Technical Report NI 43 101 Canadian Malartic Gold Project

Technical Report NI 43-101
Amended Preliminary Assessment of the

Canadian Malartic Gold Project
(Malartic, Quebec)
March 31, 2008
June 27, 2008
Prepared By: In Collaboration With:

Amended Preliminary Assessment June 2008
TABLE OF CONTENTS
1. Summary ................................................................................................................................... 1-11

1.1 Introduction ........................................................................................................................... 1-11
1.1.1 Property Description and Location ................................................................................... 1-11
1.1.2 History............................................................................................................................... 1-11
1.2 Mineral Resources and Mineral Reserves ............................................................................ 1-12
1.2.1 Geology, Exploration and Mineral Resource Estimation .................................................. 1-12
1.2.2 Resource and Reserve Estimation and Classification...................................................... 1-15
1.3 Mining.................................................................................................................................... 1-16
1.4 Mineral Processing and Metallurgy....................................................................................... 1-19
1.4.1 Plant Design...................................................................................................................... 1-21
1.5 Environmental and Permitting ............................................................................................... 1-22
1.5.1 Permitting.......................................................................................................................... 1-22
1.5.2 Environmental Highlights .................................................................................................. 1-22
1.5.3 Tailings and Waste Rock Management............................................................................ 1-23
1.6 Infrastructures and Ancillary Facilities .................................................................................. 1-24
1.7 Community Development...................................................................................................... 1-25
1.8 Capital and Operating Costs ................................................................................................. 1-26
1.8.1 Capital Cost Summary...................................................................................................... 1-26
1.8.2 Operating Cost Summary ................................................................................................. 1-27
1.9 Project Execution Plan .......................................................................................................... 1-28
1.10 Economic Analysis ................................................................................................................ 1-28
1.11 Conclusions and Recommendations .................................................................................... 1-31
2. Introduction and Terms of Reference........................................................................................ 2-33
2.1 Scope of Work....................................................................................................................... 2-33
2.2 Qualified Persons and Participating Personnel..................................................................... 2-33
2.2.1 Site Visit ............................................................................................................................ 2-34
2.3 Terms of Reference .............................................................................................................. 2-34
2.4 Source Documents................................................................................................................ 2-35
2.5 Disclaimer.............................................................................................................................. 2-35
3. Reliance on Other Experts ........................................................................................................ 3-36
4. Property Description and Location ............................................................................................ 4-37

4.1 Property Location .................................................................................................................. 4-37
4.2 Property Ownership and Agreements................................................................................... 4-39
4.3 Mineral, Surface and Water Rights ....................................................................................... 4-39
4.4 Royalties................................................................................................................................ 4-40
4.5 Environmental Exposures ..................................................................................................... 4-40
4.6 Civil Responsibilities ............................................................................................................. 4-41
4.7 Environmental Approvals and Permits.................................................................................. 4-42
5. Accessibility, Local Resources and Infrastructure..................................................................... 5-43
5.1 Accessibility........................................................................................................................... 5-43
5.2 Climate .................................................................................................................................. 5-43
5.3 Local Resources and Infrastructure ...................................................................................... 5-43
5.4 Physiography ........................................................................................................................ 5-44
6. History ....................................................................................................................................... 6-45
6.1 Prior and Current Ownership ................................................................................................ 6-45
6.2 Exploration History ................................................................................................................ 6-47
6.3 Historic Drilling ...................................................................................................................... 6-48
6.4 Production History................................................................................................................. 6-49
43-101 Technical Report 1-2

6.5 Post Production Resource and Reserve History................................................................... 6-50

7. Geological Setting ..................................................................................................................... 7-51
7.1 Regional Geology.................................................................................................................. 7-51
7.2 Property Geology .................................................................................................................. 7-52
7.3 Deposit Type ......................................................................................................................... 7-53
7.4 Mineralization ........................................................................................................................ 7-54
8. Exploration and drilling .............................................................................................................. 8-55
8.1 Osisko Drilling Program ........................................................................................................ 8-56
8.1.1 Methodology and Planning ............................................................................................... 8-57
8.1.2 Collar Surveying................................................................................................................ 8-58
8.1.3 Down-Hole Surveying ....................................................................................................... 8-59
8.2 Sampling Approach and Methodology .................................................................................. 8-59
8.2.1 Diamond Core Sampling................................................................................................... 8-60
8.2.2 Core Sampling, Handling and Chain-of-Custody.............................................................. 8-61
8.3 Sample Preparation, Analyses and Security......................................................................... 8-62
8.3.1 Sample Security................................................................................................................ 8-62
8.3.2 Analytical Laboratories ..................................................................................................... 8-63
8.3.3 Sample Preparation and Analytical Procedure................................................................. 8-63
8.3.4 Gold Analyses................................................................................................................... 8-64
8.4 Specific Gravity ..................................................................................................................... 8-64
9. Data Verification ........................................................................................................................ 9-65
9.1 Quality Control Procedures ................................................................................................... 9-65
9.1.1 Drillhole Database ............................................................................................................ 9-65
9.1.2 Comparison of Data Types ............................................................................................... 9-66
9.1.3 Survey Control .................................................................................................................. 9-67
9.1.4 Drillhole Recovery............................................................................................................. 9-67
9.2 Summary of Findings and Verification .................................................................................. 9-68
9.2.1 Summary of QA/QC Analyses .......................................................................................... 9-68
10. Adjacent Properties ................................................................................................................. 10-69
11. Mineral Process and Metallurgical Testings............................................................................ 11-70

11.1 Metallurgical Test Program ................................................................................................. 11-70
11.1.1 Samples .......................................................................................................................... 11-71
Sample Background ....................................................................................................... 11-71
Compositing .................................................................................................................... 11-74
Mineralogy ...................................................................................................................... 11-74
11.1.2 Grinding Testwork........................................................................................................... 11-75
JKSimMet Simulations.................................................................................................... 11-76
11.1.3 Flotation Testwork .......................................................................................................... 11-76
11.1.4 Leach Testwork .............................................................................................................. 11-77
Effect of Grinding and Leach Retention Time................................................................. 11-77
Carbon-in-Leach ............................................................................................................. 11-81
Final Conclusions ........................................................................................................... 11-82
11.1.5 Heap Leach and Column Tests ...................................................................................... 11-82
11.1.6 Settling Testwork ............................................................................................................ 11-82
11.1.7 Environmental Related Testwork.................................................................................... 11-83
ABA................................................................................................................................. 11-83
NAG ................................................................................................................................ 11-83
HUM Cells....................................................................................................................... 11-83
11.1.8 Reagent Consumption .................................................................................................... 11-84
Leaching ......................................................................................................................... 11-84

11.2 Plant Design........................................................................................................................ 11-84

11.2.1 Process Flowsheet ......................................................................................................... 11-84
11.2.2 Process Description Overview........................................................................................ 11-84
11.2.3 Plant Design Criteria....................................................................................................... 11-88
11.2.4 Plant Facilities Description.............................................................................................. 11-88
Primary Crushing ............................................................................................................ 11-90
Ore Reclaim and SAG Mill Feed Conveyor .................................................................... 11-97
Grinding Circuit ............................................................................................................... 11-97
Leach Thickener and Plant Water Systems ................................................................... 11-98
Leach Circuit and CIP Circuit.......................................................................................... 11-98
Stripping Circuit............................................................................................................... 11-99
Gold Electrowinning and Refining................................................................................... 11-99
Detox Plant ................................................................................................................... 11-100
The SO2/Air Process ................................................................................................ 11-100
The CombinOx Process......................................................................................... 11-100
Reagents Preparation................................................................................................... 11-101
11.2.5 Manpower Requirement ............................................................................................... 11-104
12. Mineral Resources and Mineral Reserve Estimates ............................................................. 12-106
12.1 Mineral Resource .............................................................................................................. 12-106
12.1.1 Porphyry Unit ................................................................................................................ 12-106
12.2 Topographic Data.............................................................................................................. 12-107
12.2.1 Underground Development and Stoping ...................................................................... 12-108
12.3 Geological Interpretation and Domains............................................................................. 12-109
12.4 Assays Statistics. .............................................................................................................. 12-110
12.4.1 Statistical Analysis ........................................................................................................ 12-110
12.4.2 Descriptive Statistics..................................................................................................... 12-111
12.5 Grade Capping.................................................................................................................. 12-111
12.6 Compositing ...................................................................................................................... 12-112
12.7 Density .............................................................................................................................. 12-113
12.8 Variography, Kriging and Block Model.............................................................................. 12-114
12.8.1 Variography Methodology............................................................................................. 12-114
12.8.2 Modeled Variography.................................................................................................... 12-115
12.8.3 Block Model Development ............................................................................................ 12-117
12.8.4 Block Model Attributes .................................................................................................. 12-118
12.8.5 Block Model Validation ................................................................................................. 12-118
12.8.6 Bulk Density Assignment .............................................................................................. 12-118
12.8.7 Grade Estimation .......................................................................................................... 12-119
12.8.8 Validation of the Estimates ........................................................................................... 12-121
12.9 Mineral Resource Classification........................................................................................ 12-122
12.9.1 Criteria for Resource Classification .............................................................................. 12-123
12.9.2 Classified Resources .................................................................................................... 12-123
13. Other Relevant Data and Information.................................................................................... 13-126
14. Additional Requirements for Developing or Producing Properties........................................ 14-127

