More on Pending Reserve AnnouncementFrom the December press release:
Sean Roosen, President and CEO of Osisko, commented: “We are very pleased with the new pit-constrained M&I resource estimate for the Canadian Malartic Project, which has achieved an increase of 770,000 ounces of gold with respect to the total of previous estimates, while maintaining a relatively low strip ratio of 1.91. The new in-pit M&I resource estimate of 9.17 million ounces is very reliable since it is based on processing and mining costs that were used in the Feasibility Study.”
“We anticipate that over 95% of this resource is going to be converted into reserves for the entire project, once a new reserve estimate is calculated in January 2010. We anticipate that the new engineered pit will provide a significant increase in mine life and allow for mining sequencing and stockpiling aimed at increasing head grade and overall gold production in the early years in order to accelerate pay back of capital.