Osisko produces 92,003 ounces Au

Stockhouse Editorial
0 Comments| July 5, 2012

Osisko Mining Company (TSX:T.OSK, Stock Forum) said that its second-quarter gold production totalled a record 92,003 ounces from its flagship Canadian Malartic Mine.

According to a press release, during the second quarter the grade milled averaged 0.99 grams per tonne gold and the recoveries continued to be higher than feasibility modeling at 89.2%

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.

Also during the second quarter, the company sold 95,675 ounces at an average price of $1,627, compared to an average market price of $1626.

Osisko Mining 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.

On Thursday, Osisko Mining was up over 6% with a share price of $7.80. The company has a market cap of $3 billion, based on $387.3 million share outstanding. The 52-week high and low was $15.86 and $6.25 respectfully.

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