NYBob
6 years ago
Osisko Mining Closes $76.4 Million "Bought Deal" Private Placement of Flow Through Shares and Common Shares, Including Underwriters' Option
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, Sept. 18, 2018 (GLOBE NEWSWIRE) --
Osisko Mining Inc. (TSX:OSK) ("Osisko" or the "Corporation") is pleased
to announce, further to its announcements on August 15, 2018 and
August 16, 2018, that it has completed a "bought deal" brokered private
placement of (i) an aggregate of 27,046,031 common shares of the
Corporation that will qualify as "flow-through shares" (within the
meaning of subsection 66(15) of the Income Tax Act (Canada) and,
where applicable, section 359.1 of the Taxation Act (Québec)) ("Flow-
Through Shares") for aggregate gross proceeds of approximately $69.9
million, and (ii) an aggregate of 3,823,000 common shares of the
Corporation ("Common Shares") at an issue price of $1.70 per Common
Share for aggregate gross proceeds of approximately $6.5 million,
including the exercise in full of the underwriters' option (the
"Offering").
https://web.tmxmoney.com/article.php?newsid=8922885328335133&qm_symbol=OSK
The Flow-Through Shares were issued in two tranches, whereby the first tranche consisted of 14,035,088 Flow-Through Shares at an issue price of $2.85 per "tranche one" Flow-Through Share and the second tranche consisted of 13,010,943 "tranche two" Flow-Through Shares at an issue price of $2.30 per Flow-Through Share. The total proceeds of the Offering are approximately $76.4 million.
The Offering was led by Canaccord Genuity Corp. on behalf of a syndicate of underwriters that included Haywood Securities Inc., Macquarie Capital Markets Canada Ltd. and National Bank Financial Inc.
The gross proceeds from the sale of Flow-Through Shares will be used by the Corporation to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" (within the meaning of Income Tax Act (Canada)) related to Osisko's projects in Québec on or prior to December 31, 2019 for renunciation to subscribers of Flow-Through Shares effective December 31, 2018. The net proceeds from the sale of Common Shares will be used to fund exploration activities and for general corporate purposes.
All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date hereof. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
The following "insiders" of the Corporation have subscribed for Flow-Through Shares under the Offering:
Insider Insider Relationship Flow-Through Shares Purchased
(#) Subscription Amount
($)
John Burzynski Director and Senior Officer of Osisko; Director of 10% Securityholder of Osisko 25,000 $57,500
Sean Roosen Director of Osisko; Director and Senior Officer of 10% Securityholder of Osisko 75,000 $172,500
José Vizquerra Director and Senior Officer of Osisko 25,000 $57,500
Robert Wares Senior Officer of Osisko 500,000 $1,150,000
Bryan Coates Senior Officer of 10% Securityholder of Osisko 65,500 $150,650
Mathieu Savard Senior Officer of Osisko 10,000 23,000
André Gaumond Director of 10% Securityholder of Osisko 122,310 $281,313
Totals 822,810 $1,892,463
Each subscription by an "insider" is considered to be a "related party transaction" for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Pursuant to MI 61-101, the Corporation has filed a material change report providing disclosure in relation to each "related party transaction" on SEDAR under Osisko's issuer profile at www.sedar.com. The Corporation did not file the material change report more than 21 days before the expected closing date of the Offering as the details of the Offering and the participation therein by each "related party" of the Corporation were not settled until shortly prior to the closing of the Offering, and the Corporation wished to close the Offering on an expedited basis for sound business reasons. The Corporation is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Corporation is exempt from the formal valuation requirement in section 5.4 of MI 61-101 in reliance on section 5.5(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Corporation's market capitalization. Additionally, the Corporation is exempt from minority shareholder approval requirement in section 5.6 of MI 61-101 in reliance on section 5.7(b) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Corporation's market capitalization.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake gold deposit located between Val-d'Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quevillon area (over 3,300 square kilometres), a 100% interest in the Marban project located in the heart of Québec's prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Québec and Ontario.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the use of proceeds of the Offering; the timing and ability of the Corporation, if at all, to obtain final approval of the Offering from the Toronto Stock Exchange; the tax treatment of the Flow-Through Shares; the timing of the tax renunciation to the subscribers; objectives, goals or future plans; statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation's public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
For further information please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653
NYBob
11 years ago
Osisko Responds to Announcement by Goldcorp
MONTREAL, QUEBEC--(Marketwired - Jan. 13, 2014) - Osisko Mining Corporation ("Osisko" or the "Corporation") (TSX:OSK)(FRANKFURT:EWX) notes the announcement by Goldcorp Inc. ("Goldcorp") that it intends to commence an offer to acquire all of the outstanding common shares of Osisko. No formal offer has yet been commenced.
