GOLD DEVELOPMENT: Construction to begin for Canadian Malartic mine

QUEBEC — The Quebec government has authorized the start of construction at the $1-billion Canadian Malartic gold mine belonging to Osisko Mining Corp. The mine and mill are planned to be fully operational by Q2 2011. Work will begin as soon as the formal authorization certificates are received.

Osisko says the project will create about 800 construction jobs and 465 permanent jobs during 10 years of operation. Using a 0.36 g/t Au cutoff, the deposit has in-pit measured and indicated resources of 215.3 million tonnes grading 1.22 g/t Au or 8.46 million oz of contained gold. Proven and probable reserves amount to 183.3 million tonnes containing 6.28 million oz.

Osisko is raising $130 million toward the cost of construction. See also www.Osisko.com.