Company Overview
Osisko Mining Corporation is a development stage gold mining company based in Montreal, Quebec, Canada. Osisko is currently building the Canadian Malartic gold mine in the Abitibi mining district after receiving the final authorizations from the Québec Government on August 19, 2009. The commercial production is scheduled for the second quarter 2011.
The Company's NI 43-101 compliant feasibility study published in November 2008 and the updated reserve estimate published in February 2010 outline an open pit operation that will produce an average of over 600,000 ounces of gold annually over a 12.2-year mine life (55,000 tpd milling rate), including operating costs of US$319 per ounce, ranking it in the lowest cost quartile among global gold producers. Canadian Malartic currently represents the second biggest gold reserve in Canada, and is still growing through ongoing drilling on adjacent mineralized zones.
Current reserves for the Canadian Malartic property are 8.97 million ounces1, plus an indicated resource of 2.2 million ounces2 and an inferred resource of 0.5 million ounces3. A 80,000-metre drilling program is underway in 2010 on several mineralized zones and high potential exploration targets on the property.
Osisko signed option agreements on several gold projects in Quebec, Ontario and Nova Scotia: Malartic CHL (Golden Valley Mines) Duparquet, (Clifton Star Resources), Dunn (Midland Exploration), Mountjoy (Claim Post Resources) and Goldboro (Orex Exploration). During the first quarter 2010, over 78,000 meters were drilled including 48,000 meters on Canadian Malartic and Malartic CHL, 13,000 meters on Goldboro and 16,000 meters on Duparquet (120,000 metres planned for 2010).
During 2009, Osisko completed over C$1 billion in financings. At the end of March 2010, Osisko had over CDN$670 million in cash, including all funding necessary to complete construction of the Canadian Malartic mine and its current exploration commitments, making the company one of the best-financed developers in the gold sector.
On May 19, 2010, the Company announced that it had been successful in its friendly take-over offer to acquire Brett Resources Inc. (TSX-V: BBR). Approximately 77.3% of Brett's issued and outstanding shares were tendered during the offer period and Osisko intends to effect a subsequent acquisition transaction in order to acquire all of the remaining Brett shares.
Brett's main asset is the Hammond Reef advanced gold project located near Thunder Bay, Ontario that currently hosts a NI 43-101 compliant inferred resource of 6.70 million ounces of gold (259.4 million tonnes at a grade of 0.8 grams per tonne, using 0.3 grams per tonne cut-off), of which 97% lies within 300 metres of surface.
Osisko and its team have won a number of prestigious awards, including the AEMQ "Prospector of the Year" Award in 2006, the PDAC "Prospector of the Year" Award in 2007, the AEMQ "e3" Award in 2008, the AEMQ "Entrepreneur of the Year" Award in 2009 and the CIM Syncrude Award for Excellence in Sustainable Development in 2010 . The senior management team members were also recognized as "Mining Men of the Year" for 2009 by the Northern Miner.
Osisko is included on the S&P/TSX Composite Index (including the S&P/TSX Global Gold Index and the S&P Global Mining Index), the leading indicator of market performance based on Canada's major corporations.
1 NI 43-101 Proven and Probable Reserves:
28.4 Mt @ 0.92 g/t Au and 217.4 Mt @ 1.16 g/t Au
2 NI 43-101 Indicated Resource: 70.4 Mt @ 0.99 g/t Au
3 NI 43-101 Inferred Resource: 20.0 Mt @ 0.73 g/t Au
| Shares Structure as of August 6, 2010 | |
|---|---|
| Outstanding shares: | 370.1 M |
| Options: | 14.9 M |
| Warrants: | 7.0 M |
| Convertible Debentures : | 0.8 M |
| Fully diluted: | 392.8 M |
| Market Cap: | $ 5.07 B |
| 12-Month Trading Range: | $ 6.78 - $ 13.88 |
Stock Symbol:
TSX: OSK
Deutsche Boerse: EWX
Related links »
AEMQ 2008 e3 AwardAEMQ 2008 e3 Award »
In November 2008, the Association de l'Exploration Minière du Québec (AEMQ) presented Osisko with the e3 Award for environmental excellence in exploration, recognizing the Corporation's high level of environmental and social responsibility.
Bill Dennis Prospector of the Year AwardPDAC 2007
Bill Dennis Prospector of the Year »
Prospectors and Developers Association of Canada has selected Osisko to receive the 2007 Bill Dennis Prospector of the Year Award.
Prospector of the Year 2006AEMQ 2006
Prospector of the Year »
In 2006, Osisko management received the prestigious « Prospector of the Year », awarded by the Association de l'Exploration Minière du Québec (AEMQ).
CareersCareers »
Career opportunities at Canadian Malartic and Osisko Corporate