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Thursday, 27th November 2008 (1124 views)

Osisko Mining has revealed that the results of the feasibility study of its Canadian Malartic gold project have returned a proven and probable mineral reserve estimate of 6.28 million ounces.

The probable mineral resource estimate represented an 82 per cent conversion rate relative to the global 7.7 million ounce measured and indicated resource estimate reported in September this year.

Osisko predicted that, during the first five years operation, the Canadian Malarctic mine will produce an average of 618,000 ounces of gold at an average operating cost of $313 (£205) per ounce of gold.

Compiled by BBA with the collaboration of Micon International, G Mining Services, Genivar, Golder Associates and the Osisko Technical Group, the study proves that "Canadian Malartic is a robust project in the current market", according to the company.

Sean Roosen, Osisko president and chief executive, commented: "We believe that the economics of this project will be significantly enhanced with the addition of the South Barnat deposit."

Osisko Mining holds a 100 per cent interest in the Canadian Malartic gold deposit, which it claims is "one of the world's largest undeveloped resources wholly owned by a junior developer".

 

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