MONTREAL – Osisko Mining Corp. reports that for the first full year of production at its Canadian Malartic gold mine in Malartic, QC, 388,478 oz of gold were recovered. Output in 2012 was affected by a fire in the mill in May, several shutdowns for the tie-in of two new cone crushing units, mill optimization modifications, and in the delay of a significant blast in the pit.
In 2013 the company expects to recover between 485,000 and 510,000 oz of gold. Direct cash costs are estimated between $780 and $825 per oz. Capital expenditures will total $220 million next year - $98 million at Canadian Malartic, $10 million at Hammond Reef, $70 million at Upper Beaver, and a further $42 million for exploration.
Osisko gained control of the Upper Beaver gold project near Kirkland Lake, ON, with the acquisition of Queenston Mining late last year. The company will focus next year on initial development of a 1,300-metre exploration shaft and headframe.
The Hammond Reef gold project is 23 km northeast of Atitokan, ON.
Additional information on the Canadian Malartic mine and these projects is posted at Osisko.com.