Heute stehen keine weiteren Termine an. » zu den Börsenterminen von morgen Das Team von peketec.de wünscht allen Tradern und Investoren einen schönen Feierabend :-)
Desjardins Capital Markets hat die Bewertung von Osisko Mining Corporation neu aufgenommen.
Die zu 100% eigenen Canadian-Malartic-Mine des Unternehmens beherbergt Reserven von 10,7 Mio. Unzen. Die kommerzielle Produktion hat im Mai des vergangenen Jahres begonnen. Die Mine wird bis zum Jahresende voraussichtlich eine Kapazität von 55.000 Tonnen pro Tag erreichen, im Jahr 2013 wird dann ein Anstieg auf 60.000 Tonnen pro Tag erwartet. Brian Christie und Chris Martino von Desjardins schätzen die Produktion von Canadian Malartic im Jahr 2012 auf 550.771 oz zu gesamten Cashkosten von 672 USD/oz. Bei dem Projekt findet weiterhin Exploration statt, um das Minenleben von aktuell 16 Jahren noch zu erweitern.
Die Hammond-Reef-Liegenschaft des Unternehmens verfügt über eine Ressource von 10,5 Mio. oz. Eine vorläufige wirtschaftliche Bewertung der früheren Betreiber skizzierte eine Tagebaumine mit 50.000 Tonnen pro Tag und einem Minenleben von 14 Jahren. Die durchschnittliche jährliche Produktion wurde auf 369.000 oz zu gesamten Cashkosten von 442 USD/oz geschätzt. Bis Ende des Jahres wird für das Projekt voraussichtlich eine Machbarkeitsstudie fertiggestellt.
In dem Research-Bericht vom 28. Juni 2012 empfiehlt Desjardins die Aktie von Osisko zum Kauf bei überdurchschnittlichem Risiko und nennt ein Kursziel von 11,50 CAD.
Redaktion, 29.06.12 - 15:09 Uhrgemäß § 34 WpHG dürfen die Autoren zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten. Bitte beachten Sie immer den Risikohinweis unter folgendem Link: Haftungsausschluß und Disclaimer
Osisko Produces 92,003 Ounces Au in Second Quarter
MONTREAL, QUEBEC, Jul 05 (MARKET WIRE) --
Osisko Mining Corporation (the "Company" or "Osisko")
(TSX:OSK)(FRANKFURT:EWX) is pleased to report that its second quarter
gold production totaled a record 92,003 ounces from its flagship Canadian
Malartic Mine. Year to date, Canadian Malartic has produced a total of
183,181 ounces of gold.
Second Quarter Operating Highlights
-- Record quarterly gold production of 92,003 ounces
-- Record monthly mill throughput of 39,331 tonnes per calendar day in June
-- Record one day processing of 51,090 tonnes achieved on June 30th
-- Secondary crusher installation on schedule
-- Grade milled in second quarter averaged 0.99 g/t Au
-- Recoveries continue to be higher than feasibility modeling at 89.2
percent
New mill throughput record
Despite the setback caused by the May fire, the mill processed at an
average rate of 35,564 tonnes per calendar day during the period, a 9.1%
increase over the average mill throughput in the first quarter. The mill
processed a record 51,090 tonnes on June 30, 2012.
Gold Sales
During the second quarter, the Company sold 95,675 ounces at an average
price of US $1,605 (CAD $1,627), compared to an average market price of
US $1,609 (CAD $1626). During the first semester, the Company sold
188,075 ounces at an average realized price of US $1,651 (CAD $1,662),
compared to an average market price of US $1,651 (CAD $1,661).
Sean Roosen, President and Chief Executive Officer, commenting on the
second quarter operating preview: "We are very pleased with the efforts
of our operating team which has delivered a solid performance,
particularly considering the challenges resulting from the mine fire in
May and the ramp-up issues with the first cone crusher installation. We
continue to see improvement in production at Canadian Malartic, and
recoveries remain higher than anticipated in the feasibility study,
averaging 89.2% over the past quarter. Installation of the second XL2000
crusher will be completed in the coming weeks, and we expect the full
secondary crusher to be operational before the end of the month. This key
event should allow us to see significant increases in throughput, gold
production, and reduced costs per ounce produced."
Conference Call
The Company expects to release its second quarter financial results after
the close of business on August 9, 2012. Osisko will host a conference
call on Friday, August 10th at 8:00am EDT, where senior management will
discuss the financial results and provide an update of the Company's
activities. Those interested in participating in the conference call
should dial in at 416-981-9012 (Toronto local and international), or
1-800-909-4792 (North American toll free). An operator will direct
participants to the call.Starr mich nicht so an, ich bin auch nur eine Signatur.
Osisko Mining Corporation gab am Donnerstag die Produktionsergebnisse des zweiten Quartals 2012 bekannt. In den drei Monaten bis zum 30. Juni belief sich die Goldproduktion auf 92.003 Unzen. Die Produktion lag im Juniquartal leicht über den Erwartungen von GMP Securities, die bei 90.770 oz gelegen hatten.
Neben den Produktionszahlen meldete das Unternehmen einen Durchschnittsgehalt von 0,99 g/t Gold im Juniquartal. Die Analysten waren von 1,1 g/t ausgegangen. Die Gewinnungsraten lagen weiterhin über den Angaben in der Machbarkeitsstudie und beliefen sich im Durchschnitt auf 89,2%.
Der Durchsatz fiel trotz des Feuers bei Canadia Malartic im Vergleich zum ersten Quartal 9% höher aus und lag bei durchschnittlich 35.564 Tonnen pro Tag.
Andrew Mikitchook von GMP empfiehlt die Aktie von Osisko in seiner Analyse vom 6. Juli 2012 weiterhin zum Kauf und wiederholt das Kursziel von 13,25 $.
July 24, 2012 16:23 ET Osisko Mining Corporation: Acquisition of Subscription Receipts of Druk Capital Partners Inc.
MONTREAL, QUEBEC--(Marketwire - July 24, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES
Osisko Mining Corporation ("Osisko")(TSX:OSK)(FRANKFURT:EWX) announces that it acquired 7,770,000 subscription receipts (the "Receipts") of Druk Capital Partners Inc. ("Druk") at a price of $0.25 per subscription receipt for a total purchase price of $1.9 Million entitling the Corporation to receive 7,770,000 common shares of Druk upon satisfaction of certain release conditions pertaining to the qualifying transaction of Druk's non- brokered private placement. As a result of the transaction announced herein and upon satisfaction of the release conditions, Osisko will own 7,770,000 common shares of Druk shares representing approximately 19.89% of the 39,055,551 issued and outstanding common shares on a fully diluted basis.
Osisko did not own any shares or other securities of Druk prior to the private placement. For the purposes of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, the address of Osisko is 1100 avenue des Canadiens-de-Montreal, Bureau 300, Montreal, Quebec, H3B 2S2.
This transaction was made for investment purposes and Osisko may acquire additional securities. However, Osisko has no intention of becoming a control person of Druk.Starr mich nicht so an, ich bin auch nur eine Signatur.
July 26, 2012 16:42 ET Osisko Mining Corporation: Acquires Common Shares of Bowmore Exploration Ltd.
MONTREAL, QUEBEC--(Marketwire - July 26, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES
Osisko Mining Corporation ("Osisko")(TSX:OSK)(FRANKFURT:EWX) announces that it has acquired pursuant to a non-brokered private placement 3,200,000 common shares of Bowmore Exploration Ltd. ("Bowmore") at a price of $0.25 per common share.
Osisko currently holds an aggregate of 18,200,000 common shares representing 33.1% of the total number of issued and outstanding common shares of Bowmore and 4,300,000 Warrants. Should the Warrants be fully converted, Osisko would hold 22,500,000 common shares or 32.3% of the total number of issued and outstanding common shares of Bowmore on a fully diluted basis.
Osisko holds the common shares and the Warrants for investment purposes only and not with a view to materially affect the control of Bowmore. Osisko has no present intention of acquiring beneficial ownership or control over additional securities of Bowmore.Starr mich nicht so an, ich bin auch nur eine Signatur.
MONTREAL, QUEBEC -- (Marketwire) -- 08/03/12 -- Osisko Mining Corporation (the "Company" or "Osisko") (TSX: OSK)(FRANKFURT: EWX) is pleased to report the successful completion of the installation of the second XL 2000 cone crusher at its flagship Canadian Malartic Mine. Installation and protocol testing were completed in the last half of July.
Daily throughput rates at the Canadian Malartic mill averaged slightly above 46,800 tonnes per day over the last five days of July.
Osisko President and CEO Sean Roosen commented: "We have made good progress at Canadian Malartic in the past three months. The completion of the secondary crusher is an important moment in the move towards the end of the Canadian Malartic ramp up phase."
August 07, 2012 08:32 ET Osisko Reports Record Monthly Production from Canadian Malartic
Production of 37,780 Ounces of Gold in Month of July
MONTREAL, QUEBEC--(Marketwire - Aug. 7, 2012) - Osisko Mining Corporation (the "Company" or "Osisko") (TSX:OSK)(FRANKFURT:EWX) is pleased to report that it has produced a record amount of gold in the month of July. Production statistics for the past month are listed below:
Record monthly gold production of 37,780 ounces
Record monthly mill throughput of 1.3M tonnes
Record average daily throughput (based on 31 days of operation) of 41,935 tonnes per day
Average grade milled of 1.02 g/t Au
Average recovery of 88.6%
Sean Roosen, President and Chief Executive Officer of Osisko, commenting on the July performance: "We are now beginning to see significant improvement in daily throughput and gold production from the Canadian Malartic mill. In the month of July, Canadian Malartic achieved another gold production record of 37,780 ounces. With the now completed pre-crushing circuit and the coming installation of the second pebble crusher in early fourth quarter, we will be focused on plant optimization and cost reduction. Since we started production last year, Canadian Malartic has now produced well over 400,000 ounces of gold during this ramp up phase."gemäß § 34 WpHG dürfen die Autoren zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten. Bitte beachten Sie immer den Risikohinweis unter folgendem Link: Haftungsausschluß und Disclaimer
August 09, 2012 16:05 ET Osisko Reports Second Quarter 2012 Results
Mine Operating Profits of $41.0 Million, Net Profit of $13.3 Million
MONTRÉAL, QUÉBEC--(Marketwire - Aug. 9, 2012) - Osisko Mining Corporation (the "Company" or "Osisko") (TSX:OSK)(FRANKFURT:EWX) is pleased to report that it has generated a net profit of $13.3 million ($0.03 per share) during the second quarter of 2012 versus a loss of $23.8 million in the second quarter of 2011 ($0.06 per share).
Q2 Highlights
Gold production of 92,003 ounces, a new quarterly record;
Operating cash flow of $55.7 million;
Record mill throughput and mined tonnage.
Mine operating profits during the second quarter totaled $41.0 million compared to $1.6 million in the corresponding period in 2011. The Canadian Malartic mine commenced commercial production on May 19, 2011 and prior to that date results were capitalized. Record gold production of 92,003 ounces was achieved despite a fire at the mill processing facility, which affected mill throughput during a 10-day period in May 2012.
During the first half of 2012, the Canadian Malartic mine generated a profit of $111.5 million and Osisko generated a net profit of $42.6 million ($0.11 per share). In the corresponding period of 2011, the mine generated a profit of $1.6 million in its first 43 days of commercial production while the Company incurred a loss of $29.1 million ($0.08 per share).
Sean Roosen, President and Chief Executive Officer of Osisko, commenting on the second quarter performance: "We made good progress on the various ramp up issues during the quarter, including the improved performance of our first FLSmidth XL2000 cone crusher. Mine productivity was affected by inefficiencies in blasting cycles, which led to lower excavation rates and an increase in wear on equipment. The issue was due to faulty boosters, which resulted in a number of misfired blast holes. The problem has since been mitigated, however the company is in discussion with the explosive contractor and Osisko has indicated the intent to file a claim to be reimbursed for the increased costs incurred and production losses. With the completion of the secondary crusher installation, we expect to see a significant increase in throughput and gold production in Q3, coupled with a significant decrease in costs."
