OMA member profile: Osisko Mining — historic connection and future prospects

This article was provided by the Ontario Mining Association (OMA), an organization that was established in 1920 to represent the mining industry of the province.

From its headquarters in Montreal, Osisko Mining is constructing a solid foundation to become a successful mid-tier gold producer.  The company poured its first bullion bar in April 2011 at its flagship and 100% owned Canadian Malartic gold mine in Quebec.

With its two main projects – Canadian Malartic and Hammond Reef — the company anticipates being a million ounce per year producer by 2016.  While the company directs its activities firmly into the future, its name has historic roots.  Osisko Lake in Northwestern Quebec is where Noranda founder Edmond Henry Horne made his first significant mineral discovery.

Commercial production from Canadian Malartic, which is located about 25 kilometres west of Val d’Or, started in June of this year, six years after the first exploration drill hole was struck on the property.  It is estimated this mine will produce on average about 575,000 ounces of gold annually over its anticipated 16 year mine life.
 
In Ontario, Osisko Mining is developing its 100% owned Hammond Reef gold property, which is located about 30 kilometres north of Atikokan in Northwestern Ontario.  The Hammond Reef property, which was acquired in 2010, has an inferred resource of more than 6.7 million ounces of gold.  

Hammond Reef has the potential to be an open-pit gold mine. A preliminary assessment indicates a 14 year mine life with the processing of 50,000 tonnes of ore per day to produce about 460,000 ounces of gold annually. Current plans envision a completion of the Environmental Assessment by the end of 2012, followed by permitting and construction with a production start-up target of early 2016.

The company promises to uphold principles that reflect a commitment to sustainable development and a fresh outlook on mining.  At the Canadian Malartic property, the Osisko Forest project has been launched with involves the landscaping and reforestation of 100 hectares of land every year for nine years. 

At the Hammond Reef project, Team Green has been implemented.  A local environmental team has been hired to handle the permitting for this site and to ensure best environmental practices are implemented.  Also, the company is working with nine neighbouring First Nations to incorporate Traditional Knowledge into the project’s Environmental Assessment.    

Sean Roosen, President and Chief Executive Officer of Osisko, was named Quebec Ernst & Young Entrepreneur of the Year.  He is one of five nominees in the running for the national award, which will be announced in late November.  This award in Quebec is given annually to an entrepreneur who has distinguished himself/herself both in business success and in socio-economic development within the community.

“I am extremely proud to receive one of Canada’s most prestigious awards,” said Mr. Roosen.  “I humbly accept this award on behalf of the entire Osisko team – now counting more than 700 employees – who are the ones truly responsible for this success.”  In recent years, Osisko is no stranger to receiving recognition for its accomplishments in the mineral industry.

In 2010, it won the Canadian Institute of Mining’s award for excellence in sustainable mining and in 2009, members of the senior Osisko team were named mining Men of Year by The Northern Miner.  Earlier, the company was given prospector of the year honours in Quebec and nationally.  

Osisko is a newer member of the OMA, joining in March 2011, and it is becoming more active in the association’s activities and initiatives.   More information on the company can be found at www.osisko.com.  This article is the thirteenth in a series of profiles of OMA member companies and their contributions to the vitality of Ontario’s society and economy.

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