Canadian miner to invest US$434M in gold mine

Photo: Osisko

Osisko Mining has reported positive results from an independent preliminary economic assessment on its Windfall gold pro-ject in Canada’s Québec. The foreseen capital expenditure is to total C$544 million (US$434 million), the Canadian miner said in a statement.


Infill drilling for the definitive feasibility study (DFS) is to be completed by the early fall of 2021, according to senior company representatives.


“In the next 12 months we are focused on completing drilling, the DFS, optimizing the capital program and operating plans, and securing project financing, as we advance our goal to move the project to first production in 2024,” said John Burzynski, the miner’s chief executive.


The gold mine is to generate more than C$8.2 billion of gross revenue. In the first seven years of full production, the company aims to mine some 300,000 oz of gold per year, with a peak recovery of 328,000 oz of gold in the mine’s sixth year of production, according to Osisko Mining.