Osisko Mining Corporation
TSX : OSK
FRANKFURT : EWX

Osisko Mining Corporation

November 14, 2011 13:02 ET

Osisko Releases 2012 Canadian Malartic Mine Schedule

MONTREAL, QUEBEC--(Marketwire - Nov. 14, 2011) - Osisko Mining Corporation (the "Company" or "Osisko") (TSX:OSK)(FRANKFURT:EWX) is pleased to report its 2012 forecast mine schedule for the Canadian Malartic Mine located in Malartic, Quebec, presented in the table below.

2012 Mine Schedule Highlights

  • Forecast gold production ranging between 610,000 – 670,000 ounces

  • Achieving full ramp-up of 55,000 tpd in Q2

  • Increasing throughput to 60,000 tpd in Q3

  • Processing ore grades of between 1.11 g/t Au – 1.51 g/t Au, averaging 1.29 g/t Au for the year

  • Average recovery of 85.6 percent for the year

Q1 2012 Q2 2012 Q3 2012 Q4 2012 Total 2012
Waste Mined (tonnes) 13,748,105 14,840,514 13,556,735 14,184,393 56,329,747
Ore Mined (tonnes) 7,153,439 7,909,486 9,443,265 8,815,607 33,321,797
Waste / Ore Ratio 2.06 1.88 1.44 1.61 1.69
Total Tonnes Mined 20,901,544 22,750,000 23,000,000 23,000,000 89,651,544
Tonnes per day Mined 229,687 250,000 250,000 250,000 244,950
Ore Stockpile EOP* (t) 7,618,935 11,097,336 15,020,600 18,492,206 18,492,206
Ore Milled (tonnes) 3,018,000 4,550,000 5,520,000 5,520,000 18,608,000
Ore Milled per day (tonnes) 33,165 50,000 60,000 60,000 50,842
Head Grade (g/t Au) 1.28 1.35 1.26 1.28 1.29
Recovery (percent) 87.8 85.3 84.8 85.3 85.6
Gold produced Oz 109,112 168,532 189,810 193,721 661,175
* End of Period

Gold head grades indicated in the above table include 13 percent internal dilution.

While current engineering models show approximately 661,000 ounces of production over the year, management is guiding for a range from 610,000 – 670,000 ounces of gold at cash costs of between C$510 – C$575.

Sean Roosen, President and Chief Executive Officer, commenting the 2012 mine schedule: "We are pleased to present this 2012 mine schedule to the market. We are seeing continued progress in the ramp-up of production at Canadian Malartic, and are positioning the Company well for its first full calendar year of production in 2012. We will exit the ramp-up period in Q2 2012 with the completion of the pre-crush circuit and completion of the pre-strip activities. We are anticipating a strong increase in throughput and are scheduled to mine and process higher grade material, both of which should have a very positive effect on our cash costs and gold production."

Mr. Luc Lessard, Eng., Senior Vice-President and Chief Operating Officer of Osisko, is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.

Forward-Looking Statements

Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Osisko expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, increasing of throughput at the mill to achieve design capacity at its Canadian Malartic Mine, timely installation of the pre-crush circuit, compliance with noise regulations, increasing of mining fleet availability, increasing of production. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation, that the diligent ongoing optimizing of its operations at Canadian Malartic mine will be achieved and will, accordingly, improve its operating performance, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development personnel, results of exploration and development activities, Osisko's limited experience with production and development stage mining operations, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in Osisko's most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.

Contact Information

  • John Burzynski
    Vice-President Corporate Development
    (416) 363-8653
    www.osisko.com

    Sylvie Prud'homme
    Director of Investor Relations
    (514) 735-7131
    Toll Free: 1-888-674-7563