QUEBEC – With production imminent at the Canadian Malartic gold project, Osisko Mining says reserves at the mine are up 19% over a year ago using $1,000-gold. Proven and probable reserves now total 343.7 million tonnes at 0.97 g/t Au or 10.7 million oz of gold in the planned pit. The new numbers are 70% higher than those used in the 2008 feasibility study.
Sean Roosen, president and CEO, said, “Using a very conservative cutoff grade of 1.00 g/t gold, the in-pit M&I resource is 7.21 million ounces gold, that is 67% of the reserve, at an average undiluted grade of 1.80 g/t Au. Furthermore, at US$1,400 per ounce gold, the in-pit M&I resource increases to 11.80 million ounces at an average diluted grade of 0.84 g/t gold, virtually all of which could potentially be converted to reserves, if one assumes a similar conversion factor as in the case of the present estimates.”
Planning and building the Canadian Malartic mine has been a massive undertaking. Read more at www.Osisko.com.