Globe says Osisko makes acquisition on friendly ground
Ticker Symbol: C:OSK C:QMI

Globe says Osisko makes acquisition on friendly ground

Osisko Mining Corp (C:OSK)
Shares Issued 389,511,845
Last Close 11/12/2012 $9.02
Tuesday November 13 2012 - In the News

Also Queenston Mining Inc (C:QMI) In the News

The Globe and Mail reports in its Tuesday edition Osisko Mining's proposed $550-million acquisition of Queenston Mining and its Upper Beaver project in Ontario is the latest in a move by gold companies seeking acquisitions closer to home. The Globe's Bertrand Marotte writes Osisko, whose main asset is the Canadian Malartic gold mine in Quebec, said the Queenston deal would give it a footing in Ontario's Kirkland Lake region, where the Upper Beaver property is located. Charles Oliver, senior portfolio manager at Sprott Asset Management, says the proposed deal reflects a growing shift of interest to North America and Canada. Companies are shying away from Africa, the location of significant activity in the recent past, as governments there raise taxes and royalty costs. Last April, Iamgold scooped up Trelawney Mining and Exploration, a low-key Ontario gold explorer in a move to offset its Africa-heavy portfolio. Mr. Oliver said he would not be surprised to see a rival bid for Queenston emerge. Agnico-Eagle Mines Ltd. would be a logical bidder given its existing 9-per-cent stake in Queenston. It might also make sense for Iamgold, which owns the Westwood property nearby, to take a look, he added.

© 2012 Canjex Publishing Ltd.