Toronto, Ontario (September 25, 2023) – Osisko Mining Inc. (TSX:OSK) (“Osisko“) is pleased to announce that it has entered into a binding letter agreement with Bonterra Resources Inc. (TSXV:BTR) (“Bonterra“) for a 70% exploration earn-in and joint venture on all of the Urban-Barry properties held by Bonterra (hosting the Gladiator and Barry deposits), in addition to the adjoining Duke and Lac Barry properties (collectively, the “Properties“), all located in Quebec’s Eeyou Istchee James Bay region. The Duke property is currently 70% owned by Bonterra and 30% owned by Osisko, and the Lac Barry property is currently 85% owned by Bonterra and 15% owned by Gold Royalties Corp. The Properties total 496 claims over 22,508 hectares.

Under the binding letter agreement, Osisko has agreed to pay Bonterra an initial upfront payment of $1 million in cash (payable within one business day of the signing of the binding letter agreement) and an additional $4 million in cash upon the parties entering into the definitive agreement. Under the Exploration Earn-In, Osisko has agreed to fund $30 million in work expenditures over a three-year period to earn a 70% undivided interest in the Properties, in accordance with annual work expenditures $10 million in each year (which can be pre-paid at Osisko’s option).

After completion of the Exploration Earn-In, Osisko and Bonterra have agreed to form a joint venture entity or contractual joint venture in such form as the parties may agree, each acting reasonably, taking into consideration any tax and other factors relevant to the parties.

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https://www.osiskomining.com/osisko-mining-signs-binding-letter-agreement-with-bonterra-resources-for-exploration-earn-in-and-joint-venture-on-urban-barry-properties/