14.1 Mining Operation............................................................................................................... 14-127
14.1.1 Open Pit Optimization................................................................................................... 14-127
14.1.2 Net Selling Price ........................................................................................................... 14-128
14.1.3 Cost Structure Basis for Mine Plan Development ........................................................ 14-128
14.1.4 Mill Recovery ................................................................................................................ 14-129
14.1.5 Mining Dilution and Ore Losses.................................................................................... 14-129
14.1.6 Geotechnical Investigation and Pit Slope Criteria ........................................................ 14-131
14.1.7 Optimization Results..................................................................................................... 14-132
14.1.8 Detailed Mine Design and Potentially Mineable Resources......................................... 14-133

14.1.9 Pit Design Results ........................................................................................................ 14-133

14.1.10 Mine Production Schedule............................................................................................ 14-136
14.1.11 Waste Rock Management ............................................................................................ 14-143
14.1.12 Mine Equipment Requirements .................................................................................... 14-144
14.1.13 Work Schedule.............................................................................................................. 14-144
14.1.14 Loading and Haulage.................................................................................................... 14-145
14.1.15 Production Drilling and Blasting.................................................................................... 14-145
14.1.16 Perimeter Drilling .......................................................................................................... 14-146
14.1.17 Ancillary Equipment ...................................................................................................... 14-146
14.1.18 Mine Equipment Selection ............................................................................................ 14-147
14.1.19 Fuel Consumption......................................................................................................... 14-149
14.1.20 Manpower Requirements.............................................................................................. 14-149
14.2 Electrical and Communication........................................................................................... 14-151
14.2.1 120 kV Electrical Transmission Line............................................................................. 14-151
14.2.2 Main Substation ............................................................................................................ 14-151
14.2.3 Distribution Line ............................................................................................................ 14-151
14.2.4 Emergency Generators................................................................................................. 14-152
14.2.5 Communication System................................................................................................ 14-152
14.3 Infrastructures and Support Facilities ............................................................................... 14-153
14.3.1 Site Preparation ............................................................................................................ 14-153
14.3.2 Mine Site Geotechnical Investigation ........................................................................... 14-154
14.3.3 Public Road................................................................................................................... 14-154
14.3.4 Site Roads .................................................................................................................... 14-155
14.3.5 Main Control Gate......................................................................................................... 14-155
14.3.6 Administration/Warehouse Complex ............................................................................ 14-155
14.3.7 Mine Office/Truck Shop Building .................................................................................. 14-156
14.3.8 Fuel Storage Facilities .................................................................................................. 14-160
14.3.9 Monitoring/Weather Station .......................................................................................... 14-160
14.4 Tailings and Water Management ...................................................................................... 14-160
14.4.1 Tailings Management ................................................................................................... 14-160
Key Design Assumptions.............................................................................................. 14-161
Site Selection ................................................................................................................ 14-162
Delivery System ............................................................................................................ 14-163
Beach Development ..................................................................................................... 14-163
Waste Requirements for Tailings Beach and Polishing Pond ...................................... 14-164
14.4.2 Water Management ...................................................................................................... 14-165
14.5 General Services and Administration................................................................................ 14-167
14.5.1 Manpower Requirements.............................................................................................. 14-168
14.6 Community Development.................................................................................................. 14-170
14.7 Recoverability.................................................................................................................... 14-173
14.8 Markets.............................................................................................................................. 14-174
14.9 Contracts ........................................................................................................................... 14-174
14.10 Environmental Considerations...................................................................................... 14-174
14.10.1 Management and Closure of the Tailings Pond and Waste Rock Dump ..................... 14-174
14.10.2 The Study of the Quality of Water, Sediments and Benthic Invertebrate Community.. 14-175
14.10.3 Study on Fauna and Flora ............................................................................................ 14-176
14.10.4 The Study of Fish Communities and Their Habitats ..................................................... 14-177
14.10.5 Study on Climate and Hydrology .................................................................................. 14-178
14.11 Community Considerations........................................................................................... 14-179
14.11.1 Main Concerns of the Canadian Malartic Project ......................................................... 14-179
14.11.2 Survey........................................................................................................................... 14-181
Resident Survey............................................................................................................ 14-182
Resident Survey Results .............................................................................................. 14-183
Merchant Survey Results.............................................................................................. 14-184
Summary....................................................................................................................... 14-185
14.11.3 Archaeological and Heritage Study .............................................................................. 14-185

14.11.4 Study of Landscape Components ................................................................................ 14-185

14.11.5 Study on Background Noise ......................................................................................... 14-186
14.11.6 Vibrations Study............................................................................................................ 14-188
14.11.7 Study on Ambient Air Quality........................................................................................ 14-189
14.12 Project Execution Plan.................................................................................................. 14-190
14.13 Capital Cost Estimates ................................................................................................. 14-193
14.13.1 Capital Cost Summary.................................................................................................. 14-193
14.13.2 Basis of Estimate .......................................................................................................... 14-193
14.13.3 Mine Area Capital Cost................................................................................................. 14-195
14.13.4 Process Plant Capital Cost ........................................................................................... 14-197
14.13.5 Electrical and Communication Capital Cost ................................................................. 14-198
14.13.6 Infrastructure Capital Cost ............................................................................................ 14-199
14.13.7 Community Development Capital Cost......................................................................... 14-199
14.13.8 General Administration Capital Cost ............................................................................ 14-200
14.13.9 Tailings and Water Management Capital Cost ............................................................. 14-200
14.13.10 Indirect Costs ....................................................................................................... 14-201
14.14 Operating Cost Estimates............................................................................................. 14-201
14.14.1 Operating Cost Summary ............................................................................................. 14-201
14.14.2 Mining Operation .......................................................................................................... 14-202
14.14.3 Process Plant Operating Cost ...................................................................................... 14-204
14.14.4 General Services and Administration ........................................................................... 14-205
14.15 Economic Analysis........................................................................................................ 14-207
15. Interpretation and Conclusion ............................................................................................... 15-213
16. Recommendations................................................................................................................. 16-214
17. References ............................................................................................................................ 17-216
18. certificates ............................................................................................................................. 18-217
19. Appendices............................................................................................................................ 19-218

LIST OF FIGURES
Figure 1.1: Project Geology Plan ........................................................................................................... 1-13

