Osisko Mining Corporation gave fresh data on its Malartic mine in Quebec based on a recently concluded resource estimation. The Montreal based mining company used the services of independent consultants G Mining Services to disclose the revised annual mine production plan.
The company owns 100% of the mine. The plan for the Canadian Malartic project includes the following highlights.
The gold production began at the mine this year. It is likely to total 1.02 million ounces over the next 18 months. The recoverable gold which had been pegged at 7.72 million ounces at 86.1% recovery has increased by 1.46 million ounces. It is now 9.18 million ounces at a 85.8% recovery.
The life of the mine is also extended based on the fresh estimate by 3.8 years. This increase in the mine life by 31% will see it operating for 16 years based on a daily milling rate of 55,000 tonnes per day. This will give the mine an average yearly production of 625,000 ounces in the first five years of the mine life.
The average annual gold production in the 16 year period of the mine life is being pegged at 574,000 ounces a year. The shares of the company on the Toronto stock exchange closed at Canadian $ 13.88 after trading on Thursday.
The CEO and President of Osisko Mining Sean Roosen was pleased with the start up and commissioning going smoothly at the mine. He added that they were hoping to boost annual production by 2013 to 65,000 tonnes a day. Studies were being conducted at present to make this possible.