Osisko Mining Corporation Montréal, Québec, TSX : OSK, Deutsche Boerse (Frankfurt): EWX , holds a 100% interest in the Canadian Malartic gold deposit in Quebec, Canada, one of the world's best mining jurisdictions. A positive feasibility study was published on November 25, 2008, with the aim of evaluating the deposit and the 100%-owned adjacent areas for a large-scale, open-pit, bulk-tonnage mining operation.
The study converted 6.28 million ounces of gold in the Proven and Probable Reserves categories with 1.41 million ounces in the Indicated Resource category and 720,000 ounces in the Inferred category. Canadian Malartic is one of the world's largest undeveloped resources wholly owned by a junior developer, and is located in a mining district with extensive existing infrastructure.
The Company is well financed with $120 M in cash.
6.28 Million Ounce NI 43-101
Proven and Probable Gold Reserves
An extensive 200,000-metre definition and exploration drilling program is underway in 2008 on five mineralized zones and high potential exploration targets on the property. As of November 2008, eight drills were operating in the Malartic camp. The Barnat Zone, a separate gold mineralized zone located northeast of the Canadian Malartic deposit, has returned very good results and a resource calculation is planned for Q1 2009.
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 (127 claims and one mining concession with a total surface area of 5680 hectares) includes the former underground Canadian Malartic Mine, which poured over 1 million ounces of gold between the years 1935 – 1965 from ore grading 3 to 6 grams/tonne Au. Between 1935 and 1983, production in the Malartic camp totalled over 5 million ounces (Canadian Malartic, Barnat-Sladen and East Malartic Mines).
Located in the Tapajos Gold province, Para State, central Brazil, an area that has produced, since the 1950’s, over 20 million ounces of gold from artisan mining. 72,000 hectare property comprising thirteen adjacent blocks.
Osisko to fund exploration work and make $345,000 US in staged cash payments to acquire a 70% interest in Castelo.
Two gold-bearing zones known from previous exploration work: Esperanca Sul and Esperanca Centro. Esperanca Sul is defined by a large area of gold soil anomalies that is 5 km long and 1 to 2 km wide, while Esperanca Centro is an area of gold soil anomalies that is 2 km long and 500 m wide.
Results from previous exploration work on Esperanca Sul include trench sampling that returned up to 1.39 g/t Au over 77 m, and drilling that returned up to 2.80 g/t Au over 20 m.
Also a 100% interest in 241 new claims located immediately west of the Canadian Malartic property. The new Cadillac township property (the "Cadillac Property") has more than twice the surface area of the Canadian Malartic property (12,060 hectares) and covers the same geological environment which hosts the Canadian Malartic deposit.
FOR FURTHER INFORMATION PLEASE CONTACT:
Osisko Exploration Ltd
Vice-President Corporate Development
Osisko Exploration Ltd
416-742-5600 Toll Free: 1-866-580-8891