The Board of Directors of Osisko will consider this announcement as well as any formal offer actually made. Until the Corporation completes its review, it will not comment further or speculate as to any future course of action it might take.
If an offer by Goldcorp is commenced, Osisko will send a directors' circular to shareholders. Shareholders of Osisko are advised to read this document if and when it becomes available as it will contain important information.
About Osisko Mining Corporation
Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec and is pursuing exploration on a number of properties in Ontario and Mexico.
Forward-Looking Statements
Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Corporation expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, the possibility of any business combination being proposed, the results of any review of any such proposal. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that any business combination transaction will ultimately be proposed, the results of the review of any such proposal, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the content of any business combination proposal, gold prices, the Corporation's limited experience with production and development stage mining operations, uninsured risks, regulatory changes or sanctions, defects in titles, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in the Corporation's most recent Annual Information Form filed on SEDAR, which also provides additional general assumptions in connection with these statements. The Corporation cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Corporation's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.
John Burzynski
Vice-President Corporate Development
(416) 363-8653
Sylvie Prud'homme
Director of Investor Relations
(514) 735-7131
Toll Free: 1-888-674-7563
www.osisko.com
http://web.tmxmoney.com/article.php?newsid=65047214&qm_symbol=OSK&mobile=false
God Bless
NYBob
11 years ago
Goldcorp announces offer to acquire Osisko for C$5.95 per share in cash and shares
TSX: G NYSE: GG
(All Amounts in U.S. dollars unless stated otherwise)
VANCOUVER, Jan. 13, 2014 /CNW/ -
GOLDCORP INC. (TSX: G, NYSE: GG) today announced that it intends to
commence an offer to acquire all of the outstanding common shares
of Osisko Mining Corporation ("Osisko") (TSX: OSK, Deutsche Boerse:
EWX) for approximately C$2.6 billion in cash and shares (the "Offer").
Under the terms of the Offer, Osisko shareholders will be entitled
to receive 0.146 of a Goldcorp common share plus C$2.26 in cash
for each Osisko common share.
Based on Goldcorp's TSX closing share price of C$25.29 on January 10, 2014,
the total consideration offered to Osisko shareholders is
C$5.95 per Osisko common share representing
a premium of 28% over the 20-day volume-weighted average share
price of Osisko from all trading on Canadian exchanges for the
period ending January 10, 2014 and a premium of 15% over
Osisko's TSX closing share price on January 10, 2014.
Transaction Highlights
Consistent with Goldcorp's strategy of disciplined portfolio enhancement, focus on gold and investment in low political risk jurisdictions.
Large ~10 million ounce gold reserve(1) that, with Goldcorp's financial and technical resources, should support a long mine life and low all-in sustaining costs.
Immediately accretive on key per-share metrics, including free cash flow, operating cash flow, net asset value, gold production and gold reserves.
Provides Goldcorp with immediate free cash flow as it completes the construction and ramp-up of its key growth projects at Cerro Negro, Éléonore and Cochenour over the next eighteen months.
Addition of a high-quality operating mine in the prolific Abitibi mining district of Québec.
Leverages Goldcorp's existing investments in Québec and Ontario with opportunity for corporate and regional synergies.
"From a financial and strategic perspective, this offer represents a compelling transaction that is consistent with our strategy of improving the overall quality of our portfolio," said Chuck Jeannes, Goldcorp President and Chief Executive Officer. "Goldcorp shareholders will benefit from a long-lived, high-quality gold mine with low all-in sustaining costs capable of generating long-term free cash flows. We are particularly pleased to be making a further substantial investment in the Province of Québec, one of the best mining jurisdictions in the world. With our world-class Éléonore project in Northern Québec due to commence production later this year, Goldcorp will be the largest gold producer in the province with the resources to continue building collaborative, long-term relationships while leveraging corporate and regional synergies."
Benefits to Osisko Shareholders
Goldcorp believes the Offer is attractive to Osisko shareholders for the following reasons:
Immediate Premium: The Offer represents a premium of 28% over the 20-day volume-weighted average share price of Osisko and a premium of 15% over Osisko's closing price on January 10, 2014.
Greater Liquidity, Dividend Participation and Meaningful Ownership in the Industry Leader: Consideration is comprised of cash and highly liquid Goldcorp shares that provide a meaningful ownership stake in one of the lowest-cost, highest-growth senior gold producers, and allows Osisko shareholders to participate in Goldcorp's monthly dividend.
