Osisko Reports Phase Two Metallurgical Results
11 Febrero 2008 - 7:00AM
Marketwired
MONTREAL, QUEBEC (FRANKFURT: EWX) is pleased to report the
following results on the Phase II metallurgical program from its
100% owned Canadian Malartic gold project. Overall recovery from 86
individual leach tests of the direct whole ore cyanidation process
is confirmed at an average of 84% from composite samples
representing the main lithologies of the deposit, each with
approximately 1.1 g/t Au head grade and prepared to 80% minus 200
mesh grind size.
Flotation work that had indicated good recovery of gold to the
primary concentrate for some lithologies did not perform well
enough on the overall mill feed material. Direct whole ore
cyanidation processing has demonstrated superior recoveries and
therefore no further work will be carried out on the flotation
route.
The metallurgical test program is now moving to Phase III for
optimization. Leach tests will be repeated at various grind size
fractions and leach times in order to confirm optimum recovery
conditions. Phase III also includes additional work including
simulation to confirm the various possibilities regarding the
grinding circuit arrangement. This will provide the economic basis
for the final decision on the capacity and best operating
conditions for the Canadian Malartic process facility.
The Phase III detailed test work should be completed by the end
of Q1 2008 as originally planned. A Phase IV test program will
extend to Q2 2008 and will aim to fine-tune reagent consumption and
confirm the homogeneity of metallurgical results throughout the
deposit at various ore grades and material location. The results of
the above testing programs will establish the process design
criteria for the Feasibility Study to be released at the end of Q3
2008.
Furthermore, preliminary economic assessments based on 84%
recovery indicate more favorable project economics at a production
rate of 50,000 to 55,000 tonnes per day (tpd) or minimum 18 million
tonnes per annum. This will result in an increased annual gold
production and will be beneficial to the project in reducing unit
operation costs and significantly increasing revenue. A third ball
mill and additional leach tanks will be acquired to increase the
tonnage from the original project criteria of 40,000 tpd. Based on
initial discussions with suppliers, the delivery dates for the
additional mill and leach tanks will not affect the overall project
schedule.
Sean Roosen, President and CEO of Osisko, commented: "This
metallurgical work is the foundation for another significant
milestone in the development of the Canadian Malartic project. The
increase in production rate is entirely manageable within the
project time frame given that Osisko has already secured the bulk
of the milling equipment. Osisko has signed firm contracts with
Metso Minerals, ABB, FLSmidth Minerals and General Electric Canada
to purchase a 38 foot SAG mill, two 24 foot ball mills, a gyratory
crusher and all electrical drive equipment. Osisko expects first
deliveries in Q2 2009 and already has $21 million invested into
this equipment, which is part of the project capitalization. The
bold actions we took in 2006 to secure our long lead items and lock
in prices are now paying off for our shareholders as we have cost
and delivery date protection on these crucial items."
All metallurgical test work is being carried out by SGS
Lakefield Research on composite samples prepared from fresh NQ core
taken throughout the deposit to provide representative combination
of all ore types and lithologies that will be encountered in the
actual mining operation.
Osisko Exploration Ltd. is currently evaluating the Canadian
Malartic gold deposit and adjacent areas for a large-scale open
pit, bulk-tonnage mining operation. The Company is well-funded with
approximately $180 million on hand and is carrying out an
aggressive definition drilling and exploration campaign. A 43-101
Preliminary Economic Assessment report on the project is scheduled
to be released at the end of Q1 2008.
Mr. Denis Cimon, Eng. M.Sc. and Manager of Mineral Processing
for Osisko, is the Qualified Person responsible for the technical
information reported in this news release.
Contacts: Osisko Exploration Ltd. John Burzynski Vice-President
Corporate Development 514-735-7131 www.osisko.com Osisko
Exploration Ltd. Daniel Boase Investor Relations 416-742-5600 Toll
Free: 1-866-580-8891
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