Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX) is pleased to provide an updated reserve and resource estimate for its 100%-owned Canadian Malartic project. This new estimate, calculated at US$1475 gold, combines the reserves and resources of the main Canadian Malartic (CM) and South Barnat deposits with those defined from satellite deposits. This update reports reserves as well as global resources in all categories as of January 1, 2013.
The open pit Proven & Probable gold reserves (using US$1475 gold) now stand at 10.1 million (M) ounces at a fully diluted average gold grade of 1.01 g/t Au, following total production of 588,615 ounces of gold since beginning of operations in 2011. Global Measured and Indicated (M&I) resources above a cut-off grade of 0.31 (Barnat) to 0.34 g/t Au (Canadian Malartic and satellites) stand at 11.70 M ounces gold, and global Inferred resources stand at 1.20 M ounces gold. The global in situ resources include reserves but exclude production.
The strip ratio in the main pit is estimated at 2.27 with average diluted grade of 1.03 g/t Au based on a calculated dilution of 8%. The quoted mineral reserve is exclusive of estimated historical stope crown pillar losses, estimated at less than 150,000 ounces gold. The Charlie zone has also been removed from the reserve statement as it will not be mined due to environmental restrictions.