Operating cash flow amounted to $55.7 million for the quarter and $134.4 million for the first half, compared to $15.0 million in the second quarter of 2011 and a shortfall of $5.6 million in the first six months of 2011. Investments in mining assets totaled $131.6 million for the first half.
The mine operating statement for the production period is as follows:
Midland and Osisko Are Planning an Important Induced Polarization Survey on the Casault Project
MONTREAL, QUEBEC -- (Marketwire) -- 08/22/12 -- Midland Exploration Inc. ("Midland") (TSX VENTURE: MD), in partnership with Osisko Mining Corporation ("Osisko"), is pleased to report that preparation of upcoming work on its Casault gold property, beginning with an induced polarization ("IP") survey, is currently underway and fieldwork is expected to begin shortly.
This area with strong gold potential is located less than 3.5 kilometres directly west of the new discovery in the Bug Lake zone held by Balmoral Resources Ltd, where very high-grade drill intersections were recently reported, namely 273.0 g/t Au over 3.88 metres (source: press release by Balmoral Resources Ltd dated August 16, 2012) in addition to 11.42 g/t Au over 9.3 metres in the Martiniere East zone (source: press release by Balmoral Resources Ltd dated March 29, 2012).
Over the 2012 winter, a total of nineteen (19) diamond drill holes totalling 4,562 metres were completed in the volcaniclastic sequence located north of a granodioritic intrusion. This drilling campaign led to the identification of a new high-grade gold-bearing zone that graded 10.4 g/t Au over 1.45 metres in drill hole CAS-12-07, and also resulted in a new geological interpretation by positioning the Sunday Lake Deformation Zone further north than originally inferred. Midland controls over 20 kilometres along the major Sunday Lake Deformation Zone hosting the major Detour Lake gold deposit. This new geological interpretation thus opens up a vast area, entirely unexplored over a strike length of more than 10 kilometres, which will initially be investigated by way of an IP survey totalling about 60 kilometres. The geological and structural framework of this part of the property is very similar to what is observed in areas around the Detour Lake ore deposit and the Martiniere and Bug Lake zones, with the presence of several structures trending ENE-WSW and NW-SE. The most promising targets delineated by the IP survey will then be tested during the next drilling campaign.
The Casault gold property consists of 324 claims, wholly owned by Midland and covering a total surface area of about 178.4 square kilometres. This high-priority area targeted with this exploration program, is located about 40 kilometres east of the Detour Lake gold deposit, which currently hosts 23.3 million ounces of gold in measured and indicated resources (43-101) and 5.8 million ounces of gold in inferred resources (43-101), including 15.6 million ounces of gold in near-surface proven and probable mineral reserves (43-101) (source: press release by Detour Gold Corporation dated January 25, 2012).
Maps showing the location of the IP survey may be consulted using the following links:
Osisko can earn 50% of Midland's interest in the property by spending a total of $6,000,000 in exploration work and making payments totaling $600,000 over a period of five years. Midland will be the operator during the first year of the option agreement. Upon acquiring a 50% interest, Osisko will have the option during a three year period to acquire an additional 15% interest by delivering a bankable feasibility study or by solely assuming all exploration, development and mining operations on the Casault Property, earning a 1% additional interest for every $1,000,000 spent on the property (up to 15% by spending $15 million).
About Midland
Midland targets the excellent mineral potential and the favourable investment climate of Quebec to make the discovery of new world-class deposits of gold, base metals and rare earth elements. Midland is proud to count on reputable partners such as Osisko Mining Corporation, Agnico-Eagle Mines Limited, Aurizon Mines Limited, North American Palladium Limited, Japan Oil, Gas and Metals National Corporation and SOQUEM Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Midland is currently evaluating new opportunities and other projects in order to increase the portfolio of the Company.
Osisko Reports Record Monthly Production from Canadian Malartic
Production of 39,005 Ounces of Gold in Month of August
MONTREAL, QUEBEC--(Marketwire - Sept. 6, 2012) - Osisko Mining Corporation (the "Company" or "Osisko") (TSX:OSK)(FRANKFURT:EWX) is pleased to report that it has produced a record amount of gold in the month of August. Production statistics for the past month are listed below:
-- Record monthly gold production of 39,005 ounces
-- Record monthly mill throughput of 1,335,248 M tonnes
-- Record average daily throughput (based on 31 days of operation) of
43,073 tonnes per day
-- Average grade milled of 1.021 g/t Au
-- Average recovery of 89%
About Osisko Mining Corporation
Osisko Mining Corporation operates the Canadian Malartic gold mine in Malartic, Quebec and is pursuing exploration on a number of properties, including the Hammond Reef Gold Project in Northern Ontario.
Mr. Luc Lessard, Eng., Senior Vice-President and Chief Operating Officer of Osisko, is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.
Forward-Looking Statements
Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Osisko expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, the plant optimization and cost reduction and the timely installation of the second pebble crusher at the Canadian Malartic Mine. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation, that all technical, economical and financial conditions will be met in order to optimize operations at Canadian Malartic while reducing costs and allow for timely delivery and installation of the additional pebble crusher,, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development and construction personnel, results of exploration and development activities, Osisko's limited experience with production and mining operations, uninsured risks, regulatory framework and changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in Osisko's most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.Starr mich nicht so an, ich bin auch nur eine Signatur.
DENIS CIMON RECEIVES THE 2013 MINERAL PROCESSOR OF THE YEAR AWARD
(Montreal, January 11, 2013) Osisko Mining Corporation (the “Company” or “Osisko”) (OSK: TSX, EWX: Deutsche Boerse) is proud to announce that Denis Cimon, Vice-President, Technical Services, has been awarded the 2013 Mineral Processor of the Year Award, by the Canadian Mineral Processors Society (“CMP”), one of the branches of the Canadian Institute of Mining, Metallurgy and Petroleum.
Each year, the CMP emphasizes the remarkable achievements of one of its members having risen to a major challenge in the field of mineral processing. Mr. Cimon was presented this award at the end of January during a conference uniting major industry contributors, for his leading role in the design, development, commissioning and management of the largest gold processing plant in production in Canada—the Canadian Malartic mine. In addition to his technical skills, the award also highlights his leadership as General Manager of Canadian Malartic, which is located in an urban context where social acceptance is essential.
Denis Cimon holds a Bachelor of Mining Engineering, a Masters in Ore Processing from Laval University, and has over 25 years experience in the mining industry. Prior to joining Osisko—in September 2007 as Manager of Mineral Processing, and in 2009, as General Manager of the Canadian Malartic mine and since January 2013, Vice President of Technical Services—Mr. Cimon held several functions in Quebec, Canada and abroad, in areas ranging from the design to the operation of large gold mining facilities.
Luc Lessard, Osisko’s Senior Vice-President and Chief Operating Officer commented, “We are proud to see one of our own being recognized for their hard work and expertise. Awards like these truly cement the fact that we have been successful in establishing a solid operations team. We congratulate and thank Denis for his continued commitment and hard work. His contribution will be invaluable in the continued growth of Osisko.”Starr mich nicht so an, ich bin auch nur eine Signatur.
February 19, 2013
Osisko Updates Reserves at Canadian Malartic
MONTREAL, QUEBEC--(Marketwire - Feb. 19, 2013) - 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.
Reserve estimates using base case US$1475 engineered pit design with 0.31 g/t Au (Barnat) to 0.34 g/t Au (Canadian Malartic and satellites) lower cut-off grade
For the purpose of the reserve estimate, the optimal Whittle pit shell was used as a guideline for the manual design of the engineered pit, and only the in-pit measured and indicated resources were considered. Optimization parameters included:
----------------------------------------------------------------------------
Parameter Unit Value
----------------------------------------------------------------------------
Gold price US$/oz 1475
----------------------------------------------------------------------------
Royalties % 1.5 to 2.0
----------------------------------------------------------------------------
Refining cost US$/oz 4.25
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Average Recovery CM % 84.0%
----------------------------------------------------------------------------
Average Recovery Barnat % 90.0%
----------------------------------------------------------------------------
Mining dilution % 8%
----------------------------------------------------------------------------
Mining loss % 0%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cut-off grade Barnat g/t Au 0.31
----------------------------------------------------------------------------
Cut-off grade CM+others g/t Au 0.33
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Base mining cost rock US$/t mined 2.00 to 3.47
----------------------------------------------------------------------------
US$/bench/t
Cost per bench below mined 0.031
----------------------------------------------------------------------------
Mining cost overburden US$/t mined 2.95
----------------------------------------------------------------------------
----------------------------------------------------------------------------
From 43.0 to
Max pit slope West Pit degrees 55.0
----------------------------------------------------------------------------
Density overburden t/m3 2.0
----------------------------------------------------------------------------
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.
Sensitivity of the Proven and Probable reserves to gold price has been estimated using the same engineered pits and lower cut-off grades (Jeffrey satellite pit excluded, 0.06% of total reserve):
The global Measured and Indicated ("M&I") resource is 11.70 million ounces of gold at an average undiluted grade of 1.05 g/t Au, with an additional 1.20 million ounces gold at an average grade of 0.75 g/t Au in the Inferred category, based on a lower cut-off grade of 0.31 to 0.34 g/t Au. The global resources include the above-stated reserves but exclude past production. The tables below summarize the estimates per deposit:
Canadian Malartic Updated Global Resource Estimates
Details on the parameters of the resource estimates are as follows:
-- The database comprised a total of 800,252 metres of drilling completed
and assayed by Osisko as of the end of November 2012 (core and in-pit RC
drilling) on a maximum 25 m x 25 metre grid, as well as 347,352 metres
of historical drilling validated and retained from a larger database of
historical drilling (Canadian Malartic Mines and Lac Minerals). All NQ
or HQ core assays reported by Osisko were obtained by standard 50 g fire
assaying-AA finish or gravimetric finish at ALS Chemex laboratories in
Val d'Or, Quebec.
-- The database also comprised a total of 696,220 assays with an average of
1.38 metre per sample for a total of 961,755 assayed metres.
-- The estimates were done using Ordinary Kriging (OK) as the
geostatistical interpolation method based on 5.0 metre analytical
composites. Resources were also estimated using Inverse Distance Squared
(ID2) interpolation for testing and comparative purposes, which produced
similar results, i.e. less than 2 percent difference in total ounces at
all cut-offs.
-- Calculations were based on original samples cut to a maximum of 10 g/t
to 70 g/t Au depending on the domain. The apparent reduction in the gold
content varies from 0 to 14.5% depending of the domains. All five metre
composites were calculated based on cut original data.
-- All estimates were based on a Parent Cell dimension of 20 metres E, 10
metres N and 10 metres height with estimation parameters determined by
variography.
-- Geological interpretation identified thirty-seven different domains
(sixteen in Canadian Malartic, thirteen in South-Barnat and eight in
Gouldie).
-- Underground voids were modeled from historical mine plans and adjusted
according to positions of drill intersections in stopes and drifts. Void
volumes of stopes were increased by one metre along all edges to
compensate for uncertainties. The void models were then used to deplete
the resource estimate. All samples located within the voids were also
removed from the estimate.
-- Tonnage estimates were based on rock densities of 2.69 tonnes/cubic
metre for the porphyry, 2.75 for altered sediments and 2.83 for altered
ultramafic rocks.
-- The US$1475 engineered pit has approximate maximum dimensions of 3,560
metres in length, 1,265 metres in width and a vertical depth of 410
metres.
Mr. Donald Gervais, P. Geo, Technical Services Director at Canadian Malartic, and Mr. Robert Wares, Hon. D.Sc., P. Geo. and Chief Geologist of Osisko, are the Qualified Persons who have reviewed this news release and are responsible for the technical information reported herein, including verification of the data disclosed.
Cautionary Notes Concerning Estimates of Mineral Resources
This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.
Forward-Looking Statements
Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Osisko expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, that mining of the deposits identified in this press release will be executed fully and will return values identified in the foregoing estimate. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation, that all technical, political and financial conditions will be met in order to continue mining operations at Canadian Malartic to allow for the full extraction of the mining reserves, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development and construction personnel, results of exploration and development activities, Osisko's limited experience with production and mining operations, uninsured risks, regulatory framework and changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in Osisko's most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.
