Posted in | Gold | Mining Business | Earnings

Osisko Mining Reports Loss Due to Marlartic Cost Growth

Osisko Mining Corp (TSX: OSK) recorded a net loss of $8.4 million for the period and $7.1 million year-to-date.

The Canadian mining company reported the higher quarterly loss on Tuesday and based it on the increased costs of the completion for its Malartic open pit gold deposit in Quebec, Canada..

The Marlartic property which Osisiko is developing in the mineral rich region of northwestern Quebec will be Canada's largest open pit gold mine. A fast track construction program is being implemented that is forecasted to increase the project cost estimate by 3% to $956 million. The Project is now scheduled for completion in early May 2011.

The company has also recently acquired 77 % interest in Brett Resources for its Hammond Reef deposit in order to become a one million ounce per year gold producer by the year 2016. As per the President and CEO Mr. Sean Roosen the company believes that the Hammond Reef deposit has the potential to produce gold like the Malartic Project.

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