The Bonanza Ledge Mine near Wells has essentially been shut down temporarily.
Osisko Development says the decision to put the mine into temporary care and maintenance was made as a result of escalating operating and capital costs.
As many as 85 employees are impacted.
Osisko says it will now focus on economic studies, approvals and permitting for the Cariboo Gold Project which is a proposed underground mine in the area.
The company says it is taking steps to help the impacted employees transition to new opportunities, adding that the company is also hopeful that when Cariboo Gold is permitted, that many of them can be welcomed back.