Osisko posts a loss; achieves its first gold pour

Osisko Mining reported on Friday a loss of Can$5.3 million in the first quarter. The company said that the higher loss incurred is due to high administrative costs reflecting the growth in the company's activities, high non-cash charges from the issuance of stock options in the third quarter of 2010 and lower foreign exchange gain.

In the same period in 2010 the company reported a loss of $600,000.

Sean Roosen, president and CEO of Osisko, said the company achived some significant achievements.

"We are pleased to report that we continue to achieve key milestones as we transition from a development stage company to an intermediate gold producer. We have successfully completed construction at Canadian Malartic, and are progressing through the plant commissioning phase. We achieved first gold pour on April 13, 2011, a huge accomplishment for our team, considering this was all achieved within just six years from the first exploration drill hole we put into Canadian Malartic in March 2005," said Roosen.

Michael McCrae wrote this story. You can contact him at [email protected] or on twitter at @michaelmccrae.