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Osisko reverses earlier losses after rebuffing Abitibi injunction over Quebec property

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Osisko Mining Corp. (TSE:OSK), a Canadian precious-metals mining company, reversed earlier losses after saying it will defend itself vigorously against a legal motion filed Abitibi Royalties (CVE:RZZ) over a mining property known as the Malartic CHL Prospect.

Osisko was up 1.3 percent at C$7.93 at 1:35 p.m. in Toronto after falling to as low as C$7.76 earlier in the session. Abitibi fell 5.2 percent to C$2.18, paring earlier losses to as low as C$1.90.

Montreal, Quebec-based Osisko said in a statement today that it has received motion materials from Abitibi seeking to, among other things, enforce contractual rights under a joint venture agreement in relation to the 10 claim blocks of the Malartic CHL Prospect.

Osisko described Abitibi's motion as "opportunistic and entirely without merit".

Abitibi holds a 30 percent interest in the Malartic CHL Prospect, while Osisko holds the remaining 70 percent interest.

Earlier, Val-d'Or, Québec-based Abitibi said in a separate statement that it had filed the motion with the Quebec Superior Court to grant an injunction against Osisko Mining to enforce its contractual rights under the JV arrangement that aimed at exploring and developing the Malartic CHL prospect.

Abitibi said it sought the court issue provisional, interlocutory and permanent injunction orders under Articles 110 and 751 et sequentia of the Quebec Code of Civil Procedure.

The Malartic CHL Prospect, which is about 4.5 kilometers from the Canadian Malartic mill complex, is undeveloped and includes the Jeffrey Zone, which comprises a portion of Osisko's current reserve estimate, but is not considered material by Osisko. 

No mining permits are currently held on the CHL prospect and there are no known resources or reserves on eight of the ten claims of the prospect.

 

 

 

 

 

 

 

 

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