Figure 1.2: Internal Rate of Return Sensitivity Analysis ......................................................................... 1-30
Figure 1.3: NPV at 5% Sensitivity Analysis ............................................................................................ 1-30
Figure 4.1: Property Location ................................................................................................................. 4-38
Figure 4.2: Property Details.................................................................................................................... 4-41
Figure 10.1: Plan Displaying the Malartic Property Mining Claims ...................................................... 10-69
Figure 11.1: Location of Drill Holes Used for Testwork in the Malartic deposit.................................... 11-73
Figure 11.2: Gold Extraction (%) Versus Leach Feed Grind Size (microns) at Different
Leaching Times for an Overall Composite....................................................................... 11-79
Figure 11.3: Gold Extraction (%) Versus Leach Feed Grind Size (microns) at 48 h
Leaching Time for Four Lithologies. ................................................................................ 11-79
Figure 11.4: Gold Extraction (%) Versus Leaching Time (hours) at 75 Microns.................................. 11-80
Figure 11.5: Gold Extraction by Lithologies and Composites .............................................................. 11-81
Figure 11.6: Process Flow Diagram ..................................................................................................... 11-87
Figure 11.7: Canadian Malartic General Arrangement Mill Site........................................................... 11-89
Figure 11.8: Primary Crusher Plan View .............................................................................................. 11-91
Figure 11.9: Primary Crusher Profile View ........................................................................................... 11-92
Figure 11.10: Canadian Malartic Mill Site General Layout Year 3 ....................................................... 11-93
Figure 11.13: Canadian Malartic Mill Site General Layout Year 14 ..................................................... 11-96
Figure 11.14: General Arrangement Ground Floor Plan .................................................................... 11-102
Figure 11.15: General Arrangement Plan View.................................................................................. 11-103
Figure 12.1: Plan View Showing the Extents of the Porphyry 3D Model ........................................... 12-107
Figure 12.2: Plan View of the Underground Workings ....................................................................... 12-108
Figure 12.3: Plan View Showing the Mineralized Zone Interpretations ............................................. 12-109
Figure 12.4: Typical Sectional View of the Mineralized Domain Interpretations
Section 713,680mE........................................................................................................ 12-110
Figure 12.5: Density Measurements Versus Depth ........................................................................... 12-113
Figure 12.6: Validation Plot Domain 110............................................................................................ 12-121
Figure 12.7: Validation Plot domain 210 ............................................................................................ 12-122
Figure 14.1: Mineralized Blocks on Bench 280 .................................................................................. 14-129
Figure 14.2: Ore Mined Above Cut-Off Bench 280 ............................................................................ 14-130
Figure 14.3: Example of Modeled Crown Pillar .................................................................................. 14-130
Figure 14.4: Pit by Pit Results at $650/oz .......................................................................................... 14-132
Figure 14.5: Pushback #1 Design ...................................................................................................... 14-134
Figure 14.6: Pushback #2 Design ...................................................................................................... 14-135
Figure 14.7: Final Pit Design .............................................................................................................. 14-135
Figure 14.8: General Project Status (Year 1) ..................................................................................... 14-139
Figure 14.9: General Project Status (Year 3) ..................................................................................... 14-140
Figure 14.10: General Project Status (Year 5) ................................................................................... 14-141
Figure 14.11: General Project Status (Year 8) ................................................................................... 14-142
Figure 14.12: General Project Status (Year 14) ................................................................................. 14-143
Figure 14.13: Work Schedule ............................................................................................................. 14-145
Figure 14.14: Plan View of the Industrial Complex ............................................................................ 14-158
Figure 14.15: General Site Layout at the end of the Mine Life........................................................... 14-159
Figure 14.16: Tailings Deposition Profile............................................................................................ 14-164
Figure 14.17: Capacity Curve of the Water Pond .............................................................................. 14-166
Figure 14.18: Planned Site for the New Portion of Malartic ............................................................... 14-170
Figure 14.19: Plan for the New Neighbourhood in Malartic ............................................................... 14-172
Figure 14.20: Map of the Canadian Malartic Site and the Studied Zone ........................................... 14-181
Figure 14.21: Results from Residents Survey ................................................................................... 14-184
Figure 14.22: Results from Merchants Survey .................................................................................. 14-184
Figure 14.23: Project Schedule .......................................................................................................... 14-192

Figure 14.24: Internal Rate of Return Sensitivity ............................................................................... 14-211

Figure 14.25: NPV @ 5% Sensitivity.................................................................................................. 14-212

LIST OF TABLES
Table 1.1: Inferred Mineral Resource July 5th 2007 Reported at a 0.4 g/t Au Lower Cut-off Grade ... 1-16
Table 1.2: Summary of Pit Optimization Variables................................................................................. 1-17
Table 1.3: Pit Design Results (March 2008)........................................................................................... 1-18
Table 1.4: Capital Cost Summary .......................................................................................................... 1-27
Table 1.5: Project Operating Costs ........................................................................................................ 1-27
Table 1.6: Financial Analysis Summary ................................................................................................. 1-29
Table 2.1: List of Main Abbreviations ..................................................................................................... 2-34
Table 4.1: Mining Claims Agreements and Encumbrances ................................................................... 4-39
Table 11.1: Ore Types Description....................................................................................................... 11-71
Table 11.2: Summary Description of the Samples Collected for Testwork.......................................... 11-72
Table 11.3: Summary of Grinding Tests Results ................................................................................. 11-76
Table 11.4: Effect of Grinding in Leach for Overall Composite. ........................................................... 11-78
Table 11.5: Summary of the Principal Design Criteria ......................................................................... 11-88
Table 11.6: Milling Manpower Summary ............................................................................................ 11-105
Table 12.1: Summary Statistics for Mineralized Zones 3 m Uncut Gold Composites
All Drilling Campaigns Void Samples Removed Gold (g/t)...................................... 12-111
Table 12.2: Outlier Analysis on 3 m Composites All Drilling Campaigns Gold (g/t Au) .................. 12-112
Table 12.3: Summary Statistics Canadian Malartic Density Data................................................... 12-113
Table 12.4: Gold Correlogram (Variogram) Models Grouped by Domain.......................................... 12-115
Table 12.5: Low Grade Domain (210) Gold Indicator Variography for MIK Estimation
3 m Cut Composites ...................................................................................................... 12-116
Table 12.6: High Grade Domain (110) Gold indicator Variography for MIK
Estimation 3 m Cut Composites.................................................................................. 12-116
Table 12.7: Block Model Construction Parameters............................................................................ 12-117
Table 12.8: Block Model Coding ........................................................................................................ 12-118
Table 12.9: Block Model Bulk x .......................................................................................................... 12-119
Table 12.10: Summary of Search Neighbourhoods ........................................................................... 12-120
Table 12.11: Canadian Malartic Deposit Confidence Levels of Key Categorisation Criteria ............. 12-124
Table 12.12: Canadian Malartic Deposit Mineral resource Current as of July 5th 2007
reported at Multiple Lower Cut-off Grades..................................................................... 12-125
Table 14.1: Summary of Whittle Optimization Parameters ................................................................ 14-128
Table 14.2: Pit Design Results (March 2008)..................................................................................... 14-134
Table 14.3: Mine Schedule................................................................................................................. 14-137
Table 14.4: Stockpile Status (Cumulative) ......................................................................................... 14-138
Table 14.5: Mill Schedule ................................................................................................................... 14-138
Table 14.6: Fleet Unit Costs and Service Lives ................................................................................. 14-147
Table 14.7: Mine Equipment Fleet Numbers...................................................................................... 14-148
Table 14.8: Timing of Equipment Purchases ..................................................................................... 14-148
Table 14.9: Manpower Schedule........................................................................................................ 14-150
Table 14.10: Waste Requirements for Tailing Pond Construction ..................................................... 14-165
Table 14.11: General Services and Administration Manpower .......................................................... 14-169
Table 14.12: Socio-Economic Breakdown of Respondents ............................................................... 14-183
Table 14.13: Capital Cost Summary .................................................................................................. 14-193
Table 14.14: Summary of Purchase Orders Awarded and Firm Quotations for
Equipment / Services ..................................................................................................... 14-194
Table 14.15: Mine Equipment Capital Expenditures ($M).................................................................. 14-196
Table 14.16: Capital Cost Estimate Mining ..................................................................................... 14-197
Table 14.17: Capital Cost Estimate Processing.............................................................................. 14-198
Table 14.18: Capital Cost Estimate Electrical and Communication................................................ 14-198
Table 14.19: Capital Cost Infrastructure.......................................................................................... 14-199
Table 14.20: Capital Cost Estimate Community Development ....................................................... 14-199
Table 14.21: Capital Cost Estimate General Administration ........................................................... 14-200
Table 14.22: Capital Cost Estimate Tailings and Water Management ........................................... 14-200
Table 14.23: Capital Cost Estimates Indirects ................................................................................ 14-201

Table 14.24: Operating Cost Summary.............................................................................................. 14-201

Table 14.25: Project Manpower Summary ......................................................................................... 14-202
Table 14.26: Mine Operating Costs ($M) ........................................................................................... 14-203
Table 14.27: Process Plant Operating Costs ..................................................................................... 14-204
Table 14.28: Process Plant Cost of Consumables and Reagents ..................................................... 14-204
Table 14.29: Tailings Detoxification Operating Costs ........................................................................ 14-205
Table 14.30: Operating Costs for Parts and Freight Charges............................................................ 14-205
Table 14.31: Operating Cost for General Services and Administration ............................................. 14-206
Table 14.32: Financial Analysis Assumptions and Results................................................................ 14-208
Table 14.33: Canadian Malartic Financial Summary ......................................................................... 14-209
Table 14.34: Sensitivity Analysis........................................................................................................ 14-210

