Osisko Releases 2007 Financial Results
2008年2月27日 - 5:44AM
Marketwired
MONTREAL, QUEBEC (FRANKFURT: EWX) is pleased to report its
annual financial results. Key financial highlights are as
follows:
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Years ended December 31
(in thousands of dollars) 2007 2006
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Cash Position 182,078 12,895
Working Capital 183,476 15,156
Total Assets 264,394 31,581
Shareholders' Equity 252,538 28,039
Net Loss (11,792) (7,512)
Loss per Share ($/Share) (0.09) (0.07)
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Weighted Average
Shares Outstanding (000's) 131,740 105,531
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The fourth quarter loss amounted to $1,827,000 ($0.01 per share)
compared to a loss of $5,032,000 ($0.04 per share) in the
corresponding period of 2006.
During 2007, the Company aggressively pursued the development of
its Canadian Malartic Project with a total of 182,238 metres
drilled, including 71,540 metres in the fourth quarter. The Company
also issued a NI 43-101 compliant resource calculation in mid-year
which produced an inferred resource of 8.4 million ounces. This is
an increase of nearly 2 million ounces from the initial inferred
resource released in December 2006.
Osisko made significant progress in 2007 on its relocation
program in the town of Malartic, through the initial acquisition of
land required to accommodate new and relocated houses, initiating
infrastructure development in the new sector, assigning new lots
with residents and acquiring homes from those who prefer not to
relocate. The Company is working towards the completion of home
purchases and lot assignments and is maintaining an active dialogue
and consultation process with the residents of Malartic.
During 2007, the Company also strengthened its balance sheet,
raising $230.6 million from private placements and $4.6 million
through the exercise of previously issued options and warrants. The
strong financial position allows the Company to progress from the
exploration stage to the development stage.
In late 2007 the Company successfully recruited an experienced
technical management team to oversee the preparation of the
Feasibility Study and the proposed construction/development work on
the Canadian Malartic Project. In conjunction with gaining the
technical team, contracts were awarded by Osisko to several
prominent firms for the execution of the Feasibility Study, which
is scheduled to be released in the fourth quarter of 2008.
Commenting on the company performance for the year, Sean Roosen,
President and CEO stated: "We are very pleased with our progress in
2007, as we positioned Osisko to move towards the successful
development of the Canadian Malartic Project. We continue to fast
track all of our programs, with the goal of transitioning Osisko
from an exploration company towards an emerging developer. We are
very fortunate to be located in Quebec, one of the premier mining
jurisdictions in the world, to have a highly qualified development
team, as well as the support of the town of Malartic - all of which
will contribute to making this a successful mine."
The 2007 annual financial statements and Management Discussion
and Analysis (MD&A) have been filed on SEDAR.
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 on the
Canadian Malartic deposit and surrounding properties.
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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