Exposure to Goldcorp's High Quality Asset Portfolio and Industry Leading Growth Profile: Osisko shareholders will gain exposure to Goldcorp's suite of low-cost mines and development projects, and participate in Goldcorp's strong production growth profile.
Disciplined and Focused Management Team with a Proven Track Record of Value Creation: Goldcorp's experienced and proven management team will help ensure optimum performance of Canadian Malartic for the benefit of all stakeholders.
Continued Participation in Osisko's Assets: Osisko shareholders will continue to benefit from any future increases in value associated with operational improvements at Canadian Malartic and Osisko's other properties.
Operational and Strategic Synergies: Osisko shareholders will benefit from synergies with Goldcorp's existing investments in Québec and Ontario.
Eliminates Single Asset Operating and Financial Risks: Osisko shareholders will benefit from exposure to Goldcorp's diversified portfolio and financial strength.
"This combination offers excellent strategic value as Canadian Malartic and its talented operating team will benefit from Goldcorp's strong financial position, technical expertise and commitments to safety and sustainability," added Mr. Jeannes. "Our clear preference remains to engage with Osisko, as we strongly believe in the compelling strategic and financial merits of this transaction to the mutual benefit of both companies` shareholders."
About the Offer
This Offer will be open for acceptance until 5:00 p.m. EST on February 19, 2014, unless extended or withdrawn. The Offer will be subject to customary conditions, including the acceptance by Osisko shareholders owning not less than 66 2/3% of Osisko shares outstanding on a fully-diluted basis, confirmation to the satisfaction of Goldcorp that the Osisko shareholder rights plan will not adversely affect the Offer, no material adverse change in Osisko and receipt of all necessary regulatory approvals. The Offer will not require the approval of Goldcorp's shareholders and Goldcorp has obtained a $1.25 billion non-revolving term credit facility from Scotiabank which, together with cash on hand of approximately $620 million and an undrawn $2 billion credit facility, will be sufficient to fund the cash portion of the Offer.
The full details of the Offer will be set out in the takeover bid circular and accompanying documents, which will be filed by Goldcorp with the Canadian provincial securities regulators and will be available for review on Goldcorp's website at www.goldcorp.com and on SEDAR at www.sedar.com.
Advisors and Counsel
GMP Securities L.P. and Scotiabank are acting as financial advisors to Goldcorp and Cassels Brock and Blackwell LLP and Neal, Gerber & Eisenberg LLP are providing legal advice.
Information Agent
D.F. King & Co., Inc. is acting as information agent to Goldcorp
Conference Call and Webcast
A conference call will be held on January 13, 2014 at 7 a.m. (PST) to discuss the proposed Osisko transaction. Participants may join the call by dialing toll free 1-888-789-9572 or 416-695-7806 for calls from outside Canada and the US. Passcode: 6555665. A recorded playback of the call can be accessed after the event until February 13, 2014 by dialing 1-800-408-3053 or 905-694-9451 for calls outside Canada and the US. Pass code: 7645692. A live and archived audio webcast will also be available at www.goldcorp.com.
About Goldcorp
Goldcorp is one of the world's fastest growing senior gold producers. Its low-cost gold production is located in safe jurisdictions in the Americas and remains 100% unhedged.
(1) Total proven and probable mineral reserves are as at January 1, 2013 and are estimated at 310.6 million tonnes at 1.01 g Au/t for 10.1 million ounces. Source: Osisko press release dated February 19, 2013 "Osisko Updates Reserves at Canadian Malartic", available under Osisko's profile at www.sedar.com.
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements", within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, and the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Goldcorp Inc. ("Goldcorp"). Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, silver, copper, lead and zinc, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, hedging practices, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, timing and possible outcome of pending litigation, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "seeks", "anticipates", "believes" or variations or comparable language of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might", or "will", "occur" or "be achieved" or the negative connotation thereof.
Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Goldcorp to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Goldcorp will operate in the future, including the price of gold, anticipated costs and ability to achieve goals. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, among others, gold price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks, litigation risks, regulatory restrictions (including environmental regulatory restrictions and liability), activities by governmental authorities (including changes in taxation), currency fluctuations, the speculative nature of gold exploration, the global economic climate, dilution, share price volatility, competition, loss of key employees, additional funding requirements and defective title to mineral claims or property. Although Goldcorp believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Goldcorp to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; risks related to international operations, including economic and political instability in foreign jurisdictions in which Goldcorp operates; risks related to current global financial conditions; risks related to joint venture operations; actual results of current exploration activities; environmental risks; future prices of gold, silver, copper, lead and zinc; possible variations in ore reserves, grade or recovery rates; mine development and operating risks; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; risks related to indebtedness and the service of such indebtedness, as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in Goldcorp's annual information form for the year ended December 31, 2012 and other reports available at www.sedar.com. Although Goldcorp has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Except as otherwise indicated by Goldcorp, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Goldcorp does not intend or undertake to publicly update any forward-looking statements that are included in this document, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
The information in this press release concerning Osisko and Osisko's assets and projects is based on publicly-available information and has not been independently verified by Goldcorp. Osisko has not reviewed the press release and has not confirmed the accuracy and completeness of the information in respect of Osisko contained herein.
