Press release from Marketwire
Osisko Deposits Study Reporting Local and Regional Economic Impact of the Canadian Malartic Mine
Wednesday, July 10, 2013
Osisko Deposits Study Reporting Local and Regional Economic Impact of the Canadian Malartic Mine10:23 EDT Wednesday, July 10, 2013
MONTREAL, QUEBEC--(Marketwired - July 10, 2013) - Osisko Mining Corporation (the "Company" or "Osisko") (TSX:OSK)(FRANKFURT:EWX) is pleased to announce that in accordance with its environmental monitoring plan ("EMP"), it has filed with the Ministry of Sustainable Development, Environment, Wildlife and Parks ("MDDEFP"), a study on Canadian Malartic mine's local and regional economic impact. This study was conducted by the independent consulting firm KPMG-SECOR and reports the economic impact of the Canadian Malartic mine. The study has also been filed with the Town of Malartic, as well as with the Canadian Malartic Monitoring Committee.
Sean Roosen, President and Chief Executive Officer of Osisko Mining Corporation, commented: "The KPMG-SECOR study demonstrates the positive impact of Canadian Malartic in recent years on the economy of Malartic, Abitibi-Témiscamingue and Quebec. During the BAPE hearings in 2009, Osisko had estimated that the project would be an economic engine for local, regional and Quebec economies. This study confirms our assessment."
The study shows that Canadian Malartic:
- Supports nearly 1,600 jobs in Abitibi-Témiscamingue, including 635 direct jobs at the mine site;
- Supports a payroll of more than $100 million through direct and indirect jobs;
- Pays $61.6 million in direct wages, with an average salary of $87,000, 66% higher than the average in the Vallée-de-l'Or Regional County Municipality;
- Makes purchases of over $290 million annually in Abitibi-Témiscamingue;
- Improves Malartic's quality of life and revitalizes its community and business assets.
Luc Lessard, Senior Vice President and Chief Operating Officer of Osisko, noted: "We continue to benefit from Quebec's mining expertise while ensuring its continued development. Our commitment is to maintain our strategy, in order to maximize benefits to our stakeholders. "
The study is available on the Company website (www.osisko.com).
The Canadian Malartic mine is wholly owned by Osisko Mining Corporation and is the largest gold mine in Quebec. The mine began commercial operation in May, 2011, six years after the initiation of the exploration program, and required an investment of more than $1 billion.
About Osisko Mining Corporation
Osisko Mining Corporation operates the Canadian Malartic gold mine in Quebec and is pursuing exploration on a number of properties, including the Upper Beaver and Hammond Reef gold projects in Ontario.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bryan A. Coates
Vice President, Finance and Chief Financial Officer
Osisko Mining Corporation
Director of Communications
Osisko Mining Corporation