________________________________________
CONTACT INFORMATION:
John Burzynski
Vice-President Corporate Development
(416) 363-8653 www.osisko.comStarr mich nicht so an, ich bin auch nur eine Signatur.
February 19, 2013
Osisko Receives Modified Operating Parameters at Canadian Malartic
MONTREAL, QUEBEC--(Marketwire - Feb. 19, 2013) - Osisko Mining Corporation (the "Company" or "Osisko") (TSX:OSK)(FRANKFURT:EWX) is pleased to report that it has been advised by the representatives of the Government of Quebec that conditions to its operating parameters have been modified allowing it to increase access to the northern portion of the deposit and to improve the framework for the execution of its blasting operations. The modifications allow Canadian Malartic to perform blasting sequences of up to a maximum of 15 seconds and to conduct blasting operations between 11:00 AM and noon, and 3:00 PM to 4:00 PM.
Sean Roosen, President and Chief Executive Officer of Osisko, commenting: "Our team and our consultants have worked diligently with the Ministry of Sustainable Development, Environment, Wildlife and Parks personnel to add necessary flexibility in our operating conditions while ensuring the necessary safeguards for our host community and our employees. We would like to recognize the efforts made by all parties in making these necessary modifications. With these new guidelines we are confident that Canadian Malartic will continue to advance for the benefit of all stakeholders".
The Canadian Malartic Mine employs over 600 people and is an important economic contribution to the Town of Malartic, the Abitibi-Temiscamingue region and the province of Quebec. In 2012, Osisko's salaries and purchases of goods and services totalled approximately $585 million.
About Osisko
Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec and is carrying out aggressive exploration and project development elsewhere in Canada and Latin America.Starr mich nicht so an, ich bin auch nur eine Signatur.
February 21, 2013 Osisko Reports Fourth Quarter and Year-End 2012 Results
MONTREAL, QUEBEC--(Marketwire - Feb. 21, 2013) - Osisko Mining Corporation (the "Company" or "Osisko") (TSX:OSK)(FRANKFURT:EWX) 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.
Sean Roosen, President and Chief Executive Officer, commenting on the results: "Despite the various challenges that we faced, we generated cash from mine operations(1) of $305.6 million, which clearly demonstrates the strength of Canadian Malartic. The past year had its challenges as we continued ramping up Canadian Malartic to its nameplate capacity. In the fourth quarter we were affected by delays in executing a major blast over old underground mine workings which reduced our operating flexibility and impacted our mining plan. We anticipate Canadian Malartic will generate improved and strong cash flow once the ramp up phase is completed later this year."
Highlights
-- Gold production of 101,544 ounces at an average cash cost1 of $903 per
ounce for the quarter, 388,478 ounces at an average cash cost of $909
per ounce for the year;
-- Operating cash flow(2) of $77.7 million, 66.7% higher than in 2011 for
the quarter and $273.7 million for the year;
-- Free cash flow(3) of $15.0 million for the quarter;
-- Write down of portfolio investments for $16.3 million for the quarter
and $19.4 million for the year;
-- Completion of the Queenston Mining Inc. acquisition;
-- Receipt of modifications to the Canadian Malartic operating parameters.
1) Reconciliation of non-IFRS measures is provided under Note Regarding
Certain Non-IFRS Measures of Performance of this press release.
2) Before change in non-cash working capital items.
3) Free cash flow is equivalent to the increase in cash and cash equivalents
on the consolidated statement of cash flows for the three months ended
December 31, 2012.
Fourth quarter production was affected by changes to the mining plan caused by a delay of approximately 60 days in executing a 940,000-tonne blast over previously mined underground stopes, blasting constraints and access to the north pit wall. The delay restricted access to a number of areas and the mine was forced to lay-off contractors and reduced the utilization of the mining fleet. Lower grade material was processed from the available stockpile. Production was also affected by several mill shutdowns to modify crushing and conveying systems and the installation of the second pebble crusher.
The mine operating statement for the production period is as follows:
Following the commencement of commercial production, steady improvements have been made despite some setbacks in the fourth quarter and the May 9th fire at the mill which affected production during a 10-day period. Improved productivity at the mine was noted throughout 2012 as the pit floor was further developed, mobile equipment efficiencies improved, and throughput at the mill increased. As the ramp up continues towards the 55,000 tonnes per day nameplate mill capacity, cash cost per ounce is expected to decrease.
Key operating results
(in thousands of Canadian dollars, unless otherwise noted)
Compared to the reserves reported in January 2012, there is a reduction of tonnes in part due to the 2012 production, but there is an increase in grade from 0.99 g/t to 1.01 g/t Au.
Earnings
The fourth quarter had several non-cash items which adversely affected the earnings including:
-- i. Provision for impairment of marketable securities held in exploration
companies of $10.9 million. The impairment was related to Ryan Gold
Corp. in which the Company holds a 9.5% interest. Ryan Gold took an
impairment charge on their main exploration property during 2012;
-- ii. A reduction in value of $0.66 per share of Queenston Mining Inc.
acquired from Agnico-Eagle Mines Limited on November 28, 2012. Under
IFRS, the value has to be reduced to the value attributed at the closing
of the transaction;
-- iii. An increase in tax provision following the position taken by the
tax authorities in the valuation of certain credits. In 2011, the tax
recovery was related to a tax benefit recognized following the
successful commencement of operations at Canadian Malartic.
The tax rate is unusually high during the quarter due to the non-deductible losses/adjustments described above.
Adjusted net earnings(7) including the above mentioned non-cash items would be:
--------------------------------------------------------------------------
Q4 2012 Q4 2011 2012 2011
----------------------------------
Net Earnings 9,638 37,802 78,424 17,997
Share-based Compensation 2,017 2,999 9,629 10,779
Write Down of Queenston Shares 5,145 - 5,145 -
Other Non-Cash Gains/Losses 11,191 (1,788) 14,875 18,721
Deferred Income and Mining Tax Expense
(Recovery) 20,713 (9,976) 72,300 (7,000)
----------------------------------
Adjusted Net Earnings 48,704 29,037 180,373 40,497
--------------------------------------------------------------------------
The year-to-date results improved following the full year of operations at Canadian Malartic, which caused depreciation to be higher than the previous year. Finance costs were higher compared to 2011, as in 2011 such costs were capitalized up to commercial production reached on May 19, 2011.
7) Reconciliation of non-IFRS measures is provided under Note Regarding
Certain Non-IFRS Measures of Performance of this press release.
Investments
The Company invested $228.8 million in property, plant and equipment during 2012. These investments were mainly focused on the development of the pit and modification to the mill at Canadian Malartic and on the completion of definition drilling work at the Hammond Reef Project.
Queenston Acquisition
On December 28, 2012, Osisko completed the acquisition of Queenston Mining Inc. As part of the transaction, the Company acquired the Upper Beaver Project and a package of lands covering 230 km2 in the rich Kirkland Lake Gold Camp, which has produced over 40 million ounces in past years.
In addition to the $42.3 million spent to acquire the 9.2% interest in Queenston held by Agnico-Eagle Mines, Osisko issued 46,638,799 common shares in exchange for Queenston shares. The acquisition was booked at a fair value of $417.5 million.
A NI 43-101 technical report was issued by SRK Consulting on November 5, 2012 for the Upper Beaver deposit indicating a measured and indicated resources of 1.5 million ounces and 0.7 million ounces of inferred resources.
Tonnes Au Cu Contained Au Contained Cu
Category (000's) (g/t) (%)(000's ounces)(000's pounds)
----------------------------------------------------------------------------
Indicated 6,870 6.62 0.37 1,461 56,006
Inferred 4,570 4.85 0.32 712 32,218
Queenston had initiated work to gain access to the deposit via an exploration shaft to provide a better base to conduct exploration drilling. Osisko intends to continue the program complemented by deep holes from surface. Osisko will also pursue an intensive exploration program on previously identified deposits, which could provide mill feed to a regional mill and on new targets. Using an approach that was successful at Canadian Malartic, the Company intends to undertake a major compilation and analysis of the regional exploration and geological data.
Hammond Reef
The Company completed definition drilling work on the advanced stage Hammond Reef project. Osisko has completed over 629,000 metres at Hammond Reef, is finishing an EIA that will be filed in accordance with the accepted terms of reference and will table a feasibility study in the first half of 2013. The project is located approximately 20 kilometres from grid power, and is located 23 kilometres north of the town of Atikokan. Osisko signed a Resource Sharing Agreement with eight first nations groups in December 2010, as well as a Memorandum of Understanding with the Metis Nation of Ontario in April 2012.
Osisko issued a resource estimate prepared by SGS on January 28, 2013, which is summarized as follows:
G Mining Services Inc of Montreal, in collaboration with SGS, also estimated resources within a Whittle-optimized pit shell using a base case gold price of US$1,400 per ounce and pit limits that are unconstrained by lakeshores. The optimization yielded two distinct pits separated by approximately 200 metres with an average strip ratio of 1.01. The total in-pit M&I resource for the Hammond Reef gold deposit is 5.31 million ounces of gold at an average undiluted grade of 0.72 g/t Au, based on a derived lower cut-off grade of 0.31 g/t Au (west pit) and 0.33 g/t Au (east pit).
Hammond Reef Undiluted Resource Estimates within US$1,400 Whittle pit shell
The Company continues to pursue value creation through the discovery of new ore deposits. Osisko has several agreements and has staked properties in various gold camps within the Americas.
The Company has been active in the Guerrero District of Mexico where it has accumulated a large land package in an area with operating gold mines and advanced exploration projects.
Building on its flagship Canadian Malartic Mine, the Company hopes to discover and build new gold mines to ensure continued growth. These new projects will be developed only if they meet rate-of-return criteria and the Company has the financial capabilities to conduct such expansion.
Improved Financial Flexibility
During the second quarter, the Company amended its $150 million credit facility with CPPIB Credit Investments Inc. ("CPPIB"), a wholly-owned subsidiary of the CPP Investment Board, with CPPIB making available to the Company an additional $100 million delayed draw term loan. The key terms of the amendment are as follows:
-- The initial cash repayment schedule has been extended by one year to the
third quarter of 2013. The reimbursements are based on 50% of free cash
flow up to $60 million per annum.
-- CPPIB will make available a delayed draw term loan of $100 million for
working capital and general corporate purposes. Osisko may draw funds
under this facility in $20 million increments, and any funds outstanding
are reimbursable by December 31, 2013. No funds were drawn to date on
this facility. There are no standby fees related to this tranche.
As part of the agreement, Osisko has agreed to reduce the strike price of share purchase warrants to $10 per warrant for Tranche A (previously $10.75) and Tranche B (previously $19.25). Of the total 12.5 million of warrants, 5.5 million Tranche B warrants can be accelerated at Osisko's discretion if the share price trades at a 50% premium to the exercise price for a period of 15 days. Tranche A warrants expire on September 24, 2014 and Tranche B warrants are set to expire on December 31, 2015.
During the fourth quarter, the Company received from an equipment supplier a non-interest bearing advance of $14.7 million to fund the acquisition of major components as part of the rebuild program. The advance will be repaid over the next two years.
Outlook for 2013
Following the modifications and commissioning of the pre-crushing circuit and the second pebble crushing unit, it is anticipated that mill throughput should be stabilized in 2013. Gold production is estimated between 485,000 - 510,000 ounces for the year. As a result of gaining access to higher grade material in the second half of the year, it is anticipated that gold output will be higher in the second semester. Cash costs are estimated between $780 - $825 per ounce. This anticipates a 9 - 14% cost reduction from 2012.
Capital expenditures for 2013 are estimated at $220 million as follows:
The Company expects to release the Hammond Reef Feasibility Study in the first semester of the year.
Following the acquisition of Queenston Mining on December 28, 2012, the Company has assumed the leadership of the Upper Beaver advanced exploration program. It is also focused on integrating the Queenston Exploration group into Osisko. For 2013, focus will be on the initial development of the 1,300 meter exploration shaft, including engineering, design and fabrication of the head frame and hoisting facilities, initial collar excavation and preparation for shaft sinking.
The Company intends to invest $50 million in exploration on its projects in the Americas, including $42 million that will be capitalized.
