Operating
Officer of Osisko, is the Qualified Person who has reviewed this
news release and is responsible for the technical information
reported herein, including verification of the data disclosed.
For Further Information
Securityholders are encouraged to read Osisko's management
information circular dated May 1, 2014 for full details of the
Arrangement which was mailed to Osisko Securityholders and is also
available on Osisko's website at www.osisko.com or on SEDAR at
www.sedar.com.
Shareholders who have questions or who may need assistance with
the completion of letters of transmittal are advised to contacting
our Information Agent, Laurel Hill Advisory Group at:
North American Toll Free: 1-877-452-7184
Banks, Brokers or collect calls: 416-304-2011
Email: assistance@laurelhill.com
About Osisko
Osisko Mining Corporation operates the Canadian Malartic Gold
Mine in Malartic, Québec and is pursuing exploration on a number of
properties, notably in Québec, Ontario and Mexico.
About Yamana
Yamana is a Canadian-based gold producer with significant gold
production, gold development stage properties, exploration
properties, and land positions throughout the Americas including
Brazil, Argentina, Chile and Mexico. Yamana plans to continue to
build on this base through existing operating mine expansions,
throughput increases, development of new mines, the advancement of
its exploration properties and by targeting other gold
consolidation opportunities with a primary focus in the
Americas.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company that has
produced precious metals since 1957. Its seven mines are located in
Canada, Finland and Mexico, with exploration and development
activities in each of these regions as well as in the United
States. The Company and its shareholders have full exposure to gold
prices due to its long-standing policy of no forward gold sales.
Agnico Eagle has declared a cash dividend every year since
1983.
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, Agnico Eagle and Yamana 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 satisfaction of
all technical, economical, regulatory and financial conditions in
order to complete the Arrangement between Osisko, Agnico Eagle and
Yamana, the realization of all expected benefits of this
Arrangement, and the view on (i) the Canadian Malartic assets, (ii)
the quality and the potential of Osisko's exploration and mining
assets, (iii) the consideration offered to Osisko shareholders, and
(iv) the potential of Osisko Gold Royalties Ltd. Although Osisko,
Agnico Eagle and Yamana believe the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
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, results of exploration and
development activities, the Corporation's 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 or court
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,
Agnico Eagle and Yamana's most recent Annual Information Forms,
which are filed on SEDAR and also provide additional general
assumptions in connection with these statements. Osisko, Agnico
Eagle and Yamana caution that the foregoing list of important
factors is not exhaustive. Investors and others who base themselves
on the forward looking statements contained herein should carefully
consider the above factors as well as the uncertainties they
represent and the risk they entail. Osisko, Agnico Eagle and Yamana
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. Osisko, Agnico Eagle and Yamana undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, other than as required by applicable law.
John BurzynskiVice-President Corporate Development(416)
363-8653Sylvie Prud'hommeDirector of Investor Relations(514)
735-7131Toll Free: 1-888-674-7563www.osisko.com
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