|Osisko Mining Corporation - OSK.t is producing from the flagship Canadian Malartic gold mine located in the Abitibi mining district.|
The Company produced 388,478 ounces in 2012 and expects between 485,000 and 510,000 ounces in 2013.
Osisko Mining Corporation (the “Company” or “Osisko”) (OSK: TSX, EWX: Deutsche Boerse) is pleased to report that it has generated net earnings of $9.6 million ($0.02 per share) during the fourth quarter of 2012 versus net earnings of $37.8 million in the fourth quarter of 2011 ($0.10 per share).
For the year of 2012, its first full year of operations, the Company generated net earnings of $78.4 million ($0.20 per share) compared to net earnings of $18.0 million ($0.05 per share) in the previous year. The Canadian Malartic Mine, the Company’s flagship asset, reached commercial production on May 19, 2011.
Earnings from mine operations for the fourth quarter amounted to $68.1 million compared to $39.5 million in the corresponding period of 2011. For the year, Canadian Malartic generated earnings from mine operations of $239.7 million compared to $79.5 million in 2011.
On October 9, 2012 the company released Q4 Numbers
OSISKO PREVIEWS Q4 2012 CANADIAN MALARTIC OPERATING RESULTS AND 2013 GUIDANCE
Osisko Mining Corp. has provided a preview of Canadian Malartic operational results for the quarter ended Dec. 31, 2012, and has provided 2013 operational guidance.
Fourth-quarter gold production of 101,544 ounces for year to date of 388,478 ounces;
Completion of crushing circuit expansion program with installation of the second pebble crusher.
Operating guidance highlights for 2013:
Gold production between 485,000 and 510,000 ounces;
Direct cash costs are estimated between $780 to $825 per ounce;
Capital expenditures of $220-million.
During the fourth quarter, the company processed 4,088,021 tonnes at the Canadian Malartic mill at a grade of 0.87 gram per tonne gold and recoveries of 88.8 per cent. The average daily throughput rate of 44,435 tonnes per day was affected by six days of shutdown to complete the installation of the second pebble crusher and to make modifications to various conveying systems in the crushing and grinding circuits. Fourth-quarter gold production totalled 101,544 ounces, bringing the gold production for the year to 388,478 ounces. In 2011, gold production totalled 200,137 ounces, including 19,505 ounces from preproduction. The Canadian Malartic mine reached commercial production on May 19, 2011.