1. SUMMARY
1.1 Introduction
This Technical Report of the Preliminary Assessment of the Canadian Malartic Gold Project has been
prepared at the request of Osisko Exploration Lte (Osisko). The study was prepared and compiled by
BBA in a collaborative effort between BBA and Osisko together with a number of specialized consultants.
This technical report was prepared according to the guidelines set out under the National Instrument
Form 43-101F1 Technical Report for the Standards of Disclosure for Mineral Projects, Section 143 of
the Security Act of the Ontario Securities Commission.
The mineral resource estimate used in this Preliminary Assessment is based on the National Instrument
43-101 compliant Technical Report for the Canadian Malartic Gold Project authored by Brett Gossage,
MAusIMM (QP), David Slater, MAusIMM (QP), Rod Smith, MAusIMM (QP), all from RSG Global
(RSG). The Technical Report is dated August 2007 and posted to SEDAR on August 17, 2007.
1.1.1 Property Description and Location
The Canadian Malartic gold deposit is located in Quebec, Canada, immediately south of the town of
Malartic and approximately 25 kilometres west of the town of Val dOr. It is centred on Latitude 48 7 45
N and Longitude 78 7 W. The deposit straddles the southern margin of the eastern portion of the Abitibi
Gold Belt which is host to a number of large gold deposits.
1.1.2 History
The Canadian Malartic deposit was discovered in 1926. Underground development began in 1928
following a 26 holes surface drill program and production started in 1935. The mine closed in 1965 after
producing 1,076,000 ounces of gold from 9.93 million tonnes of ore grading 3 to 6 g/t Au. Gold was finely
disseminated and occured in the native state, and was recovered in a mill by standard cyanide leach
process (90% average recovery over the mine life). Following closure of the mine, the property remained
idle until purchased by Lac Minerals in 1979.
From 1980 to 1988, Lac Minerals exploration program led to the definition of 5 near-surface gold zones.
Metallurgical tests carried out by Lac Minerals indicated a non-refractory ore with recoveries of 86%-90%
on a standard cyanide leach circuit.

The project was shelved when Barrick Gold (Barrick) acquired Lac Minerals in the early nineties.
Barrick sold the property to McWatters Mining (McWatters) in 2003. McWatters went bankrupt in 2004,
and in late 2004, Osisko purchased a 100% interest in the property (initially 6 claims and one mining
concession) through the McWatters liquidating trustee. A 2 to 3 % sliding scale net smelter royalty is
payable to Barrick, half of which can be purchased back by Osisko for $1.5 M CDN. Since the initial
acquisition, Osisko has successfully acquired additional claims and the property now comprises 126
claims and 1 mining concession with a total surface area of 5,654 hectares.
A 3,000 tpd mill with modern cyanide and flotation circuits (East Malartic mill) is located immediately east
of the property, which was last operated in 2002 to treat ore from Barricks Bousquet Mine. The inactive
mill is now the property of Osisko.
1.2 Mineral Resources and Mineral Reserves
1.2.1 Geology, Exploration and Mineral Resource Estimation
The geology of the Canadian Malartic Project is largely defined by meta-sedimentary units of the Pontiac
Group and lies immediately south of the Cadillac Tectonic Zone (Figure 1.1 on the next page). The north-
central portion of the property covers an approximately 3.5 kilometre-long section of the fault corridor and
is underlain by mafic-ultramafic metavolcanic rocks of the Pich Group cut by porphyritic intrusions, as
well as metasediments of the Cadillac Group to the north of the fault zone. In the region of the Canadian
Malartic Project, the fault corridor experiences a change in orientation from north-east to easterly. The
easterly portion of the fault zone is referred to as the Malartic Tectonic Zone. Two major structures, the
Malartic (Cadillac) and Sladen Faults, define the northern and southern boundaries of the tectonic zone
in the immediate Malartic area. The Malartic fault is oriented N260E - N280E and dips 75 to the north,
whereas the Sladen fault is oriented N090E N100E and dips variably from 70S to sub-vertical.

Figure 1.1: Project Geology Plan
The rocks of the Pontiac and Pich Groups are intruded by a number of epizonal felsic porphyritic
bodies, variously described as syenites, quartz syenites, quartz monzonites, granodiorites and tonalities.
The geometries of these felsic intrusions are highly variable, and occur on the property as sills, dykes,
discontinuous lenses or small isolated stocks. The gold deposits of the Malartic area are related to
porphyries that are generally considered to be syenitic (alkaline) in composition and of Temiskaming
(syntectonic) age.
Mineralization in the Canadian Malartic deposit occurs as a continuous shell of 1-5% disseminated pyrite
with fine (<20 microns) native gold and traces of chalcopyrite, sphalerite and tellurides. The
mineralization is mostly hosted by altered clastic sediments of the Pontiac Group (turbiditic greywacke,
mudstone and minor siltstone) overlying an epizonal dioritic porphyry intrusion. Mineralization also
occurs in the upper portions of the porphyry body. The porphyry intrusion pinches out in the Sladen
Malartic Mine and disseminated mineralization continues in the silicified greywacke, forming a subvertical
tabular body that is truncated by the Cadillac fault at the western extremity of the East Malartic mine.
The close spatial association between voluminous, low-grade, disseminated gold mineralization and an
epizonal, intermediate porphyry intrusion, as well as the presence of widespread potassic alteration
throughout the system, suggest the Canadian Malartic deposit may be an Archaean porphyry gold
system.

Three distinct phases of drilling have occurred at the project. During the first phase, from 1928 to 1963
by Canadian Malartic Mines Ltd., over 5,000 surface and underground holes were drilled. These
drillholes were predominantly drilled from underground as grade control drilling. From 1981 to 1985, Lac
Minerals completed 502 drillholes for 43,495 m of drilling. These drillholes were drilled from surface and
defined shallower resources (mostly less than 200 m below surface). Since 2005, and at the end of June
2007, Osisko had drilled 394 drillholes for 102,046 m of NQ diamond core. These drillholes were drilled
on nominal 30 m x 60 m grid spacing, and have defined mineralization throughout the main area of
mineralization.
The quality control data routinely submitted as part of the recent Osisko managed exploration programs
include certified standards and duplicate data. Analysis of the standards data sent to ALS Chemex
Laboratories (Chemex) indicates assaying is within industry acceptable limits of accuracy. The blank
samples do not display evidence for significant contamination. In addition, internal laboratory standards
and blanks provided by Chemex were reviewed and also are within industry acceptable limits of
accuracy. A check assay program supervised by RSG also adequately reproduced the original assays.
A series of investigations were completed to test the appropriateness of combining the data sets from the
three main phases of drilling for grade estimation purposes. The early Canadian Malartic (1928 1963)
data returned the highest mean grades although this drilling was focused on the high grade portion of the
deposit which was the focus of the underground mining. Similarly, the Lac Minerals drilling was focused
on the high grade portion of the deposit and has an elevated mean grade relative to recent Osisko
drilling.
The composite data from the three drill programs was assigned to a 3-D grid (three grids with the
following block sizes 10mE x 10mN x 10mRL, 20mE x 20mN x 20mRL and 50mE x 50mN x 50mRL) to
allow comparison. This assignment was completed by nearest neighbour. A statistical comparison could
then be completed based on a pre-1986 (Historical data) and post 1986 data grouping. The investigation
is inconclusive as insufficient data exists to fully compare the data sets. However, when comparing the
data based on a 10 m3 grid (closer spacing), a high degree of correlation between the data sets is noted.
A 12% difference in mean grade using the smallest grid size is seen.
In summary, the comparison of the different drill programs is inconclusive and additional drill data is
being collected by Osisko to allow further investigation. However, given the long production history which
supports the relative veracity of the historical data, all pre-1986 data was included in this study and the
resource was appropriately categorized to consider this risk. Any potential bias is difficult to quantify due
to the lack of co-located data for the different drilling phases. However the potential for significant
analytical bias cannot be discounted and may, based on the statistical comparison, be in the order of

