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Osisko Mining poised to drop $59 million on Atikokan gold project

Osisko Mining Corporation plans to spend $59 million this year at its advance Hammond Reef project near Atikokan in northwestern Ontario. Most of that expenditure is earmarked for reserve development and exploration, and feasibility studies.
Northern Ontario Business Staff

Osisko Mining Corporation plans to spend $59 million this year at its advance Hammond Reef project near Atikokan in northwestern Ontario.

Most of that expenditure is earmarked for reserve development and exploration, and feasibility studies.

A new resource estimate was released in November showing 10.52 million ounces of gold inferred, and an in-pit inferred resource of 6.86 million ounces. Drilling has been ongoing since last July to upgrade the entire deposit to an indicated category, expected by the end of first quarter this year, and a measured and indicated category by the second quarter.

The Montreal-headquarter company posted a profit of $38.7 million in its fourth quarter and $79.5 million for 2011. Its flagship mine, Canadian Malartic, reached commercial production last May.