SOURCE Goldcorp Inc.
Jeff Wilhoit
Vice President, Investor Relations
Goldcorp Inc.
Telephone: (604) 696-3074
Fax: (604) 696-3001
E-mail: info@goldcorp.com
website:
http://www.goldcorp.com
http://web.tmxmoney.com/article.php?newsid=65029280&qm_symbol=GG:US&mobile=false
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=95878559
Welcome to Goldcorp Inc.
http://www.goldcorp.com/English/Why-Goldcorp/Low-Political-Risk/default.aspx
http://www.goldcorp.com
http://investorshub.advfn.com/Goldcorp-GG-1997/
Goldcorp expects annual production to rise up to 18 pct
Wed Jan 8, 2014 9:34pm EST
http://www.reuters.com/article/2014/01/09/goldcorp-outlook-idUSL3N0KJ0VZ20140109
Jan 8 (Reuters) - Canada's Goldcorp said late on Wednesday that its
annual gold production could rise up to 18 percent even as it
expects to rein in costs over the next two years.
Goldcorp, one of the world's biggest gold miners,
said it expects to produce between 3.0 and
3.15 million ounces of gold in 2014,
an increase of 13 to 18 percent.
The company said it expects annual capital expenditures of between
$2.3 billion and $2.5 billion, of which about 60 percent is
allocated to projects and 40 percent to operations.
The company also said it produced 767,700 ounces in the fourth quarter,
resulting in 2013 gold production of 2.67 million ounces,
an increase of 11 percent over the year-earlier period.
Cash costs for 2014 are expected at between
$950 and $1,000 per ounce compared with the
2013 average of $885 and $1,065 per ounce.
Goldcorp said is expects cash costs to decrease by 15 to
20 percent over the next two years,
positioning the company for continuing
improved margins and free cash flow growth.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=95282961
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=95466877
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=95747123
Note;
fiat currency created by khazarian gypsy king pin Rothschild
banksters 666 cult -
as a slave 666 currency with only air and paper backing it -
beware soon NO ONE want the paper fiat -
http://www.youtube.com/watch?v=FnB-oanHK1M
The Real Legal Money Tender =
http://www.biblebelievers.org.au/monie.htm
God Bless
primarywatcher
14 years ago
Ticker: TSX:OSK or PINK:OSKFF
Sisko Mines Luring Takeover Target
Dow Jones Newswire 3:32P EST 9/28/10:
3:32 (Dow Jones) Having fully financed, sizeable gold mining project that is nearing the start of production, makes Osisko Mining (OSK.T) a “potential takeover target,” GMP says, suggesting a reasonable takeover price could be C$15-C$20/share. An obvious potential bidder could be Goldcorp (GG) since it already a 10.2% OSK.T stake. Osisko spokesman said the company believes it has a “unique asset in the gold space,” and is interested in realizing full value for shareholders. Osisko’s been rumored to be a takeover candidate in the past, and would expect those rumors to continue in the future, spokesman added. GG spokeswoman declined comment. In Toronto, OSK.T recently up 4.7% at C$14.38
Share Structure
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
Recent Drill Results
Osisko and Clifton Star Intersect 42 Metres Averaging 3.78 g/t Au at Duparquet
http://finance.yahoo.com/news/Osisko-and-Clifton-Star-ccn-3386754220.html?x=0&.v=1
BACKGROUND:
From Osisko's website: http://www.osisko.com/en/company/index.html
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 biggest gold reserve close to production 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 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 two first quarters 2010, over 174,000 meters were drilled including 81,000 meters on Canadian Malartic and Malartic CHL, 13,000 meters on Goldboro and 78,000 meters on Duparquet (120,000 metres planned for 2010). During 2009, Osisko completed over C$1 billion in financings. At the end of June 2010, Osisko had over CDN$581 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 August 13, 2010, the Company completed its acquisition of Brett Resources Inc. (TSX-V: BBR) which then became a wholly-owned subsidiary of Osisko, following a friendly takeover offer announced on March 22, 2010. 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.
The acquisition of the Hammond Reef deposit enhances Osisko’s reserve and resource base and provides the potential to see Osisko become a one million ounce per year gold producer by 2015-2016.
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.
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