GOLD: Osisko updates reserves at Canadian Malartic

QUEBEC – Osisko Mining Corp. of Montreal has updated the reserve numbers at its Canadian Malartic mine 25 km west of Val d'Or as of Jan. 1, 2013.

The proven and probable open pit reserves for the combined Canadian Malartic, South Barnat and numerous satellite deposits (using a US$1,475/oz gold price) stand at 310.6 million tonnes with an average grade of 1.01 g/t Au. Reserves are estimated to contain 10.1 million oz of gold. The Canadian Malartic project has produced 588,615 oz of gold since operations began in 2011.

Reserves are contained in measured and indicated resources that total 347.3 tonnes averaging 1.05 g/t Au or 11.7 million oz of gold. Another 1.20 million oz of gold is contained in the global inferred resource of 49.6 million tonnes averaging 0.75 g/t Au.

Details of the parameters used to arrive at the resource estimates are available at Osisko.com in the news release for Feb. 19, 2013.