NEWS-CONTINUED
(U.S. & Canada Regional News - from p. 10)
Osisko Acquires Queenston
in Friendly Transaction
Shareholders of Queenston Mining
approved acquisition of the company by
Osisko Mining at a shareholders meeting
on December 20, 2012. The friendly, allshare transaction, originally announced in
early November, was expected to close
before year-end. The transaction valued
Queenston's equity at approximately
C$550 million. Queenston shareholders
will own approximately 12% of Osisko following completion of the transaction.
Queenston's key asset is its Upper
Beaver project in the Kirkland Lake district
of eastern Ontario, which is on trend with
Osisko's flagship Canadian Malartic mine
in western Quebec. In February 2012,
Queenston completed a preliminary economic assessment of the project outlining
an initial 10-year mine life operating at
2,000 mt/d. Over the life of the mine,
Upper Beaver is expected to produce a
total of 1.1 million oz of gold at an average
rate of 120,000 oz/y and average cash
costs of $386/oz net of byproduct credits.
Exploration activities are ongoing at four
other Queenston deposits in the Kirkland
Lake district that are expected to provide
additional feed for a central milling facility.
The company's Kirkland Lake properties
in aggregate host NI 43-101 compliant
indicated resources of 2.1 million oz of gold
in 13 million mt of material grading 5 g/mt
and inferred resources of 1.9 million oz of
gold in 13 million mt of material grading
4.5 g/mt.
Osisko President and CEO Sean Roosen
commented, "Queenston is an excellent
strategic fit within our existing Canadian portfolio and, in our view, is one of the best undeveloped high-grade opportunities and significant open-pit targets in Canada."
NEWS-CALENDAR OF EVENTS
FEBRUARY 10–13, 2013: 39th Annual Conference on Explosives and
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26 E&MJ; • JANUARY 2013
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