Osisko Reports Record January Production at Canadian Malartic
February 6, 2014 (Source: Marketwired) — Osisko Mining Corporation (the “Company” or “Osisko”) (TSX:OSK)(FRANKFURT:EWX) is pleased to report that directly following record quarterly production in Q4 2013 of 137,321 ounces gold, and record annual production for 2013 of 475,277 ounces gold, Osisko’s flagship Canadian Malartic mine has achieved record monthly production of 50,111 ounces gold in the month of January. Statistics for January are presented below:
- Record monthly gold production of 50,111 ounces
- Monthly mill throughput of 1,521,164 tonnes
- Average daily throughput of 49,070 tonnes per operational day
- Average grade milled of 1.16 g/t Au
- Average recovery of 88.6%
Since commencement of milling operations in April 2011, Canadian Malartic has produced 1,114,003 ounces of gold.
Sean Roosen, President and CEO of Osisko stated: “Canadian Malartic is starting to break away from the pack, showing what a powerful gold producer this world-class asset is. Osisko owns the largest gold mine in Quebec, and at current production rates we are the largest producing gold mine in Canada. We’ve always believed that Canadian Malartic was a “Company Maker” mine, and I think that there should be little doubt left in people’s minds that this is true.”
The record monthly production was achieved despite mill downtime and the unusually cold weather, both of which hampered throughput levels at the mill.
About Osisko Mining Corporation
Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Québec and is pursuing exploration on a number of properties in Ontario and Mexico.
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Mr. Luc Lessard, Eng., Senior Vice-President and Chief Operating Officer of Osisko, is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.
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 Osisko 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, Osisko’s view on the quality and the potential of its Canadian Malartic asset. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, 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 gold prices, access to skilled consultants, mining development and construction personnel, results of exploration and development activities, Osisko’s limited experience with production and mining operations, uninsured risks, regulatory framework and changes, defects in title, 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 Osisko’s most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>