Re: What a great week
in response to
by
posted on
Oct 15, 2011 04:23PM
Thought I would just add this obtained from the Osisko web site. Gives us a sense of the timeline involved to bring this to production.
Osisko acquired a 100% interest in the Canadian Malartic property in November 2004, and initiated a detailed compilation of the extensive historical database in January 2005, including data from over 5,000 surface and underground drill holes. Osisko commenced its drilling program on the property in March 2005 and has drilled over 750,000 metres since then.
The deposit is an Archean porphyry gold system, consisting of a widespread shell of disseminated gold and pyrite mineralization hosted by diorite porphyry and altered metasediments. Drilling and compilation work has outlined a gold mineralized system measuring 1900 metres x 350 metres, with a variable true thickness ranging from 40 to 270 metres to a vertical depth of 320 metres from surface. The system is open to the west and to the south at depth.
The Company declared that its flagship asset, the Canadian Malartic mine, commenced commercial production effective May 19, 2011. Commercial production is determined within the gold industry as the first continuous 30 day period of plant operation at a rate of 60% of design capacity, which is 33,000 tonnes per day for the Canadian Malartic Mine.
The achievement of commercial production culminates from tremendous efforts of key individuals and the project was executed very expeditiously, six years from the initiation of the drilling program in March 2005. Key project milestones to date are:
Purchase of Canadian Malartic: October 2004
First Drill Hole: March 2005
Initial Resource Calculation: December 2006
Environmental Impact Assessment: September 2008
Feasibility Study: November 2008
Public Hearings: March-July 2009
Government Decree: August 2009
Construction Release: August 2009
Completion of Construction: March 2011
First Gold Pour: April 2011 Commercial Production: May 2011
1 NI 43-101 Proven and Probable Reserves:
48.7 Mt @ 0.8 g/t Au & 295 Mt @ 1.00 g/t Au
2 NI 43-101 Indicated Resource: 47.6 Mt @ 0.77 g/t Au
3 NI 43-101 Inferred Resource: 33.9 Mt @ 0.78 g/t Au