Nominations
Mr. Charles E. Page was appointed to the Board of Directors on February 21, 2013. Mr. Page was previously a Director and Chief Executive Officer of Queenston Mining Inc. He has over 30 years of exploration experience and in-depth knowledge of the Kirkland Lake Gold Camp.
Mr. Denis Cimon was promoted to Vice President of Technical Services effective January 1, 2013. He will be responsible for the oversight of the technical studies undertaken by Osisko, and he will be focused on optimizing the Canadian Malartic processing plant. He will also coordinate all research projects within the organization.
Mr. Eric Tremblay was promoted to General Manager of Canadian Malartic Mine replacing Mr. Cimon. He will be responsible for all operating activities at Canadian Malartic, ensuring the operations are carried out in a safe manner, in compliance with our operating permits and respecting our commitments to our host community.
Q4 Conference Call Information
Osisko will host a conference call on Friday, February 22, 2013 at 8:00am EST, where senior management will discuss the financial results and provide an update of the Company's activities. Those interested in participating in the conference call should dial in at (416) 981-9000 (Toronto local and international), or 1-800-732-8470 (North American toll free). An operator will direct participants to the call.
The conference call replay will be available from 10:00 a.m. EST on February 22 until 11:59 p.m. EST on March 8 with the following dial in number: (416) 626-4100 or Toll-free 1-800-558-5253, access code 21647923.
Note Regarding Certain Non-IFRS Measures of Performance
This press release contains certain non-IFRS measures, including "cash cost per ounce", "cash margin per ounce", "cash generated from mine operations" and "adjusted net earnings". The Company believes that these measures, together with measures determined in accordance with IFRS, provides investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Cash cost per ounce
"Cash cost per ounce" is defined as the cost of production of one ounce of gold excluding non-cash costs for a certain period. "Cash cost per ounce" is obtained from "Production costs" and "Royalties" less non-cash "Share-based compensation" and "By-product credits (silver sales)", adjusted for "Production inventory variation" for the period, divided by the "Number of ounces of gold produced" for the period.
Three months ended Year ended
December 31, December 31,
2012 2011 2012 2011
--------------------------------------------
Gold ounces produced 101,544 79,718 388,478 180,633
Adjusted net earnings (loss) and adjusted net earnings (loss) per share
"Adjusted net earnings (loss)" is defined as "Net earnings (loss)" less certain non-cash items: "Write-off of property, plant and equipment", "Share-based compensation", "Unrealized gain (loss) on investments", "Impairment on available-for-sale assets", "Gain on premium of flow-through shares" and "Deferred income and mining tax expense (recovery)".
"Adjusted net earnings (loss) per share" is obtained from the "Adjusted net earnings (loss)" divided by the "Weighted average number of common shares outstanding" for the period.
Three months ended Year ended
December 31, December 31,
2012 2011 2012 2011
------------------------------------------
(in thousands of dollars,
except per share)
Net Earnings for the period 9,638 37,802 78,424 17,997
Adjustments:
Write-off of property, plant and
equipment - 175 617 16,451
Share-based compensation 2,017 2,999 9,629 10,779
Unrealized loss on investments 5,424 1,604 6,969 10,119
Impairment on available-for-sale
assets 10,912 - 12,434 -
Gain on premium of flow-through
shares - (3,567) - (7,849)
Deferred income and mining tax
expense (recovery) 20,713 (9,976) 72,300 (7,000)
------------------------------------------
Adjusted net earnings 48,704 29,037 180,373 40,497
Weighted average number of common
shares outstanding (000) 391,538 385,427 388,577 383,372
------------------------------------------
Adjusted net earnings per share 0.12 0.08 0.46 0.11
Cash generated from mine operations
"Cash generated from mine operations" is defined as "Revenues" for a certain period less "Production costs" (excluding non-cash "Share-based compensation") and "Royalties". "Cash generated from mine operations" less "Depreciation" and "Share-based compensation" results in "Earnings from mine operations".
(in $000's) Year ended December 31, 2012
-----------------------------
Revenues 665,375
Mine operating costs
Production costs(1) (350,844)
Royalties (8,924)
-----------------------------
Cash generated from mine operations 305,607
Depreciation (62,969)
Share-based compensation (2,983)
-----------------------------
Earnings from mine operations 239,655
(1) Production costs net of non-cash share-based compensation presented
separately.
About Osisko Mining Corporation
Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec and is carrying out aggressive exploration and project development elsewhere in Canada and Latin America.
Mr. Luc Lessard, Eng., Senior Vice-President and Chief Operating Officer of Osisko, is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.
Cautionary Notes Concerning Estimates of Mineral Resources
This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that that further work will lead to mineral reserves that can be mined economically.
For further information in relation to the Hammond Reef project, please refer to the "Technical Report on the Hammond Reef Gold Property Atikokan area, Ontario" dated December 20, 2011. For further information in relation to the Canadian Malartic project, please refer to the "Feasibility Study - Canadian Malartic Project (Malartic, Quebec)", dated December 2008. Both of these reports are available under the Osisko profile at www.sedar.com.
For further information in relation to the Upper Beaver project, please refer to the "Technical Report on the Upper-Beaver Gold-Copper Project, Ontario, Canada" dated November 9, 2012, which is available under the Queenston profile at www.sedar.com.
Forward-Looking Statements
Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Osisko expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, timely completion of the ramp-up phase towards throughput design capacity of 55,000 tonnes per day, improvement of mine productivity, access to higher grade material, reduction of cost, positive outcome of any exploration work conducted around the Canadian Malartic infrastructure, at the Hammond Reef and Upper Beaver projects or at other Osisko's properties, and further development of its Hammond Reef project including timely completion of the project feasibility study.
Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation, that all technical, economical and financial conditions will be met in order to achieve such events qualified by the foregoing cautionary note regarding forward looking statements, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development and construction personnel, results of exploration and development activities, Osisko's limited experience with production and mining operations, uninsured risks, regulatory framework and changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in Osisko's most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.
Osisko Mining Corporation
Consolidated Statements of Income
For the three months and the years ended December 31, 2012 and 2011
----------------------------------------------------------------------------
(tabular amounts expressed in thousands of Canadian dollars, except per
share amounts)
Three months ended Years ended
December December
31, 31,
------------------------------------------------
2012 2011 2012 2011
------------------------------------------------
($) ($) ($) ($)
Earnings from mine
operations 68,097 39,526 239,655 79,452
General and administrative
expenses (8,411) (6,144) (29,361) (30,707)
Exploration and corporate
development expenses (3,345) (2,651) (11,450) (23,585)
Other expenses - - - (485)
------------------------------------------------
Earnings from operations 56,341 30,731 198,844 24,675
Interest income 402 354 1,547 2,318
Finance costs (8,006) (6,910) (30,831) (17,676)
Foreign exchange gain
(loss) (1,237) 1,669 1,923 (1,148)
Share of earnings (loss)
of associates (85) 20 (713) (460)
Other gains (losses) (17,064) 1,962 (20,046) 3,288
------------------------------------------------
Earnings before income and
mining taxes 30,351 27,826 150,724 10,997
Income and mining tax
recovery (expense) (20,713) 9,976 (72,300) 7,000
------------------------------------------------
Net earnings 9,638 37,802 78,424 17,997
------------------------------------------------
------------------------------------------------
Osisko Mining Corporation
Consolidated Statements of Cash Flows
For the three months and the years ended December 31, 2012 and 2011
----------------------------------------------------------------------------
(tabular amounts expressed in thousands of Canadian dollars)
Three months ended Years ended
December December
31, 31,
------------------------------------------------
2012 2011 2012 2011
------------------------------------------------
($) ($) ($) ($)
Operating activities
Net earnings 9,638 37,802 78,424 17,997
Adjustments for:
Interest income (402) (354) (1,547) (2,318)
Share-based compensation 2,017 2,999 9,629 10,779
Depreciation 19,355 11,973 63,603 22,277
Finance costs 8,006 6,910 30,831 17,675
Write-off of property,
plant and equipment - 175 617 16,451
Gain on disposal of
property, plant and
equipment 520 - 303 -
Unrealized foreign
exchange loss (gain) 1,106 (1,738) (2,363) 1,657
Share of loss (earnings)
of associates 85 (20) 713 460
Net loss (gain) on sale
of available-for-sale
financial assets 5,034 - 4,432 (5,041)
Net loss on financial
assets at fair value
through profit and loss 279 1,604 1,824 10,119
Impairment on available-
for-sale financial
assets 10,912 - 12,434 -
Deferred gain - premium
on flow-through shares - (3,567) - (7,849)
Provisions and other
liabilities 462 825 2,341 1,220
Income and mining tax
expense (recovery) 20,713 (9,976) 72,300 (7,000)
Other non-cash loss
(gain) - - 152 (639)
------------------------------------------------
77,725 46,633 273,693 75,788
Change in non-cash working
capital items (20,710) (6,973) (26,911) 9,912
------------------------------------------------
Net cash flows from
operating activities 57,015 39,660 246,782 85,700
------------------------------------------------
Investing activities
Net decrease in short-term
investments - - - 17,068
Net decrease (increase) in
restricted cash (4,301) (20,629) 448 (18,985)
Acquisition of investments (42,329) (1,500) (53,279) (13,783)
Proceeds on disposal of
investments - - 1,838 12,038
Property, plant and
equipment, net of
government credits (39,336) (59,533) (228,840) (356,787)
Proceeds on disposal of
property, plant and
equipment 324 - 324 -
Cash received from the
acquisition of assets 40,513 - 40,513 -
Interest received 366 356 1,393 2,525
------------------------------------------------
Net cash flows from
investing activities (44,763) (81,306) (237,603) (357,924)
------------------------------------------------
Financing activities
Long-term debt 14,651 - 14,651 -
Long-term debt transaction
costs (146) (5) (262) (640)
Long-term debt repayments (1,250) (1,250) (5,000) (3,333)
Finance lease payments (6,088) (4,596) (22,790) (8,419)
Issuance of common shares,
net of expenses 1,199 701 19,095 39,477
Interest paid (5,649) (5,293) (22,314) (12,684)
------------------------------------------------
Net cash flows from
financing activities 2,717 (10,443) (16,620) 14,401
------------------------------------------------
Increase (decrease) in cash
and cash equivalents 14,969 (52,089) (7,441) (257,823)
Cash and cash equivalents -
beginning of period 78,260 152,759 100,670 358,493
------------------------------------------------
Cash and cash equivalents -
end of period 93,229 100,670 93,229 100,670
------------------------------------------------
------------------------------------------------
Interest paid, including
interest expensed and
capitalized 5,649 5,293 22,314 17,456
Osisko Mining Corporation
Consolidated Balance Sheets
As at December 31, 2012 and 2011
----------------------------------------------------------------------------
(tabular amounts expressed in thousands of Canadian dollars)
December 31, December 31,
2012 2011
----------------------------------------------------------------------------
($) ($)
----------------------------------------------------------------------------
ASSETS
------------------------------
Current assets
------------------------------
Cash and cash equivalents 93,229 100,670
----------------------------------------------------------------------------
Short-term investments 19,357 -
----------------------------------------------------------------------------
Restricted cash 4,563 14,485
----------------------------------------------------------------------------
Accounts receivable 32,266 39,419
----------------------------------------------------------------------------
Note receivable 30,000 -
----------------------------------------------------------------------------
Inventories 73,795 47,552
----------------------------------------------------------------------------
Prepaid expenses and other assets 21,274 7,174
----------------------------------------------------------------------------
274,484 209,300
----------------------------------------------------------------------------
Non-current assets
------------------------------
Restricted cash 38,362 26,878
----------------------------------------------------------------------------
Investments in associates 8,933 1,698
----------------------------------------------------------------------------
Other investments 16,894 16,041
----------------------------------------------------------------------------
Property, plant and equipment 2,329,773 1,801,325
----------------------------------------------------------------------------
Deferred income and mining taxes - 14,000
----------------------------------------------------------------------------
2,668,446 2,069,242
----------------------------------------------==============================
Liabilities
------------------------------
Current Liabilities
------------------------------
Accounts payable and accrued liabilities 100,931 74,562
----------------------------------------------------------------------------
Current portion of long-term debt 76,883 86,485
----------------------------------------------------------------------------
Provisions and other liabilities 1,405 824
----------------------------------------------------------------------------
179,219 161,871
----------------------------------------------------------------------------
Non-current liabilities
------------------------------
Long-term debt 260,529 245,139
----------------------------------------------------------------------------
Provisions and other liabilities 18,618 6,038
----------------------------------------------------------------------------
Deferred income and mining taxes 60,426 2,126
----------------------------------------------------------------------------
518,792 415,174
----------------------------------------------------------------------------
Equity attributable to Osisko Mining
Corporation shareholders
------------------------------
Share capital 2,048,843 1,656,034
----------------------------------------------------------------------------
Warrants 19,311 13,166
----------------------------------------------------------------------------
Contributed surplus 65,868 55,909
----------------------------------------------------------------------------
Equity component of convertible debenture 8,005 8,005
----------------------------------------------------------------------------
Accumulated other comprehensive income (1,148) (9,397)
----------------------------------------------------------------------------
Retained earnings (deficit) 8,775 (69,649)
----------------------------------------------------------------------------
2,149,654 1,654,068
----------------------------------------------------------------------------
2,668,446 2,069,242
----------------------------------------------==============================
----------------------------------------------------------------------------Starr mich nicht so an, ich bin auch nur eine Signatur.