12%. Any relative positive bias of the historical drilling has the potential to have a deleterious effect on
the project economics. As such, potential exists that the historical data may need to be removed from all
resource estimation studies to enable generation of high confidence estimates.
1.2.2 Resource and Reserve Estimation and Classification
A 3D model of the main porphyry unit was created based upon supplied geological sections and from the
geological logging. As down-hole geological logging was only available for the Osisko series drillholes,
only one main zone of the porphyry was modeled.
A total of nine domains were modeled to define the zones of mineralization. One broad domain based
upon a nominal 0.2 g/t Au lower cut-off was created to define the extents of the low grade mineralization.
This zone was coded as domain 210. Eight higher grade zones, based upon a nominal 1.0 g/t Au lower
cut-off, were created to constrain any high-grade zones within the broader mineralized envelope. These
eight zones were coded as domains 110 to 180.
The drive and stope workings for the deposit were modeled based upon a supplied 3D DWG file and
upon a supplied stope long-section diagram. The DWG file included 2 versions of the drive layout which
were in the most part similar in design, but in some cases had slightly different spatial extents. Both
versions of the drive layout were modeled and used to deplete the resource block model. In several
cases the stope workings were extrapolated based upon the surrounding drillhole information, and likely
mining patterns, even if the complete stope outlines were not present in the supplied file. For future
estimates, further investigation is required to confirm that all of the underground stopes and workings
have been identified.
Regular 3 m composites were created from the drill samples, with any composite samples that fell within
the modeled drive or stope workings discarded. This data was used to complete statistical and
geostatistical analyses, including the generation of conditional statistics, descriptive and distribution
statistics, an assessment for outliers, and generation and modelling of variography. Based upon the
outlier analysis, a top cut-off of 20 g/t Au was used.
A 3D block model was constructed for the purposes of grade estimation with a parent block size of 30mE
x 20mN x 10mRL. Sub-blocking was employed to a sub-block cell size of 1mE x 1mN x 1mRL to ensure
adequate reproduction of the underground workings. All applicable geological interpretations such as
lithology, weathering and mineralized zones were coded into the block model.

Grade estimation was undertaken using a range of methods including Ordinary Kriging (OK), Multiple
Indicator Kriging (MIK) and Inverse Distance squared (ID2) weighting. The estimates were generated
using Vulcan mining software. The estimation parameters were derived from the variography and sample
search neighbourhood tests completed on selected blocks. For the lower grade domains which
encapsulate the high grade domains, a high grade distance restriction was used which restricted
composite data above 4.0 g/t Au (approximately 98th percentile of the composite data) to a search
distance of 30 m x 30 m x 20 m. It was considered prudent to restrict extrapolation of the higher grade
composites. The resource was validated visually and statistically.
Categorisation of the gold estimates was undertaken on the basis of assessment criteria set out in the
Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects of February 2001
(the Instrument) and the classifications adopted by CIM Council in August 2000. Inferred Resources
have been defined using criteria selected during validation of the grade estimates, with detailed
consideration of the Instrument categorisation guidelines.
In summary, an Inferred Mineral Resource category has been assigned to estimate blocks which fit the
following criteria:
Blocks estimated with estimation pass 1 or 2 (100 m maximum search).
Blocks located above base of drilling surface constructed approximately 120 m (average drill
spacing) below the deepest drilling intercept.
Although several different interpolation techniques and cut-offs have been investigated, the RSG
preferred estimate has been derived using the OK method and is reported above a 0.4 g/t Au cut-off as
shown below.
Table 1.1: Inferred Mineral Resource July 5th 2007 Reported at a 0.4 g/t Au Lower Cut-off Grade
Geostatistical Method M Tonnes (Mt) Grade (g/t Au) Au (Moz)

Ordinary Kriging 286.2 0.9 8.43
1.3 Mining
Conventional open pit mining methods are chosen to exploit the Canadian Malartic deposit because of
its low grade and proximity to surface. Given the important quantities of low grade mineralization, it was
determined that a high milling production rate of 55,000 tpd would be economically feasible and would

maximize the value of the deposit. Due to the large width of the mineralized zones, selective mining was
not considered as an option.
A mineral resource estimate was generated from the block model constructed by RSG in August 2007.
The block model consists of large blocks measuring 30mE x 20mN and 10m in elevation. Given that this
block size is larger than the smallest unit that can be selectively mined, a certain amount of internal
dilution is assumed in the blocks. The dilution occurring from isolated uneconomic blocks within the
mineable ore blocks was estimated at 3.5% and included in the optimization process. The resource is
comprised entirely of inferred resources.
All important variables for pit optimization are summarized in Table 1.2.
Table 1.2: Summary of Pit Optimization Variables
Parameters Units Value

Gold price $/oz Au 650.00*
Transportation & refining cost $/oz Au 2.00
Royalties (1.5%) $/oz Au 9.75
Net gold price $/oz Au 638.25
Process Gold recovery % 84
Processing cost $/t milled 4.15*
General and administrative costs $/t milled 0.75*
Mining dilution % 3.5
Diluted cut-off grade g/t Au 0.294
Reference mining cost $/t mined 1.28
Incremental bench cost $/t mined 0.0182
Overall slope angle Degrees 55
*For open pit optimization only.
The open pit optimization was performed using the Whittle software, which is based on the Lerchs-
Grossman algorithm. The optimal pit shells generated in Whittle were used to construct detailed pit
designs using the design tools in Gemcom. The geometry of the mining benches was altered to achieve
an overall slope angle of 55. Access to the pit is via a 10% decline ramp which was designed with a
width of 33 m to accommodate the larger size trucks considered for haulage. The phasing technique was
evaluated using the pushback chooser module in Whittle which iteratively searches for the best
combination of pitshells to maximize NPV.

The final pit contains 287.7 Mt at 0.843 g/t Au, with an in-situ gold content of 7.79 Moz. The average strip
ratio is 1.16:1. The results of the pushback designs demonstrate that with every phase the strip ratio
increases and the average grade decreases.
Table 1.3: Pit Design Results (March 2008)
Phase Waste (kt) Ore (kt) Total (kt) W:O* Grade (g/t Au) Gold (koz)
PB1 53,217 81,837 135,054 0.56 0.957 2,518
PB2 185,898 142,573 328,471 1.30 0.850 3,898
PB3 95,139 63,286 158,425 1.50 0.677 1,378
Total 334,254 287,696 621,950 1.16 0.843 7,794
*Waste to ore stripping ratio.
The final pit design has the ramp entry towards the center on the south side and ramps around counter
clockwise. This location was selected to coincide with the mill site and waste dump location to minimize
haulage distances. Two switchbacks are introduced in the ramp system to exploit a natural plunge of the
mineralization and to keep the ramp system away from the open stopes that are found within the pit. The
final pit is 2,000 m long by 780 m wide with a maximum depth of 400 m.
The mining rate is set at 48 Mt/y for the first 4 years, then increased to 50 Mt/y for the following 5 years
and then reduced to 35 Mt/y in order to feed the mill a constant rate of 20 Mt/y. An operating ore
inventory is implemented at the beginning of the production to improve economics by delaying the
processing of lower grade material as much as possible. A pre-production period was planned with 15 Mt
mined from the pit. The pre-production period is required to adjust the mining rate for the first 9 years of
mining and is essential for training and preparation of mine crews.
The main highlights of this schedule are the following:
Total amount of 622 Mt mined from the pit
287.7 Mt milled @ 0.843 g/t Au
In-situ gold content of 7.79 Moz
Average waste to ore stripping ratio of 1.16:1
Average recovery of 84%
Mine life of 14.3 years
Total gold production of 6.55 Moz
Average annual gold production of 428 koz

In order to maximize productivity and limit the number of units operating in the pit, large scale equipment
was selected for the mine operation. The mine will operate 24 hours per day, 360 days per year with four
crews working 12 hour shifts on rotation. It is expected that 5 days will be lost due to weather.
Loading of waste and ore will be carried out with two 28 m3 hydraulic shovels and transported by 218 t
class rigid trucks. In addition, a front-end wheel loader will complement the front shovels and assure 15%
of production in earlier years. The haulage fleet increases over time as the haulage distances increase
due to a deepening of the pit and higher dump levels for waste.
Drilling and blasting parameters were established for a 10 m bench height. It is anticipated that 6 drill rigs
capable of single pass drilling would be required. Additional drilling costs are anticipated for drilling
smaller diameter holes and have been accounted for during the initial years due to the proximity of the
town. Bulk explosives will be used and delivered in the hole with explosive pump trucks and initiation will
be accomplished with electronic detonators and boosters.
The manpower requirement for the mine was estimated at 230 people the initial year with a peak at 270
in year 8 as the mine gets deeper and the truck fleet increases.
1.4 Mineral Processing and Metallurgy
Initial testwork was conducted in 2006 by Resource Development Inc, on 6 t of drill core material from
separate core holes within the Canadian Malartic ore body. The metallurgical testwork consisted of
grinding, leaching, gravity concentration, flotation and heap leach tests, and cyanide destruction studies.
Additional testwork carried-out by Metso also in 2006, provided initial values for the design of the
comminution circuit. Those grinding tests were carried out on a bulk sample of 5.4 t and included a
JKtech simulation of the grinding circuit with the goal to establish the expected capacity of the 38ft x 21ft
EGL SAG mill and the two 24ft x 36.5ft EGL ball mills.
SGS Lakefield (SGS) was then contracted in 2007, to carry out a more comprehensive test protocol
under the supervision and guidance of BBA and Osisko. Equipment and reagent suppliers also
participated in the verification program for specialized tests. Results were reported to and reviewed by
BBA and Osisko when they became available. The test protocol included the sample preparation, a gold
department study and the following tests: grinding, flotation, leach on whole ore, heap leach,
environmental program and cyanide destruction.

