Monday, 10th November 2008 (263 views)

Osisko has announced that it is continuing to pursue the development of its Canadian Malartic project.

The company has issued a NI 43-101 compliant measured and indicated mineral resource calculation of 7.69 million ounces of gold on the deposit.

According to Osisko, the company generated a profit of $3.5 million (£2.2 million) for the first nine months of 2008 and a project feasibility study is due for release late in the fourth quarter of 2008.

The Canadian mining business had cash balances of $139 million on September 30th 2008 and $78.4 million available on its mine equipment leasing facility.

An environmental impact assessment study for the Canadian Malartic project has been filed with the Quebec government and Osisko is undertaking an aggressive drilling programme on the South Barnat and other adjacent deposits.

Sean Roosen, Osisko president and chief executive, commented: "We are pleased with our progress on the Canadian Malartic Project during the quarter."

Osisko is a Montreal, Quebec-based company that holds a 100 per cent interest in the Canadian Malartic gold deposit and a feasibility study is currently underway.

 

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