Osisko Mining Corporation

• Summary

  Osisko's flagship property is the 100% owned Canadian Malartic gold property, located in the heart of Quebec's prolific Abitibi Gold Belt, immediately south of the town of Malartic, approximately 20 kilometres west of the town Val d'Or. The property (126 claims and one mining concession with a total surface area of 5,655 hectares) now covers an area of 230km²with the addition to the west of the contiguous Amphi and Cadillac properties. Osisko's Malartic properties had underground production from 1935 to 1983 over 5 million ounces of gold from four mines (Canadian Malartic, Barnat, Sladen and East Malartic).

  • 3-D Animated model of the Canadian Malartic Deposit (based on the July 5th, 2007
    Inferred Resource Update)

    View Animation

  Osisko acquired a 100% interest in the Canadian Malartic property in November 2004, and initiated a detailed compilation of the extensive historical database in January 2005, including data from over 5,000 surface and underground drill holes. Osisko commenced its drilling program on the property in March 2005 and has drilled over 750,000 metres since then.

  The deposit is an Archean porphyry gold system, consisting of a widespread shell of disseminated gold and pyrite mineralization hosted by diorite porphyry and altered metasediments. Drilling and compilation work has outlined a gold mineralized system measuring 1900 metres x 350 metres, with a variable true thickness ranging from 40 to 270 metres to a vertical depth of 320 metres from surface. The system is open to the west and to the south at depth.

  Osisko received the final authorizations and mining permit from the Quebec Government in August 2009 and has been building the Canadian Malartic open-pit mine since. 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 biggest gold reserve in Canada scheduled to be in production in the next 12 months, and is still growing through ongoing drilling on adjacent mineralized zones.
  
  

  ¹ NI 43-101 Proven and Probable Reserves:
    28.4 Mt @ 0.92 g/t Au & 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
  

Related links »

8.4 Million Ounce NI 43-101
Inferred Gold Resource

View Flash Animation Read July 5, 2007 Press Release