The majority of the deposit consists of four ore types, namely potassic altered porphyry with carbonate
(CPO), silicified porphyry (SPO), potassic altered greywake with carbonate (CGR) and silicified greywake
(SGR). The metallurgical samples were selected to give a good representation of the ore zones in the
deposit. A total of 265 drill holes were used for testwork sampling.
A deportment study was conducted by SGS with the objectives to determine the bulk mineralogy and the
occurrence of gold in the various lithologies in order to evaluate any mineralogical factors that may affect
recoveries. The findings of this examination were that gold mainly occurred as liberated native gold fine
particles in the range 10 to 20 microns with some inclusions in pyrite which is the major sulphide mineral.
An additional set of grinding testwork was carried-out by SGS in order to provide values for an updated
design of the comminution circuit. Both ball mill work index (Wi) and Sag Mill Comminution (SMC)
determinations indicated that the ore is moderately hard to hard. Those results proved to be very
consistent within each set of tests and between the independent test facilities (SGS and Metso). Those
additional grinding circuit simulations resulted in a prediction that a grinding circuit consisting of one
26,000 hp SAG mill and three 16,000 hp ball mills could produce a product of P80 = 65 microns at a daily
throughput of 55,000 tpd which became the new design criteria for capacity.
Bulk sulphide rougher flotation testwork was conducted with the goal to promote high gold recovery in
the concentrate. The major conclusions indicate that the overall recovery, with leaching of the flotation
concentrate, was projected to be in the range of 78%. The option was discarded.
A series of scoping tests for whole ore leach were conducted on individual lithologies, composites of
lithologies and overall composite samples, to study the effect of process variables on gold extraction.
The main conclusions are that the majority of the gold is extracted at 24 hours and that the gold recovery
responds to finer grinding. The target of gold recovery (84%) was achieved with leach feed at P80 = 65
microns and a leach time of 30 hours.
The amenability of the low grade ore (0.6 g/t Au) to heap leach was studied at different crushed sizes.
The gold recovery ranged from 32% to 39%. The option was discarded.
The environmental verification program included acid based accounting (ABA) tests on tails from leach
test by lithologies. The results indicated that CPO, SPO and CGR have on a low net acid neutralizing
potential and also suggested that SGR could have a potential to be acid generating. The NAG tests
indicated that only SGR could have the potential to be acid generating, while each of CPO, SPO, CGR
had high neutralizing pH values suggesting that the sulphide is unavailable for oxidation and these
lithologies are not acid generating in nature. Additonnal series of tests will be started in March 2008.

Preliminary results from a humidity cell test on leach tail tests are indicating that the material should not
be acid generating.
1.4.1 Plant Design
Run of mine ore is transported to a gyratory crusher. The ore is crushed, stockpiled in a covered pile
then conveyed to the SAG mill. The SAG mill is in a closed circuit with a pebble crusher and feeds a two
stage ball mill grinding circuit, including three identical ball mills. Each ball mill is close circuited with
hydro-cyclones.
The ground slurry is screened and thickened to about 50% solids before being fed to the leach tank
circuit where air is used to raise the oxygen level. The slurry then flows by gravity to two parallel sets of
CIP pump cell carousels where activated carbon absorbs the gold in a counter-current flow arrangement.
The loaded carbon is screened from the slurry and transferred to the stripping circuit where the gold is
stripped into a gold pregnant solution and plated onto stainless steel cathodes. The plated gold is
pressure washed to the bottom of the electrowinning cells and is subsequently filtered, dried and poured
into dore gold bars.
The stripped carbon is reactivated in two kilns and then re-used in the carousel pump cell CIP circuit.
The slurry from the last stage of the tank series in the carousels is barren in gold, so is considered as
final tailings and is directed to the tailings thickener. The slurry is thickened to approximately 63% solids
by weight and pumped to the Detoxification plant where cyanide content is significantly reduced to less
than 20 ppm using a SO2/Air based process. The slurry is subsequently pumped to the tailings retention
pond where some of the water remains contained in the slurry and some drains out to be reclaimed back
to the process.
A final destruction peroxide plant will be used prior to discharging any excess water into the environment.
The plant will be located at the tailings area.
The process design criteria is based on a processing plant of 55,000 tpd capacity with a plant design
utilization of 92%. The average head grade for plant design will be 1.20 g/t Au, in order to accommodate
potential higher grade feed. At an average gold recovery of 84%, the plant will have a design capacity of
650,589 oz/y Au.
An initial manpower of 87 people, split in 21 staff and 66 workers will be required to operate and maintain
the mill.

1.5 Environmental and Permitting
1.5.1 Permitting
In anticipation of the environmental permitting needs for the project, Osiskos consultants initiated
environmental baseline data collection in June 2007. This process was held until February 2008. Since
then, Osisko and the following consultants: Genivar, Golder, BBA and G Mining are working to get the
environmental impact assessment study (EIA) expected to be completed by September 2008. A
summary of the environmental assessment process and proposed activities until the permitting are
presented below:
June 2007 to February 2008 - Environmental baseline data collection
February 2008 to September 2008 - Environmental Impact Assessment*
September 2008 - EIA documentation forwarded to the Quebec Sustainable Development,

Environment and Parks Ministry (MSDEP)
Expecting the receivability from the Government - December 2008
Public hearing - January May 2009
Permit submittal - May 2009
* Note that the Canadian Malartic Project (mining, processing) is subject to the EIA approval. The houses
and institutions relocation, street infrastructure, East Malartic tailings pond site closure, power line and
pre-stripping and land preparation (named satellite projects) are not part of the EIA. Those projects will
be treated separately and will get their own permit. This is the principal reason why work has been
started on several different satellite projects.
1.5.2 Environmental Highlights
Archaeology and built heritage The study held in 2007 covers an area of approximately 14
km2. The archaeological component was completed using previously known archaeological data
and eco-geomorphological criteria. No known archaeological sites are present within the
boundaries of the studied area. The founding of the Town of Malartic and its current occupation
are direct consequences of gold and silver discoveries in the 1920s and 1930s. Malartic does not
claim any classified cultural property.
Community The last survey held in December 2007 shows a high level of support for this
project. In fact, 84% of the population is in favour, 6% not in favour but accept Osiskos project
and only 3% are against the project and 7% are neutral. Public meetings are held every month

and will be conducted until final approval. Construction of new lots was begun in fall 2007. At this
time, 85% of the population involved in the relocation process has accepted their lot. The plant
(industrial complex) will be located 2.5 km from the town.
Wildlife and Aquatic Habitat Mammals: the study zone includes a diversity of small and large
mammals (red-backed mole, several species of shrew, deer mice, red squirrel, snowshoe hare,
black bear, moose, etc.). Amphibians and reptiles (herpetofauna) are scarce. None of the
documented species are at risk.
Fisheries and Aquatic Habitat - Among these, walleye, sauger, pike, yellow perch, northern pike,
burbot and brown bullhead are candidates for sport fishing, with northern pike and the percidae
(walleye, sauger, yellow perch) already attracting major interest in the region. None of these
fishes represent species at risk. The overall quality of water and sediments is acceptable for
maintaining aquatic life. The water is slightly cloudy, highly productive, moderately mineralized,
and exhibits a weak buffering capacity. In the sediments, only chromium at a single station
exceeded the threshold level above which effects on aquatic life are probable. The benthic
community in the sampled water bodies is relatively diversified and abundant.
Hydrology and water supply - The major waterway potentially affected by the project is Pich
River (which is the same river impacted by previous mining operation); the surface areas for the
watershed is 194.8 km2. Based on hydrologic studies, the current watershed has the potential to
supply the water needed for the processing plant.
Climate - The climate in the project area is characterized by long, cold winters and relatively
short summers. Total precipitation reaches 914 mm. Winter winds generally blow from the south
or northwest; during the relatively short summers the winds blow from the northeast or east.
Evaporation amounts to 652 mm per year, most of which occurs during the summer season
when the water budget experiences an average deficit.
1.5.3 Tailings and Waste Rock Management
During normal mining operations, it will be necessary to dispose of and manage 190 Mm3 of tailings, and
159 Mm3 of waste rock. The proposed tailings sites will be mainly located over the old East Malartic
tailings area southeast of the planned pit. The waste rock dump will be located between the tailings area
and the open pit, southeast of the urban centre of Malartic. Part of the dump may also be extended over
the tailings pond once the tailings will be dried and hardened.
The storage areas will collectively cover more than 600 ha. The tailings will be deposited in 7 cells, thus
allowing for continual rehabilitation of the storage sites. We estimate that the first cell will be ready

