GOLD: Osisko upgrades Hammond Reef resource

ONTARIO – An updated resource estimate for the Hammond Reef gold project near Atikokan is now available from owner Osisko Mining Corp. of Montreal. The bulk of the mineralization has been upgraded to the measured and indicated categories.

At a cut-off of 0.3 g/t, global measured and indicated resources are now 359.1 million tonnes at 0.65 g/t Au containing 7.47 million oz. The 185.2 million tonnes of inferred resource that grades 0.52 g/t Au contain an additional 3.12 million oz of gold.

The in pit resources contain 5.59 million oz of gold. There are 229.5 million measured and indicated tonnes at 0.72 g/t and 13.3 million inferred tonnes grading 0.65 g/t Au. However, were the price of gold to rise to US$2,000 per oz, the in pit measured and indicated resource would jump to 7.87 million oz and the inferred resource to 2.12 million oz.

Two open pits are proposed. The West pit will exploit the A (Main) and Mitta zones, and the East pit will mine the 41 zone. Total strike length will be 2,500 metres.

More information is available at Osisko.com.