Osisko Discovers Two New Gold-Copper Zones at Upper Beaver
High-Grade Results Include 9.3 g/t Au with 1.7% Cu over 18.1 Metres
MONTREAL, QUEBEC--(Marketwire - March 21, 2013) - Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX) ("Osisko") is pleased to announce that new drilling at the Upper Beaver gold project located in Kirkland Lake, Ontario has led to the discovery of two new gold-copper zones.
The following intersections highlight high-grade results from the two new discoveries:
-- East Basalt Zone Discovery: 9.3 g/t Au with 1.7% Cu over 18.1 metres
(hole UB13-284) and 2.2 g/t Au with 0.5% Cu over 17.8 metres (hole UB13-
287);
-- North Q Zone Discovery: 11.0 g/t Au with 1.6% Cu over 2.0 metres (hole
UB13-282);
Additional new results from infill drilling on previously known mineralized zones include the following highlights: 3.2 g/t Au with 0.8% Cu over 30.0 metres (UB13-278), 16.1 g/t Au with 8.8% Cu over 3.0 metres and 11.4 g/t Au with 3.3% Cu over 3.0 metres (hole UB13-280) from the North Basalt Zone and 5.4 g/t Au with 0.5% Cu over 59.0 metres (hole UB13-262W4) from the Porphyry West Zone.
The table below outlines the results of 10 new holes completed in 2013 as part of the ongoing exploration and in-fill resource definition drill program at Upper Beaver:
----------------------------------------------------------------------------
Hole # From (m) To (m) Interval (m) Cu (%) Au (g/t) Zone
----------------------------------------------------------------------------
New zones
----------------------------------------------------------------------------
UB13-279 92.0 93.0 1.0 0.22 0.81 East Basalt
----------------------------------------------------------------------------
UB13-281 120.0 123.0 3.0 0.18 3.16 East Basalt
----------------------------------------------------------------------------
UB13-284 147.0 165.1 18.1 1.70 9.30 East Basalt
----------------------------------------------------------------------------
including 154.0 165.1 11.1 2.75 13.05 East Basalt
----------------------------------------------------------------------------
UB13-287 170.0 187.8 17.8 0.50 2.20 East Basalt
----------------------------------------------------------------------------
UB13-282 174.0 177.0 3.0 0.89 2.34 North Q
----------------------------------------------------------------------------
and 185.0 192.0 7.0 trace 1.28 North Q
----------------------------------------------------------------------------
and 264.0 272.0 8.0 0.56 3.20 North Q
----------------------------------------------------------------------------
including 269.0 271.0 2.0 1.57 11.00 North Q
----------------------------------------------------------------------------
and 311.0 322.0 11.0 0.59 0.91 North Q
----------------------------------------------------------------------------
UB13-288 177.0 182.0 5.0 0.12 1.46 North Q
----------------------------------------------------------------------------
and 196.0 199.0 3.0 1.53 2.56 North Q
----------------------------------------------------------------------------
and 277.0 291.0 14.0 0.30 1.84 North Q
----------------------------------------------------------------------------
including 280.0 284.0 4.0 0.75 4.40 North Q
----------------------------------------------------------------------------
Infill holes
----------------------------------------------------------------------------
UB13-262W4 Infill -
812.0 871.0 59.0 0.53 5.43 Porphyry West
----------------------------------------------------------------------------
including Infill -
829.0 844.0 15.0 1.03 14.60 Porphyry West
----------------------------------------------------------------------------
UB13-276 333.0 334.0 1.0 1.32 4.83 North Basalt
----------------------------------------------------------------------------
and 423.0 427.0 4.0 trace 1.48 North Basalt
----------------------------------------------------------------------------
UB13-278 360.0 390.0 30.0 0.80 3.20 North Basalt
----------------------------------------------------------------------------
including 364.0 368.0 4.0 1.70 9.70 North Basalt
----------------------------------------------------------------------------
and 370.0 380.0 10.0 0.90 2.80 North Basalt
----------------------------------------------------------------------------
and 385.0 390.0 5.0 1.00 3.80 North Basalt
----------------------------------------------------------------------------
UB13-280 447.0 450.0 3.0 8.81 16.10 North Basalt
----------------------------------------------------------------------------
and 479.0 482.0 3.0 3.23 11.40 North Basalt
----------------------------------------------------------------------------
New Discoveries: East Basalt Zone and the North Q Zone
Step-out exploration drilling in the first quarter of 2013 has intersected two new gold-copper discoveries: the East Basalt Zone and the North Q Zone, both occurring in mafic volcanic rocks adjacent to the Upper Beaver Igneous Complex.
Four holes (UB13-279, -281, -284 and -287) drilled approximately 700 metres north-east of the Upper Beaver deposit have intersected new copper-gold mineralization in the East Basalt Zone. All four holes drilled on the same section intersected the mineralization starting at 75 m below surface. The most significant result was intersected in hole UB13-284 where a 18.1 metre thick continuous zone of gold and copper mineralization assayed 9.3 g/t Au with 1.7% Cu, included is an interval assaying 13.1 g/t Au with 2.8% Cu over 11.1 metres. Hole UB13-287 drilled below UB13-284 intersected 2.2 g/t Au with 0.5% Cu over 17.8 metres. The chalcopyrite-magnetite stringer mineralization at the East Basalt Zone dips steeply to the north and resembles the mineralization previously mined near the south-west margin of the igneous complex.
Two holes (UB13-282 and -288) drilled approximately 400 metres north-west of the Upper Beaver deposit intersected the new North Q Zone. The holes intersected multiple stringers of gold and copper mineralization approximately 200 metres below surface with significant intervals assaying 3.2 g/t Au with 0.6% Cu over 8.0 metres including 11.0 g/t Au with 1.6% Cu over 2.0 metres (hole UB13-182) and 1.84 g/t Au with 0.3% Cu over 14.0 metres including 4.4 g/t Au with 0.75% Cu over 4.0 metres (UB13-288).
North Basalt Zone
The North Basalt Zone is located approximately 800 metres north of the Upper Beaver deposit and was initially discovered by Queenston in 2005 in drill hole UB05-13 assaying 0.5 g/t Au over 8.0 metres. In 2006 drilling continued to target the zone including hole UB06-51 intersecting two intervals assaying 6.2 g/t Au with 1.3% Cu over 9.9 metres and 8.0 g/t Au with 1.0% Cu over 9.1 metres. Later in 2006 drilling at the North Basalt Zone was postponed as emphasis was focussed to the south to extend the primary Upper Beaver deposit.
Three new holes targeted the North Basalt Zone located west of the north-south trending diabase dyke. Hole UB13-278 intersected a 30.0 metre wide zone of mineralization assaying 3.2 g/t Au with 0.8% Cu including 9.7 g/t Au with 1.7% Cu over 4.0 metres at approximately 300 m below surface. Fifty metres below this interval hole UB13-280 intersected high grade mineralization assaying 16.1 g/t Au with 8.8% Cu over 3.0 metres and 11.4 g/t Au with 3.3% Cu over 3.0 metres.
In-fill Resource Definition
Drilling continues to confirm the continuity of the mineralization in the western portion of the main Upper Beaver deposit. At approximately 700 metres below surface hole UB13-262W4 intersected a thick zone of mineralization assaying 5.4 g/t Au with 0.5% Cu over 59.0 metres including 8.0 g/t Au with 0.7% Cu over 32.0 m. This interval is approximately 30 m above previous hole UB12-262W3 that cut a similar wide interval assaying 5.5 g/t Au with 0.6% Cu over 54.0 metres. (See News Release dated January 30, 2013).
About Upper Beaver
The Upper Beaver project is 100% owned by Osisko Mining Ltd., a wholly-owned subsidiary of Osisko. The Upper Beaver mine produced approximately 140,000 oz of gold and 12 million pounds of copper intermittently from 1912 to 1971, from 526,678 tonnes averaging 8.31 g/t Au and 1.03% Cu. Queenston commenced exploration on the property in 2005 and defined the first new mineral resource in 2009. Since 2005 three-hundred and eighty new diamond drill holes (including wedges) have been completed on the property, representing 236,874 metres of drilling.
A Preliminary Economic Assessment ("PEA") was completed on Upper Beaver in early 2012 (Queenston press release, February 16, 2012). The PEA studied the economics of building a 2,000 tonne per day mine/mill complex at Upper Beaver that would produce on average 120,000 oz of gold and 5.3 million pounds of copper annually with first production targeted in 2016. The permit to sink a new 1,300 m deep shaft was received in September 2012 and detailed engineering, procurement and shaft collar excavation have commenced. The PEA incorporated the May 2011 mineral resource for Upper Beaver, containing 3,074,000 t averaging 7.0 g/t Au (690,000 oz) with 0.5% Cu (36.6 M lbs) (Indicated) and 3,093,000 t averaging 6.2 g/t Au (616,000 oz) with 0.4% Cu (28.0 M lbs) (Inferred) (Queenston press release, May 4, 2011).
An updated mineral resource was announced on September 2012, increasing the indicated resource by 112% to 6,870,000 t averaging 6.6 g/t Au (1,461,000 oz) and 0.37% Cu (56 M lbs), and increasing the inferred resource by 16% to 4,570,000 t averaging 4.9 g/t Au (712,000 oz) and 0.32% Cu (32 M lbs) (Queenston press release, September 26, 2012).
The focus at Upper Beaver for 2013-2014 will be on the development of the 1,300 metre exploration shaft, including engineering, design and fabrication of the head frame and hoisting facilities budgeted at $70 million. The shaft collar has now been established to a depth of 26 metres and exploration on the deposit continues with six drills. In addition to the development program at Upper Beaver the Company has budgeted an additional $20 million for 2013 exploration in the Kirkland Lake gold camp.
Quality Control
True widths of reported intervals are interpreted based on drill-hole intercepts and interpreted orientations of intersected lithologies and are estimated at 65-80% of the core length interval. Assays are uncut. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. All NQ core assays reported were obtained by standard 30 g fire-assaying-AA finish or gravimetric finish at Swastika Laboratories of Swastika, Ontario. Drill program design, Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. The Upper Beaver project is supervised by Mark Masson, P.Geo. Standards and blanks are submitted every 25 samples for QA/QC purposes by the Company as well as the lab. Approximately 5% of sample rejects and/or pulps are sent to secondary laboratories for check assaying.
Mr. William McGuinty, P.Geo. is Project Manager for Osisko Mining Ltd. and is the Qualified Person responsible for the technical information reported herein, including verification of the data disclosed.
About Osisko
Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec and is carrying out aggressive exploration and project development elsewhere in Canada and Latin America.
Cautionary Notes Concerning Estimates of Mineral Resources
This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that that further work will lead to mineral reserves that can be mined economically.
