Sep 19 2019
Osisko Gold Royalties Ltd takes pleasure in announcing that Victoria Gold Corp. has mined first gold at its Eagle gold mine on the night of September 17th, 2019.
Mark Agnor / Shutterstock
This development comes close on the heels of the recently reported completion of construction and shift to operations. It is anticipated that Eagle will produce about 200,000 ounces of gold every year at an all-in sustaining cost of below US$750/oz.
Congratulations to the Victoria team, led by John McConnell, for having delivered Canada’s newest gold mine. The Eagle mine will deliver substantial benefits to the government of Yukon, the area’s First Nations communities and other stakeholders. Osisko is also pleased to have one of its accelerator company investments reach production stage.
Sean Roosen, Chair and CEO, Osisko Gold Royalties Ltd
Osisko possesses a 5% net smelter return (NSR) royalty on Eagle (Eagle Royalty), gained in April 2018 as part of an all-inclusive C$505-million project-funding package that facilitated the start of the project construction.
The Eagle Royalty will offer Osisko with a mean of 10,000 ounces of gold per year over the predicted 10-year life of the Eagle mine. The Dublin Gulch property also offers promising growth potential with the inclusion of the Olive deposit and more exploration.