Proposed gold mine near Wells “on track to becoming Canada’s next large-scale mine”

Osisko Development announced today (Dec 12) that it has been granted the Environmental Management Act permits for its Cariboo Gold Project.

That, along with the BC Mines Act permits secured last month, solidifies the mine’s “shovel-ready status.”

Sean Roosen, Founder, Chairman and CEO, says “we are very pleased with the receipt of the EMA permits, 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 stakeholders, Indigenous Nations, and stakeholders, while upholding the highest standards in environmental stewardship.”

Roosen adds that with ongoing bulk sample and underground development work set for completion early in 2025, and an optimized feasibility well underway, the Cariboo Gold project is on track to becoming Canada’s next large-scale mine.

Jagrup Brar, BC’s Minister of Mining and Critical Minerals, says “Our government is pleased that this project is one step closer to operation, which will provide good, well-paying jobs and open up long-term opportunities for local small businesses, communities, and First Nations.”

The Environmental Management Act permits pertain to any project-related discharge activities to the environment, including water and air, and the framework and limitations thereof, within the areas outside the immediate mine site boundaries.

Work is ongoing with the Ministry of Water, Land and Resource Stewardship and the Ministry of Forests, which is tracking well, on obtaining all necessary approvals for the construction of a transmission line.

An Osisko Development spokesperson says 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 begin in the second half of 2025.

That would mean a targeted completion date of the end of 2027.

The project is expected to employ 634 workers during construction, and up to 488 employees during peak operations.

– with files from George Henderson, My Cariboo Now staff