Forward-Looking Statements
Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Osisko expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, the continued development of the Upper Beaver project and more specifically the development of the exploration shaft. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation, that all technical, economical and financial conditions will be met in order to achieve such events qualified by the foregoing cautionary note regarding forward looking statements, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development and construction personnel, results of exploration and development activities, Osisko's limited experience with production and mining operations, uninsured risks, regulatory framework and changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in Osisko's most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.Starr mich nicht so an, ich bin auch nur eine Signatur.
April 9, 2013
Osisko Previews Q1 2013 Canadian Malartic Operating Results
New Record Throughput and Gold Production Achieved
MONTREAL, QUEBEC--(Marketwired - April 9, 2013) - Osisko Mining Corporation (the "Company" or "Osisko") (TSX:OSK)(FRANKFURT:EWX) today reports a preview of Canadian Malartic operational results for the quarter ended March 31, 2013.
Q1 Highlights
-- Record gold production of 106,047 ounces
-- Record total tonnage processed of 4,234,001 t
-- Record average daily tonnage processed of 47,044 tpd (based on 90
calendar days)
-- Record average daily tonnage processed of 48,389 tpd (based on 87.5
operational days)
-- Record one-month gold production of 42,521 ounces (March)
-- Record one-month tonnage processed of 1,594,608 t (March)
-- Record one-month average tonnage processed of 51,439 tpd (March,
calendar day)
-- Average recovery of 88 percent
-- Average grade milled of 0.885 g/t Au
About Osisko Mining Corporation
Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec and is pursuing exploration on a number of properties, including the Hammond Reef Gold and Upper Beaver projects in Northern Ontario.
Mr. Luc Lessard, Eng., Senior Vice-President and Chief Operating Officer of Osisko, is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.
Forward-Looking Statements
Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Osisko expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, continued exploration and development of the Upper Beaver and Hammond Reef projects. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation, that all technical, economical, regulatory and financial conditions will be met in order to continue exploration and development of the Hammond Reef and Upper Beaver projects, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development personnel, results of exploration and development activities, Osisko's limited experience with production and development stage mining operations, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in Osisko's most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.Starr mich nicht so an, ich bin auch nur eine Signatur.
April 17, 2013
Osisko Comments on Trading Activities
MONTREAL, QUEBEC--(Marketwired - April 17, 2013) - Osisko Mining Corporation (the "Company" or "Osisko") (TSX:OSK)(FRANKFURT:EWX) wishes to advise that it is not aware of any undisclosed material adverse information which would explain the recent decline in its share price.
On April 9, 2013, the Company disclosed the Canadian Malartic operational results for the quarter ended March 31, 2013, which included record gold production of 106,047 ounces (with record one month gold production in March of 42,521 ounces).
The Company estimates that the cash cost per ounce(1) for the first quarter is expected to be below $900, with the cash cost per ounce (1) for March anticipated to be below $750.
Total debt for the Company at March 31, 2013 is $325.9 million ($337.4 million at December 31, 2012). At March 31, 2013, Osisko had a cash balance(1) of $139.3 million ($155.5 million at December 31, 2012). The Company is in compliance with all its debt covenants and maintains positive relations with its lenders.
The Company further notes that it does not have any debt covenants that relate to market capitalization or the market price of its common shares.
Sean Roosen, President and CEO notes: "While the Company maintains prudent cash management practices at all times, the short term recent gold price decline has caused us to intensify our review of discretionary investment spending. We are in the fortunate position of owning all our major Projects, which allows us to allocate capital in accordance with our free cash resources."
About Osisko Mining CorporationStarr mich nicht so an, ich bin auch nur eine Signatur.
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VAL-D'OR, QUÉBEC--(Marketwired - June 4, 2013) - Abitibi Royalties Inc. (TSX VENTURE:RZZ) (the "Company" or "Abitibi Royalties") is pleased to report the initial drill assay results from the 2012 drill program on the Malartic CHL Prospect, located immediately east of Osisko Mining Corporation's ("Osisko") 100%-owned Canadian Malartic gold mine property. The information that follows has been provided to Abitibi Royalties by joint venture partner and program operator Osisko.
The initial set of drill assay results contained herein pertains to the Mammoth Extension Area, where a total of fourteen (14) holes (2,699 metres) were drilled. Within this specific target area, four (4) individual zones have been identified and include the "Gap Barnat-Jeffrey","Sheehan", "Mammoth Extension" and "Mammoth Area South".
Highlights from the fourteen (14) drillholes include, 60.90 metres averaging 1.31 g/t gold from the Mammoth Extension (CHL12-2451), 25.70 metres averaging 1.14 g/t gold from the Mammoth Extension (CHL12-2455), 45.60 metres averaging 1.32 g/t gold, including 1.2 metres averaging 8.71 g/t gold from the Sheehan Zone (CHL12-2450) and 9.10 metres averaging 1.73 g/t gold, including 1.10 metres averaging 9.23 g/t gold from the Gap Barnat-JeffreyZone (CHL12-2426).
Drillhole Assay Table Hole No. Section From
(m) To
(m) Length
(m) Au g/t
(uncut) Cut-off
g/t
Gap Barnat-Jeffrey
CHL12-2426 6575E 88.00 89.70 1.70 16.05 0.31
And 159.0 165.60 6.60 1.43 0.31
And 207.0 216.10 9.10 1.73 0.31
Incl. 214.0 215.10 1.10 9.23 0.31
The assay results for the other five (5) targets tested in the 2012 drill program will follow in separate news releases over the coming weeks. In summary, the 2012 drill program consisted of thirty-one (31) new drillholes in addition to two (2) drillhole extensions, totalling 5,660.2 metres targeting six (6) separate targets (for details please refer the Company's May 6, 2013 news release).
All NQ core assays reported above were obtained by standard 50 g fire assaying-AA finish or gravimetric finish at ALS Chemex laboratories in Val-d'Or, Québec. Reported drill core weighted averages were calculated using a minimum of 0.40 g/t Au over successive intervals of 20 metres. The lengths of mineralized intervals of less than 20 metres were minimized, and an upper cut-off of 31 g/t Au was applied to individual assays where indicated. Intervals containing individual assays that are greater than six times the average of the interval are included separately. Intersected drifts or lost core within mineralized intersections were incorporated as blank intervals.
Osisko follows strict QA-QC protocol measures in keeping with industry standards and regulatory reporting requirements. Glenn J. Mullan, Chief Executive Officer of Abitibi Royalties, is the Qualified Person (as such term is defined in National Instrument 43-101 - Standards of Mineral Disclosure) who has reviewed this news release and is responsible for the technical information reported herein.
About Abitibi Royalties Inc.: Abitibi Royalties holds 100% title to the Luc Bourdon and Bourdon West Prospects in Ontario and a 30% free-carried interest on the Malartic CHL Property near Val-d'Or, Québec which is the object of a joint venture with Osisko Mining Corp. In addition, the Company holds a 2% net smelter royalty interest in one additional claim held by Osisko, and may acquire and generate other property and royalty interests.
Forward Looking Statements:
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
July 15, 2013
Osisko Provides Notice of Second Quarter 2013 Operating and Financial Results Release and Conference Call
MONTREAL, QUEBEC--(Marketwired - July 15, 2013) - Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX) announces that its second quarter 2013 operating and financial results will be released after market close on August 1st, 2013 followed by a conference call on Friday, August 2nd at 10:00am EDT.
Q2 Conference Call Information
Those interested in participating in the conference call should dial in at 1-416-981-9000 (Toronto local and international), or 1-800-757-9216 (North American toll free). An operator will direct participants to the call.
The conference call replay will be available from 12:00 p.m. EDT on August 2, 2013 until 11:59 p.m. EDT on August 16, 2013 with the following dial in number: 416-626-4100 or Toll-free 1-800-558-5253, access code 21668329.
About Osisko Mining Corporation
Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec and is pursuing exploration on a number of properties, including the Hammond Reef Gold and Upper Beaver Gold Projects in Northern Ontario.
________________________________________
CONTACT INFORMATION:
John Burzynski
Vice-President Corporate Development
(416) 363-8653 www.osisko.com
or
Sylvie Prud'homme
Director of Investor Relations
(514) 735-7131
Toll Free: 1-888-674-7563Starr mich nicht so an, ich bin auch nur eine Signatur.
July 30, 2013
Osisko Enhances Financial Flexibility by Improving Long-Term Debt Terms
MONTREAL, QUEBEC--(Marketwired - July 30, 2013) - Osisko Mining Corporation (the "Company" or "Osisko") (TSX:OSK)(FRANKFURT:EWX) is pleased to announce that it has reached agreements with CPPIB Credit Investments Inc. ("CPPIB"), a wholly-owned subsidiary of the CPPIB Investment Board, the Caisse de depot et placement du Quebec ("CDPQ") and Ressources Quebec ("RQ"), a subsidiary of Investissement Quebec, to modify certain terms of its long-term debt facilities.
The repayment schedule of the $150 million CPPIB facility and the $75 million convertible debentures has been rescheduled as per the following schedule:
The 12.5 million warrants held by CPPIB now expire on September 30, 2017, with an exercise price of the warrants of $6.25. The exercise of the warrants may be accelerated at the Company's option if the Osisko shares trade at a price above $8.15 for 20 consecutive days. The $100 million delayed drawdown facility established in May 2012 with CPPIB will no longer be required.
The debentures held by CDPQ and RQ will now become due in November 2017. The debentures will be convertible into Osisko shares at any time prior to the due date at the price of $6.25 per share (previously $9.18).
The CPPIB credit facility and the convertible debenture will bear a fixed rate of interest of 6.875%, compared to 7.5% previously.
The agreements are conditional on finalization of documentation to the satisfaction of all parties, obtaining the necessary regulatory authorizations and on payment of customary fees, which are expected to be all completed within the next 30 days.
Sean Roosen, President and Chief Executive Officer, commenting on the modifications to the various credit agreements: "We are pleased with the enhanced flexibility and the confidence received from our financial partners, which will allow us to continue to develop Osisko as a leading intermediate gold producer".
About Osisko Mining Corporation
Osisko Mining Corporation operates the Canadian Malartic gold mine in Quebec and is pursuing exploration on a number of properties, including the Upper Beaver and Hammond Reef gold projects in Ontario.
Forward-Looking Statements
Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Osisko expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, the timely satisfaction of the conditions of the agreements, including the finalization of documentation and the obtaining of the necessary regulatory authorizations, and the enhancement of the Corporation's financial flexibility in order to allow the continuous development of the Corporation's activities. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation, that all technical, economical and financial conditions will be met in order to achieve such events qualified by the foregoing cautionary note regarding forward looking statements, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements.
Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development and construction personnel, results of exploration and development activities, Osisko's limited experience with production and mining operations, uninsured risks, regulatory framework and changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in Osisko's most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.
________________________________________
CONTACT INFORMATION:
John Burzynski
Vice-President Corporate Development
(416) 363-8653 www.osisko.com
or
Sylvie Prud'homme
Director of Investor Relations
(514) 735-7131
Toll Free: 1-888-674-7563Starr mich nicht so an, ich bin auch nur eine Signatur.
August 1, 2013
Osisko Reports Second Quarter 2013 Results
Earnings from Mine Operations of $42.6 Million, Adjusted net earnings(1) of $25.1 million
MONTREAL, QUEBEC--(Marketwired - Aug. 1, 2013) - Osisko Mining Corporation (the "Company" or "Osisko") (TSX:OSK)(FRANKFURT:EWX) today reported adjusted net earnings(1) of $25.1 million ($0.06 per share) for the second quarter of 2013 compared to 35.6 million ($0.09 per share) for the second quarter of 2012. The net loss for the quarter amounted to $492.8 million ($1.13 per share) mainly as a result of an after-tax impairment charge on the Hammond Reef gold project of $487.8 million, compared to net earnings of $19.0 million in the second quarter of 2012 ($0.05 per share).
