Osisko reports on Q2, offers production updates

8/7/2008 11:11:37 AM | Buzz on the Boards

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Mining company pushes forward with Canadian Malartic Project.

Osisko Mining Corporation (TSX: T.OSK, Stock Forum) today reported a Q2 loss of $1.0 million, or one cent per share, compared to a loss of $3.9 million, or three cents per share, for last year’s Q2. Development on the company’s Canadian Malartic Project continued and highlights include progress on the relocation program with the development of the neighborhood infrastructures; selection of the mining fleet and the finalization of a $83 million capital lease financing facility; closing of a $20 million unsecured term loan facility; and completion of the analysis of the drill core samples from the Canadian Malartic drilling program.

The Quebec-based miner also noted that it expects to issue a measured and indicated resource calculation in Q3, 2008, which will be the foundation of the feasibility study.

A couple of days ago Stockhouse investor RabbitHole commented briefly, “I am surprised how well OSK is doing in this market, nice to see.” The investor is, of course, referring to the overall downtrending aspect of major markets these days, including the mining and energy sectors.

Thursday morning vasco17710 wondered if there would be “some kind of news any time soon or under three we go?” Three dollars, that is.

If that’s going to happen, it doesn’t look like it will be today. Shares of Osisko are trading up half a percent to $4.02 in morning action.

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