sometime in 2011, and filled by the end of 2013. Rehabilitation work will begin in 2014. This approach
will ensure that 65% of the site will have been rehabilitated by the time mining operations cease.
If we obtain an agreement from the Government to use the footprint of East Malartic as a basis for the
future Osisko tailings and waste rock area, it would provide a series of advantages: It would allow the
rehabilitation of one of the most important orphan sites in Quebec by the placement of non-acid
generating tailings on top of acid generating material. It would minimize the footprint of zones impacted
by tailings placement in the area of Malartic by concentrating all tailings in one location. It would offer a
site located close to the mine site and at an adequate distance from the town, and it would not infringe
on non-impacted watersheds.
Thickened tailings are not expected to release significant quantities of water. Water management of a
facility using thickened tailings is consequently typically designed to collect and transfer or discharge
runoff water. The main element of the water management system of the Canadian Malartic project
consists of the construction of a new water pond that will be located south of the existing sedimentation
and polishing ponds of the old East Malartic property. Mainly, the water management will include the
following:
Runoff from the local watershed This water will accumulate directly in the polishing pond.
Runoff from the existing tailings pond as well as sedimentation and polishing ponds. Water from
the tailings pond is currently transferred to the sedimentation pond. Water will be transferred to
the process water system, either through an open channel or by pumping. A separate pumping
station will be required for water transfer from polishing pond to the process water system.
Water from the underground mines This water is currently pumped at an annual rate of 1.4
Mm3 and is supposed to be discharged directly into the water pond.
1.6 Infrastructures and Ancillary Facilities
The following existing public infrastructures near the Canadian Malartic Project are assets to the future
open pit operation:
Trans-Canadian highway #117

Railroad line
Airport facilities
Hydro-Quebec 120kV electrical power grid
Natural Gas pipeline

During the construction of the project, the following infrastructures and ancillary facilities will be erected:
Electrical:
o 120kV electrical power line (9 km)
o Main substation
o Electrical site distribution
Building and ancillary facilities:
o Road construction
o Municipal site work
o Administration/Warehouse complex
o Mine/Truck shop building
o Control gate
o Fuel storage
A paved road running north-south from the town of Malartic towards Lake Mourier cuts through the
central area of the Canadian Malartic property. A 50 m2 control gate building will be erected at the main
entrance to supervise the personnel entrance and merchandise transportation.
A 9 km long 120kV electrical power line from the Hydro-Quebec #1327 120kV line will be built and
connected to the main substation near the mill. A 25kV electrical distribution network will be connected to
various areas on the site.
The ancillary facilities will be located near the process plant and all facilities will be connected to the
same communication network.
1.7 Community Development
The mineralized zone of the Canadian Malartic Project is located underneath the southern portion of the
town of Malartic, and for the exploitation of the open pit mine, approximately 205 residences and five
institutional buildings need to be relocated.
An area to the north of the town was selected for the expansion area. Actually, municipal infrastructure
works are underway to complete the urban designs (roads and housing lots).
Negotiations have been ongoing to allow for the selection of lots for the owners or the acquisition of their
properties by Osisko.

Regarding the various institutional buildings, Osisko is presently in discussion with provincial ministries
and municipal and regional institutions to define and agree on the final conceptual design. The principal
institutional buildings are:
Primary School
Community Center
Adult/Learning Center
Long-Term Care Facility
Baby & Children Facility
Social Housing
1.8 Capital and Operating Costs
1.8.1 Capital Cost Summary
The total capital cost of the project is estimated at $760 M.
The accuracy of the capital cost is within 25%.
A total amount of $200 M of equipment and contracts (mining, process, infrastructure and community
development) is secured by fixed price quotations. This amount includes $95 M for which purchase
orders or contracts have been signed. See Capital Cost Summary in Table 1.4 below.

Table 1.4: Capital Cost Summary
Description Cost ($M)

General administration 11.0
Community Development 82.0
Mining 115.1
Electrical and Communication 19.7
Infrastructure 29.2
Processing 351.0
Tailings and Water Management 27.9
Indirects 51.5
Sub-total: 687.4
Contingency (15%)* 72.6
GRAND TOTAL: 760.0
*A contingency of 15% is applied on all project costs, except the items
protected by contractual agreements and firm quotations which amount to a
total of $200 M.
1.8.2 Operating Cost Summary
Operating costs are summarized in the Table 1.5 below.
Mine operating costs have been estimated based on a 15-year mine life. The average waste to ore
stripping ratio over the life of mine is 1.16:1.
Milling cost including consumables and wage rates and benefits are comparable to costs at current
mining operations in the region. Pricing information on reagents came from budget proposals from
suppliers. The overall operating cost is $8.43 per tonne milled.
Table 1.5: Project Operating Costs
Area Cost ($/t milled)

General Administration 0.60
Mine 3.28
Process 4.55
Total 8.43

1.9 Project Execution Plan
The project schedule timetable is configured to achieve construction completion in the 4th quarter of
2010. Major milestones in the schedule are listed below :
Project detailed engineering Start June 2008
Relocation program (house moving and institutional building) Start June 2008
Polishing pond construction Start June 2008
Site preparation Start June 2008
Measured and Indicated Resource Estimate - July 2008
Environmental impact study submission - September 2008
Feasibility study report October 2008
Project approval - End of 2008
Project financing 1st Quarter 2009
Public hearings - 1st to 2nd Quarters, 2009
Mill construction Start June 2009
Mine pre-stripping Start December 2009
Mill commissioning - End of 2010
Commercial production - 1st Quarter 2011
1.10 Economic Analysis
The economic viability of the mineral resources that are not mineral reserves has not and cannot be
demonstrated. Mineral resource estimates used in the report include inferred resources. These estimates
are considered too geologically speculative to have any economic considerations applied to them to be
considered as mineral reserves. In addition, there is no assurance that the Preliminary Assessment will
be realized and that further work will lead to mineral reserves that can be mined economically.
A pretax economic evaluation was completed for the Canadian Malartic Project. Initial capital costs
including pre-production cost amount to $760 M; life of mine sustaining capital cost total $59 M and mine
closure cost is $52 M. An Initial working capital requirement of $30 M has also been estimated for
accounts payable, accounts receivable, production inventory and supplies. The operating cash costs are

estimated to average $301/oz Au before royalties for the first 3 years of operation and $369/oz Au before
royalties for the Life of Mine. All capital and operating costs have been estimated on the basis of a
CAD/USD exchange rate of 1.10 and a fuel price $0.85/litre derived from a crude price of $83/bbl. The
average power cost is $0.0385/kWh.
The economic analysis is based on 100% equity financing (zero debt) in order to present a base cash
flow analysis on total investment. The Base Case gold price used for the economic analysis is
$775/oz Au. It is assumed that the company will exercise its right to acquire 50% of the Barrick royalty for
CDN$1.5 M.
The Base Case general economic model assumptions and economic results are summarized in Table
1.6 below. The analysis is based on constant Q1 2008 dollars with no inflation nor escalation rates.
Table 1.6: Financial Analysis Summary
Project Data Estimated Value