Q2 Highlights
-- Gold production of 111,701 ounces;
-- Earnings from Canadian Malartic of $42.6 million;
-- Operating cash flows of $55.9 million;
-- Free cash flows(2) of $15.1 million;
-- Impairment charge of $487.8 million on the Hammond Reef gold project,
net of tax;
-- Net loss of $492.8 million or $1.13 per share;
-- Adjusted net earnings(1) of $25.1 million;
-- Investment of $59.9 million in mining assets and projects;
-- Reduction of over $80.0 million in capital budget for 2013;
-- Record tonnage processed at 4.4 million tonnes;
-- Record monthly gold production of 45,062 ounces in June 2013;
-- Record one-month average daily throughput of 53,138 tonnes in May 2013;
-- Collection of the $30.0 million note receivable from Kirkland Lake Gold
Inc.;
-- Final deposit of $11.6 million to cover the future rehabilitation costs
of the Canadian Malartic mine, for a total deposit to date of $46.4
million, representing 100% of the required guarantee;
-- Company is maintaining annual gold production estimate of 485,000-
510,000 ounces;
-- Agreements to reschedule payments of $225.0 million on the long-term
debt.
Sean Roosen, President and Chief Executive Officer commenting on the second quarter results: "We continue our progress at Canadian Malartic with improved mill throughput and strong gold production. Despite challenging gold markets, we were able to generate operating cash flows of $55.9 million and free cash flows(2) of $15.1 million during the period. Our team is focused on further improving these results."
(1) Reconciliation of non-IFRS measures is provided under Non-IFRS Measures of Performance of this press release.
(2) Free cash flows represent the increase (decrease) in cash and cash equivalents in the Consolidated Statements of Cash Flows.
The mine operating statement for the production period is as follows:
(3) Balances related to 2012 have been restated to reflect the impact of the adoption of IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine
(4) Reconciliation of non-IFRS measures is provided under Non-IFRS Measures of Performance of this press release.
(5) Using the average exchange rate.
Following continued improvement in mill availability and throughput rates, the mine established a quarterly gold production record of 111,701 ounces. Average daily throughput reached 48,836 tonnes, a 4% increase over the first quarter of 2013 and a 37% increase over the corresponding period in 2012. Throughput rate continues to progress favorably with the past quarter being the sixth consecutive quarterly increase. Cash cost per ounce(6) for the period amounted to $781. The mine generated second quarter operating earnings of $42.6 million, compared to $50.0 million in the second quarter of 2012. The decrease in profit from mine operations is mainly due to a 12% decline in price realized on the sale of gold and higher depreciation charges.
During the quarter, approximately 4,470 equipment hours (5.9% of available hours) were lost due to noise and weather constraints, compared to 1,510 equipment hours (1.7% of available hours) in the first quarter of 2013 and 4,510 (5.2% of available hours) equipment hours in the second quarter of 2012.
Production in the second quarter of 2013 improved to an average 52,592 tonnes per operating day compared to 48,667 tonnes per operating day in the previous quarter and 38,074 tonnes per operating day in the second quarter of 2012. Continued optimization of operations at the mill, the two cone crushers and the additional pebble crusher installed in 2012 allowed the mill to reach new records in the second quarter. In coordination with the technical advisors, the Canadian Malartic team continues to work on improving the mill throughput and enhancing operating efficiencies.
(6) Reconciliation of non-IFRS measures is provided under Non-IFRS Measures of Performance of this press release.
(7) Including topographic drilling of 3.4 million tonnes in 2013 and 2.5 million tonnes for the year 2012.
Mill operating statistics continue to show progress in all categories.
Cash costs per ounce(8) for the second quarter and the first six months of 2013 stood at $781 and $792 respectively, compared to $892(9) and $857(9) in the corresponding periods of 2012. The improvement over the comparative periods in 2012 is mainly the result of increased throughput and gold production, improved efficiencies and reduction in contractors' costs.
It is anticipated that as the operations at Canadian Malartic stabilize and the operations are further optimized, the operating costs will continue their downward trend. In June 2013, a month with no maintenance shut down and record gold production, cash costs per ounce(8) fell to $602.
(8) Reconciliation of non-IFRS measures is provided under Note Regarding Certain Non-IFRS Measures of Performance of this press release.
(9) Restated to reflect the adoption of IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine.
Adjusted Net Earnings(10)
Excluding specific non-cash items, adjusted net earnings(10) amounted to $25.1 million ($0.06 per share) during the second quarter of 2013 compared to $35.6 million ($0.09 per share) in the second quarter of 2012.
(In thousands of
dollars, except
for amounts per
share) Three Months Ended Six Months Ended
----------------------------------------------------------
June 30, 2013 June 30, 2012 June 30, 2013 June 30, 2012
----------------------------------------------------------
Net earnings
(loss) (492,762) 18,984 (475,346) 49,579
Impairment of
Hammond Reef gold
project 530,878 - 530,878 -
Write-off of
grassroots
exploration
projects 13,050 - 15,074 617
Share-based
compensation 2,225 2,708 4,021 5,339
Unrealized loss on
investments 314 1,158 2,239 1,705
Impairment on
available-for-
sale assets 3,284 - 3,284 1,094
Deferred income
and mining tax
expense
(recovery) (31,899) 12,784 (18,634) 36,721
----------------------------------------------------------
Adjusted net
earnings(10) 25,090 35,634 61,516 95,055
----------------------------------------------------------
Adjusted net
earnings per
share(10) 0.06 0.09 0.14 0.25
----------------------------------------------------------------------------
The decrease in adjusted net earnings(10) is mainly the result of lower average selling prices of gold during the second quarter of 2013 and higher depreciation charges.
(10) Reconciliation of non-IFRS measures is provided under Non-IFRS Measures of Performance of this press release.
Investments
The Company invested $59.9 million in property, plant and equipment during the second quarter. These investments were mainly focused on the Canadian Malartic mine (stripping costs, geotechnical work, sustaining capital and expansion) and the Kirkland Lake and Upper Beaver exploration projects.
Recent volatility in the gold price and financial markets has led Osisko to review in April its rate of discretionary spending in exploration and advancing new projects. As previously announced, the Company is decreasing discretionary spending for 2013 by over $80 million.
Upper Beaver Project and Kirkland Lake - Larder Camp
On December 28, 2012, Osisko completed the acquisition of Queenston Mining Inc. As part of the transaction, the Company acquired the Upper Beaver Project and a package of lands covering 230 km2 in the rich Kirkland Lake Gold Camp, which has produced over 40 million ounces in past years. Queenston Mining Inc. changed its name to Osisko Mining Ltd. on January 16, 2013.
The Queenston transaction also provides the Company with a major foothold in a prolific gold camp that has produced in excess of 40 million ounces. Queenston had consolidated the land package over the past 20 years. To date, there have been several satellite deposits identified that could feed a regional mill.
The work at Upper Beaver is focused on drilling deep holes to test extensions of known zones. The Company has completed approximately 34,795 meters of drilling since January 1, 2013. Work is currently limited to completion of current holes and compiling information generated during the drilling phase to date.
The shaft collar work was completed. Construction of the head frame and surface facilities has been delayed, as well as the shaft sinking. The pause in the project execution plan allows for the review of the construction and development approach with the aim of reducing the capital outlays. This reassessment period will result in a deferral of approximately $50 million of the planned Upper Beaver outlays of $70 million for 2013.
The Company has completed 68,076 meters on various regional targets in the Kirkland Lake - Larder camp, including 15,912 meters in the second quarter of 2013. Drilling activities have been reduced to focus on compilation and assessment of the results. The exploration expenditures at Kirkland Lake for 2013 are estimated at the original budget of $20 million.
Hammond Reef Gold Project
Osisko acquired the Hammond Reef gold project located near Atikokan in Northwestern Ontario, through the acquisition of publicly traded Brett Resources Inc. in mid 2010 for $375.0 million. Hammond Reef is a large and growing development project with potential to become a substantial open-pit mine. During the second quarter of 2013, Osisko invested $2.2 million (including working capital) for a total of $155.9 million since its acquisition in 2010. In the second quarter of 2013, efforts were focused on the preparation of the feasibility study and the publication of the environmental assessment report.
A new resource estimate for Hammond Reef was released on January 28, 2013. As per the estimate, global measured and indicated resources currently stand at 5.43 million ounces gold at an average grade of 0.86 g/t Au and the global inferred resource stands at 1.75 million ounces gold at an average grade of 0.72 g/t (based on 0.50 g/t Au lower cut-off).
Further, a whittle pit optimized undiluted resource was calculated (US$1,400 whittle pit shell), totaling 5.31 million ounces of gold at an average grade of 0.72 g/t in the measured and indicated category, and 0.28 million ounces of gold at an average grade of 0.65 g/t in the remaining inferred category.
Hammond Reef Undiluted Resource Estimates within US$1,400 Whittle pit shell
Osisko's technical team is progressing on the feasibility study of the project. Due to significant inflation in the mineral industry over the past few years, the preliminary estimate of capital cost for a 60,000 tonnes per day operation ranges between $1.5 and $1.8 billion. Gold output is estimated to average 400,000 ounces per annum at a production cost of $800 to $850 per ounce. The group is continuing to review alternatives to optimize capital costs and improve the returns. Under the current scenario, the Hammond Reef gold project requires higher gold prices to justify the investment.
Based on preliminary feasibility results and current market conditions in the gold sector, the Company undertook a review of its project. The Company conducted impairment testing of Hammond Reef in conformity with IFRS practices and determined that an impairment charge of $487.8 million, net of a deferred tax recovery of $43.1 million, was necessary. Accordingly, the project value recorded on the Company's books was reduced to nil.
The Company will continue to pursue low-cost permitting activities in the near-term and will continue to monitor market conditions.
Exploration
Prior to mid 2009, the Company's efforts were focused solely on the development of its flagship asset, the Canadian Malartic mine. Following the securing of the financing, the necessary authorizations and the construction release, the Company began to seek other opportunities to complement the Canadian Malartic mine. The overall objective is for Osisko to achieve the status of a leading intermediate gold producer with annual production of 1 million ounces. The principle strategy is to create value through the identification and development of gold reserves and resources.
To build on its gold mining asset base, the Company has acquired advanced exploration projects, has entered into exploration agreements, has staked ground, and has invested in various public and private exploration companies with promising gold projects. Osisko continues to focus its efforts on its new Kirkland Lake area properties and in Mexico.
Osisko enjoys flexibility on its major projects, a benefit of being the sole owner, and thus can select the rate of execution of its investment programs without concern for compromising ownership rights.
Liquidity and Capital Resources
As at June 30, 2013, the Company's cash and cash equivalents, short-term investments and restricted cash amounted to $153.7 million compared to $155.5 million as at December 31, 2012, as summarized below:
(In thousands of dollars) June 30, 2013 December 31, 2012
Short-term investments were acquired following the acquisition of Queenston as at December 28, 2012 and were converted into cash and cash equivalents during the first quarter of 2013 to increase the flexibility of available liquidities. The Company has also collected in June the $30.0 million note receivable from Kirkland Lake Gold Inc. related to the sale of properties by Queenston prior to its acquisition by Osisko.
On July 5, 2013, Osisko deposited a Government of Quebec bond of $11.6 million with the Quebec Government, representing the balance of the total guarantee required to cover the entire future costs of rehabilitating the Canadian Malartic mine site. The aggregate deposits with the Government of Quebec amount to $46.4 million.
Modifications to long-term debt terms
On July 30, 2013, the Company entered into agreements with CPPIB Credit Investments Inc. ("CPPIB"), the Caisse de depot et placement du Quebec ("CDPQ") and Ressources Quebec ("RQ") to modify certain terms of its long-term debt facilities.
-- CPPIB loan ($150.0 million)
-- The loan repayments that were previously based on cash flow
availability will now be based on pre-determined fixed amounts. The
first repayment is postponed to 2014.
-- The fixed interest rate will be revised to 6.875% (from 7.5%
previously).
-- The maturity date of the 12.5 million warrants held by CPPIB will be
extended to September 30, 2017 and the exercise price will be
modified to $6.25 per warrant. The exercise of the warrants may be
accelerated at the Company's option if the Osisko shares trade at a
price above $8.15 for 20 consecutive days.
-- The delayed drawdown facility ($100.0 million) established in May
2012 will be cancelled.
-- Convertible debentures ($75.0 million)
-- The maturity date of the convertible debentures will be postponed to
November 2017.
