Osisko Acquires Brett ResourcesANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/19/10) - Brett Resources Inc. ("Brett") (TSX-V:
BBR -
News)is pleased to announce that Osisko has been successful in its offer toacquire Brett. A total of 88,295,814 common shares of Brett werevalidly deposited at the expiry time of the offer representingapproximately 77.28% of Brett's issued and outstanding common shares.
Osiskohas taken up the shares and payment will be made on or before May 25,2010. Brett shareholders who tendered to the offer will receive 0.34 ofan Osisko common share plus Cdn.
.0001 for each common share of Bretttendered, subject to adjustment for fractional shares. Accordingly,Osisko will issue approximately 30,020,577 common shares in respect ofthe offer.
Osisko President and Chief Executive Officer SeanRoosen said: "We would like to thank the Brett shareholders for theirsupport and to welcome them to Osisko in our quest to become the nextleading intermediate gold producer. Our flagship Canadian Malarticproject is progressing well, with the mine build on schedule and onbudget. We anticipate completing the build early next year andfollowing commissioning, achieving commercial production in the secondquarter of 2011. We also have one of the largest drill programs in oursector, with over 300,000 metres of new exploration and definitiondrilling in progress this year, and expect to see another good year ofgrowth in our resource table that will enhance value for ourshareholders."
"This strong endorsement by our shareholdersconfirms that the combined entities of Brett and Osisko will form thenext leading intermediate gold producer," said Patrick Soares,President and Chief Executive Officer of Brett Resources.
Osiskointends to effect a subsequent acquisition transaction within the next120 days in order to acquire all of the remaining Brett shares. Osiskointends to vote all of the Brett common shares acquired under the offerin favour of any subsequent acquisition transaction. On completion of asubsequent acquisition transaction, Osisko intends to de-list the Brettshares from the TSX Venture Exchange.
About Osisko
OsiskoMining Corporation is currently developing the Canadian Malartic golddeposit and evaluating adjacent areas for a large-scale open pit,bulk-tonnage mining operation. The Canadian Malartic deposit currentlyrepresents one of the biggest gold reserves in Canada for a singledeposit, and is still growing through ongoing drilling on newmineralized zones. Current reserves for the Canadian Malartic property(including the adjacent South Barnat deposit) are 8.97 million ounces,plus a global measured and indicated resource of 2.23 million ouncesand an inferred resource of 0.47 million ounces.
About Brett Resources Inc.
BrettResources Inc. is a Canadian minerals exploration company whose primarymandate is the discovery, acquisition, and development of preciousmetals systems, with particular expertise in Canada and Latin America.Since 2006 Brett's primary focus has been the 100 percent owned HammondReef Gold Deposit in Ontario where an inferred resource of 6.70 millionounces of gold, 259.4 million tonnes at a grade of 0.8 grams per tonneutilizing a 0.3 gram per tonne gold cut-off has been outlined.
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