Osisko Mining’s Canadian Malartic mine, located 20 km west of Val d’Or, Quebec, achieved commercial production during the 30-day period ending June 17, 2011, processing an average of 33,300 mt/d during that period. Commercial production was defined as the first continuous 30-day period of plant operation at 60% of design capacity. Design capacity at Canadian Malartic is 55,000 mt/d.

Construction of the Canadian Malartic mill was completed in the first quarter of 2011. Following a water and waste rock testing period, ore was introduced into the mill in late March, and the first gold pour occurred April 13. During June, production ramp-up progressed on a steady basis, with the highest daily throughput as of June 21 being 45,143 mt. During the coming six months, management focus will be on various operating functions to achieve full design capacity of 55,000 mt/d and to optimize operating performance.

Osisko’s production plan calls for production of 1.02 million oz of gold over the 18-month period beginning April 2011. Total recoverable gold is currently estimated at 9.18 million oz at 85.8% recovery. Mine life is estimated at 16 years, based on a 55,000-mt/d milling rate, increasing to 60,000 mt/d by mid-2012. Production is planned to average 625,000 oz/y of gold over the first five full years of operation and 574,000 oz/y over the 16-year mine life.

The Canadian Malartic deposit is being mined by conventional open-pit mining methods, using an initial fleet of 12 227-mt haul trucks, two electric hydraulic shovels and various ancillary equipment. The fleet will be increased in subsequent years according to the requirements of the mining plan. The waste-to-ore ratio is estimated at an average of 2.27:1.

Reserve estimates and mine schedule assume that all necessary authorizations will be obtained to begin mining the South Barnat portion of the deposit by 2014. Permitting work is ongoing for mining authorizations for South Barnat and the deviation of Highway 117 by 2012, with the goal of minimizing the section of the highway to be relocated and reducing the social impact on the community.

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