-- The fixed interest rate will be revised to 6.875% (from 7.5%
previously).
-- The convertible debentures will be convertible into Osisko shares at
any time prior to the due date at the price of $6.25 per share
(previously $9.18 per share).
The following table presents the new repayment schedules of the CPPIB loan and the convertible debentures per calendar year (in millions of dollars):
The agreements are conditional on finalization of documentation to the satisfaction of all parties, obtaining the necessary regulatory authorizations and on payment of transaction fees, which are expected to be all completed by the end of the month of August 2013. On the closing date, the Company will assess the financial impact of these amendments on its consolidated financial statements.
Outlook for 2013
Following the modifications and commissioning of the pre-crushing circuit and the second pebble crushing unit, it is anticipated that mill throughput should be stabilized in 2013. Gold production is estimated between 485,000 - 510,000 ounces for the year. As a result of gaining access to higher grade material in the second half of the year, it is anticipated that gold output will be higher in the second semester. Cash costs per ounce(11) are estimated between $780 and $825 per ounce, a 9% to 14% reduction in costs from 2012.
Following the issuance of a new IFRS accounting pronouncement with respect to stripping costs in the production phase of a surface mine, the Company expects to capitalize stripping costs in 2013. Capitalized stripping costs are not reflected in the table below. The change in policy has no impact on cash and cash equivalents, however, cash costs per ounce(11) are expected to decrease by approximately $50 and capital expenditures are expected to increase by the same amount.
(11) Reconciliation of non-IFRS measures is provided under Non-IFRS Measures of Performance of this press release.
Recent volatility in the gold price and financial markets has led Osisko to review its rate of discretionary spending in exploration and advancing new projects. As a result, the Company is decreasing discretionary spending for 2013 by over $80 million.
Capital expenditures for 2013 are now estimated at $138 million as follows:
Revised Original
(in millions of dollars) budget(b) budget Reduction
----------------------------------------------------------------------------
Exploration - expensed through income
statement(a)(c) 9.3 8.0 (1.3)
-------------------------------------
Total 147.2 228.0 80.8
-------------------------------------
-------------------------------------
(a) Excludes write-off of projects.
(b) Excluding variation in accounts payable related to the Canadian
Malartic expansion, Hammond Reef, Upper Beaver and Kirkland Lake
projects.
(c) Exploration - expensed through income statement is higher in revised
budget compared to original budget, due to some investments in Mexico
being expensed whereas for budget purposes the total investments were
capitalized.
Outstanding Share Data
As of August 1, 2013, 437,068,524 common shares were issued and outstanding. A total of 24,016,096 common share options were outstanding to purchase common shares under the Company's share option plan and 14,517,453 common share purchase warrants were outstanding.
New Nomination
Mr. Ruben Wallin has joined Osisko as Vice President Environment and Sustainable Development effective August 1, 2013 as a replacement of Ms. Helene Cartier who left the Company in late June 2013.
Q2 Conference Call Information
Osisko will host a conference call on Friday, August 2, 2013 at 10:00am EDT, where senior management will discuss the financial results and provide an update of the Company's activities. Those interested in participating in the conference call should dial in at 1 416 981 9000 (Toronto local and international), or 800 757 9216 (North American toll free). An operator will direct participants to the call.
The conference call replay will be available from 12:00 p.m. EDT on August 2, 2013 until 11:59 p.m. EDT on August 16, 2013 with the following dial in number: 1 416 626 4100 or Toll-free 800 558 5253, access code 21668329.
Non-IFRS Measures of Performance
The Company has included certain non-IFRS measures including "cash costs per ounce", "cash margin per once", "adjusted net earnings" and "adjusted net earnings per share" to supplement its consolidated financial statements, which are presented in accordance with IFRS.
The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Cash costs per ounce
"Cash costs per ounce" is defined as the production costs of one ounce of gold excluding non-cash costs for a certain period. "Cash costs per ounce" is obtained from "Production costs" and "Royalties" less non-cash "Share-based compensation" and "By-product credits (silver sales)", adjusted for "Production inventory variation" for the period, divided by the "Number of ounces of gold produced" for the period.
Three months ended June 30, Six months ended June 30,
2013 2012 2013 2012
Adjusted net earnings and adjusted net earnings per share
"Adjusted net earnings" is defined as "Net earnings" less certain non-cash items: "Write-off of property, plant and equipment", "Share-based compensation", "Unrealized gain (loss) on investments", "Impairment on available-for-sale assets", and "Deferred income and mining tax expense (recovery)".
"Adjusted net earnings per share" is obtained from the "Adjusted net earnings" divided by the "Weighted average number of common shares outstanding" for the period.
Three months ended Six months ended
June 30, June 30,
2013 2012 2013 2012
--------------------------------------------------
(in thousands of dollars,
except per share amounts)
Net earnings (loss) for
the period (492,762) 18,984 (475,346) 49,579
Adjustments:
Impairment of property,
plant and equipment 530,878 - 530,878 -
Write-off of property,
plant and equipment 13,050 - 15,074 617
Share-based compensation 2,225 2,708 4,021 5,339
Unrealized loss on
investments 314 1,158 2,239 1,705
Impairment on available-
for-sale assets 3,284 - 3,284 1,094
Deferred income and
mining tax expense
(recovery)
Related to the
impairment of
property, plant and
equipment (43,100) - (43,100) -
Other 11,201 12,784 24,466 36,721
--------------------------------------------------
Adjusted net earnings 25,090 35,634 61,516 95,055
Weighted average number of
common shares outstanding
(000's) 436,695 387,279 436,599 386,528
--------------------------------------------------
Adjusted net earnings per
share 0.06 0.09 0.14 0.25
About Osisko Mining Corporation
Osisko Mining Corporation operates the Canadian Malartic Gold mine in Malartic, Quebec and is carrying out exploration and project development elsewhere in Canada and Latin America.
Mr. Luc Lessard, Eng., Senior Vice-President and Chief Operating Officer of Osisko, is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.
Cautionary Notes Concerning Estimates of Mineral Resources
This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that that further work will lead to mineral reserves that can be mined economically.
For further information in relation to the Hammond Reef project, please refer to the "Technical Report on the Hammond Reef Gold Property Atikokan area, Ontario" dated December 20, 2011. For further information in relation to the Canadian Malartic project, please refer to the "Feasibility Study - Canadian Malartic Project (Malartic, Quebec)", dated December 2008. Both of these reports are available under the Osisko profile at www.sedar.com.
For further information in relation to the Upper Beaver project, please refer to the "Technical Report on the Upper-Beaver Gold-Copper Project, Ontario, Canada" dated November 9, 2012, which is available under the Queenston profile at www.sedar.com.
Forward-Looking Statements
Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Osisko expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, further improvement of operating cash flows and free cash flows(2), continued improvement of the mill throughput and enhancement of operating efficiencies, further reduction of the operating costs as the operations at Canadian Malartic stabilize and are further optimized, that exploration work would lead to commercial production of several satellite deposits identified in the Kirkland Lake gold camp which could feed a regional mill, further development of its Hammond Reef project including timely completion of the project's feasibility study and permitting activities, positive outcome of any exploration work conducted on Osisko's Kirkland Lake area properties and in Mexico, that all conditions will be met to finalize the amendment to the CPPIB loan and to the convertible debentures with CDPQ and RQ, that higher grade material will be accessible in the second half of the year which would increase the gold output in the second semester, and the impact of the new IFRS accounting pronouncement with respect to stripping costs in the production phase of a surface mine on the Company's cash costs per ounce(11) and capital expenditures. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation, that all technical, economical and financial conditions will be met in order to achieve such events qualified by the foregoing cautionary note regarding forward looking statements, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements.
Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development and construction personnel, results of exploration and development activities, Osisko's limited experience with production and mining operations, uninsured risks, regulatory framework and changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in Osisko's most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.
Osisko Mining Corporation
Consolidated Balance Sheets
(Unaudited)
----------------------------------------------------------------------------
(tabular amounts expressed in thousands of Canadian dollars)
June 30, December 31,
2013 2012
--------------------------------
(restated -
see note)
($) ($)
Assets
Current assets
Restricted cash 37,651 38,362
Investments in associates 8,190 8,933
Other investments 7,403 16,894
Property, plant and equipment 1,865,159 2,352,546
--------------------------------
2,168,856 2,687,905
--------------------------------
--------------------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities 80,069 100,931
Current portion of long-term debt 85,497 76,883
Provisions and other liabilities 1,292 1,405
--------------------------------
166,858 179,219
Non-current liabilities
Long-term debt 245,962 260,529
Provisions and other liabilities 17,011 18,618
Deferred income and mining taxes 48,887 67,521
--------------------------------
478,718 525,887
--------------------------------
Equity attributable to Osisko Mining
Corporation shareholders
Share capital 2,051,069 2,048,843
Warrants 19,311 19,311
Contributed surplus 70,673 65,868
Equity component of convertible debentures 8,005 8,005
Accumulated other comprehensive loss (4,713) (1,148)
Retained earnings (deficit) (454,207) 21,139
--------------------------------
1,690,138 2,162,018
--------------------------------
2,168,856 2,687,905
--------------------------------
--------------------------------
Osisko Mining Corporation
Consolidated Statements of Income (Loss)
For the three and six months ended June 30, 2013 and 2012
(Unaudited)
----------------------------------------------------------------------------
(tabular amounts expressed in thousands of Canadian dollars)
Three months ended Six months ended
June 30, June 30,
------------------------------------------------
2013 2012 2013 2012
------------------------------------------------
(restated - (restated -
see note) see note)
($) ($) ($) ($)
Osisko Mining Corporation
Consolidated Statements of Cash Flows
For the three and six months ended June 30, 2013 and 2012
(Unaudited)
----------------------------------------------------------------------------
(tabular amounts expressed in thousands of Canadian dollars)
Three months ended Six months ended
June 30, June 30,
------------------------------------------------
2013 2012 2013 2012
------------------------------------------------
(restated - (restated -
see note) see note)
($) ($) ($) ($)
Operating activities
Net earnings (loss) (492,762) 18,984 (475,346) 49,579
Adjustments for:
Interest income (425) (379) (883) (912)
Share-based compensation 2,225 2,708 4,021 5,339
Depreciation 23,903 15,794 45,102 29,861
Finance costs 8,398 7,444 16,289 14,842
Write-off of property,
plant and equipment 13,050 - 15,074 617
Impairment of property,
plant and equipment 530,878 - 530,878 -
Gain on disposal of
property, plant and
equipment (218) (319) (173) (319)
Unrealized foreign
exchange loss 3,193 1,952 5,155 175
Share of loss of
associates 623 141 744 275
Net loss (gain) on
available-for-sale
financial assets (140) 155 851 68
Net loss on financial
assets at
fair value through
profit and loss 32 1,158 1,105 1,857
Impairment on available-
for-sale financial
assets 3,284 - 3,284 1,094
Provisions and other
liabilities (796) (558) (910) 82
Income and mining tax
expense (recovery) (31,899) 12,784 (18,634) 36,721
Other non-cash gain - - (139) -
------------------------------------------------
59,346 59,864 126,418 139,279
Change in non-cash working
capital items (3,399) 8,348 (7,993) 11,812
------------------------------------------------
Net cash flows provided by
operating activities 55,947 68,212 118,425 151,091
------------------------------------------------
Investing activities
Net decrease in short-term
investments - - 19,357 -
Net decrease in restricted
cash 711 453 4,716 511
Proceeds from note
receivable 30,000 - 30,000 -
Acquisition of investments - (1,100) - (7,546)
Proceeds on disposal of
investments 1,045 21 1,045 474
Property, plant and
equipment, net of
government credits (59,906) (76,440) (125,604) (148,305)
Proceeds on disposal of
property, plant and
equipment 353 - 368 -
Interest received 1,205 387 1,593 795
------------------------------------------------
Net cash flows used in
investing activities (26,592) (76,679) (68,525) (154,071)
------------------------------------------------
Financing activities
Long-term debt transaction
costs - (105) - (110)
Long-term debt repayments (3,081) (1,250) (5,552) (2,500)
Finance leaseStarr mich nicht so an, ich bin auch nur eine Signatur.