Life of Mine (years) 14.3
Total Gold Produced (M oz) 6.55
In-Pit Resources (Mt) 288
Total Material Mined (Mt) 622
Open Pit Stripping Ratio 1.16
Metallurgical Recovery (%) 84
Initial Project Capital Cost ($M) 760
Initial Working Capital ($M) 30
Ongoing Capital Cost ($M) 59
Closure Cost ($M) 52
Cash Cost ($/oz) 369
Base Case Gold Price ($/oz) 775
Pretax NPV @ 0% ($M) 1,711
Pretax NPV @ 5% ($M) 952
Pretax IRR % 22.2%
Payback Period (years) 3.2
Project sensitivity analyses were carried out for the gold price, capital cost, operating costs and gold
recovery expressed as a percent of the Base Case estimate for each variable. Each sensitivity analysis

was carried out independently. The results are presented graphically on the next page in Figures 1.2 and
1.3 for the IRR and NPV, respectively.
Figure 1.2: Internal Rate of Return Sensitivity Analysis
Figure 1.3: NPV at 5% Sensitivity Analysis

The results indicate that the project is most sensitive to gold price and is much less sensitive to capital
and operating costs.
1.11 Conclusions and Recommendations
The preliminary pit design optimized from an inferred resource generated by RSG for a conservative gold
price of $650/oz, contains 7.79 Moz of gold in-situ, based on 55 inter-ramp angle recommended by
Golder following a preliminary geotechnical investigation. Given the important quantities of low grade
mineralization and a very favorable waste to ore strip ratio (1.16:1), it was determined that a high
production rate of 55,000 tpd would maximize the value of the operation.
The results of the Preliminary Assessment indicate that the Canadian Malartic Gold Project warrants
further development. It does not present significant technical difficulties, and economic indicators
resulting from this study are encouraging. Preliminary estimates indicate a capital investment of $760 M
and an Internal Rate of Return of 22.2% based on a gold price of $775/oz. BBA concludes that Osisko
should advance the project to the next stage with a Feasibility Study including the following
recommendations:
To review the SMU block size with respect to the projected mining rate of 55,000 tpd ROM.

To complete the 30 m x 30 m infill drilling program in order to improve the inferred resources to
measured and / or indicated categories.
To re-optimize the pit design and mine plan based on the measured and indicated resources.
To maintain a good relationship with provincial and municipal authorities and with the local
community.
To conclude the Environmental Impact Study and submit it to relevant Government agencies.
To continue the acquisition of long-lead delivery items.
To initiate preparatory works on the site.
To continue relocation works for houses and institutional buildings in 2008.
To continue process optimization with specific metallurgical test works.
To obtain the approval of the environment impact study from the Government.
To prepare for the public hearings.
To pursue preliminary discussions to secure the project financing.
To initiate business relations with local contractors to ensure construction labor availability.
To obtain final agreement with the Government to close the East Malartic orphaned tailings pond
site.
To start the East Malartic tailings pond closure project (polishing pond work).
To complete the environmental test work program.
To initiate project detailed engineering.
To recruit key personnel for the operations.
To complete tailings and water management design (hydrogeology).

2. INTRODUCTION AND TERMS OF REFERENCE
2.1 Scope of Work
The scope of work for BBA while writing the Preliminary Assessment Report included the following:
Preparation of a preliminary process plant design with complete operating and capital cost
estimates, metallurgical test program description and area descriptions.
Review and provide comments for the mining operation section.
Gather and combine all necessary information, data and documents for the completion of this
Report.
2.2 Qualified Persons and Participating Personnel
The following summarizes the responsibility of each Qualified Personnel:
David Runnels, BBA:

Sections 1, 2, 3, 4, 5, 6, 10, 11, 13, 14.2, 14.3 (excluding 14.3.2), 14.5, 14.6, 14.7, 14.8,
14.9, 14.12, 14.13, 14.14, 14.15, 15, and 16.
Louis-Pierre Gignac, G Mining:

Sections 14.1 (excluding 14.1.6).
Brett Gossage, RSG (Coffey Mining):

Sections 7, 8, 9 and 12.
Andr-Martin Bouchard, Gnivar:

Sections 14.10 and 14.11
Michel Julien, Golder:

Sections 14.1.6, 14.3.2 and 14.4.
Their respective certificates for authors who have acted as qualified persons for this report may be found
in Section 18.0 Certificates of this report.

2.2.1 Site Visit
A site visit was conducted by David Runnels, Eng. of BBA in October of 2007 for a general acquaintance
with the property.
2.3 Terms of Reference
This report has been prepared in compliance with National Instrument 43-101 (Standards of Disclosure
for Mineral Projects). In addition, the Resource and Reserve definitions are as set forth in Canadian
Institute of Mining, Metallurgy and Petroleum, CIM Standards on Mineral Resource and Mineral
Reserves - Definitions and Guidelines adopted by CIM Counsel on December 11, 2005.
The units of measure (volume, distance, etc.) used in this report, unless otherwise noted, are in metric.
The currency used for all costs is presented in United States Dollars (US), unless specified otherwise.
Table 2.1: List of Main Abbreviations
BBA BBA Inc. l litre

degrees LG 3D Lerchs-Grossman 3D algorithm
C degrees centigrade m metre
Canadian Institute of Mining,
CIM m2 square metre
Metallurgy and Petroleum
3
cm centimetre m cubic metre
CoG cut-off grade mm millimetre
dBA average decibel M million
dB decibel NSR Net Smelter Return
G Mining G Mining Services Inc. NPV net present value
Genivar GENIVAR Osisko Osisko Exploration Ltd.
Au gold oz troy ounce (31.1035 grams)
Golder Golder Associates ppm parts per million
g gram ppb parts per billion
g/t grams per tonne ROM run of mine
ha hectare (10,000 m2) RQD rock quality designation
hp horsepower RSG RSG Global Consulting
h hour SG specific gravity
IRR internal rate of return S/R stripping ratio
kg kilogram t (or tonnes) tonne (metric)
km kilometre t/d or tpd tonnes per day
km2 square kilometre t/h tonnes per hour
km/h kilometre per hour t/m3 tonnes per cubic metre
kPa kilopascal t/m tonnes per metre
kt 1000 tonnes t/y tonnes per year
kV kilovolt $ United States dollar
kW kilowatt y year
2.4 Source Documents
The major source of the information used for this Preliminary Assessment Report comes from the
Technical Report by RSG, dated August 17, 2007 and updated by Osisko as required. Additional
information used includes reports from studies provided to Osisko by other consultants such as Golder,
WJP Pennstrom Consulting, SGS and G Mining. All other supplementary information used for this study
consists of internal reports and studies generated by BBA or Osisko.
2.5 Disclaimer
BBA has not examined the land tenure, nor independently verified the legal status or ownership of the
properties or underlying option and/or joint venture agreements.
The comments in the Report reflect BBAs best judgment in light of the information available to it at the
time of preparation. BBA reserves the right, but will not be obliged, to revise this report and conclusions if
additional information becomes known to BBA subsequent to the date of this report.
Use of this Report acknowledges acceptance of the foregoing conditions.

3. RELIANCE ON OTHER EXPERTS
The lead author of this report, Mr. David Runnels, is not qualified to comment on issues related to mining
and exploration titles and land tenure, royalties, permitting and legal and environmental matters. The
lead author has accordingly relied upon the representations of experts employed by the issuer, Osisko
Exploration lte, for Sections 4 and 10 of this report and has not verified the information presented in
those sections.

4. PROPERTY DESCRIPTION AND LOCATION
4.1 Property Location
The Canadian Malartic property is located in the Abitibi region of north-western Quebec in National
Topographic System (NTS) sheet 32D/01. It lies entirely within the Fournire Township, immediately
south of the town of Malartic, about 25 km west of Val dOr, Quebec and around 550 km northwest of
Montreal, Quebec (Figure 4.1 on the next page). The property is of roughly rectangular shape, extending
about 13 km east-west and around 4 km north-south, approximately centered at UTM grid coordinates
713000 E and 5333000 N (Latitude 48 7 45 N and Longitude 78 7 W). The property also covers the
southern portion of the town itself.

Figure 4.1: Property Location

4.2 Property Ownership and Agreements
The Canadian Malartic property was acquired by Osisko in stages between 2004 and 2006. The majority
of the mining titles of the Canadian Malartic property was map-staked by Osisko or its appointed
intermediaries, and is not subject to any encumbrances. Others were purchased outright from
independent parties, without royalties or other obligations. Of the 127 mining titles comprising the
Canadian Malartic property, 21 are subject to agreements presented in Table 4.1 below:
Table 4.1: Mining Claims Agreements and Encumbrances
Mining Titles Agreements and Encumbrances

CM 226 Mining Titles 100% owned by Osisko.
CL 3941621 Claims purchased from McWatters Mining Inc. liquidating trustee in consideration
CL 3941633 of a cash payment (paid).
CL 3941634 Titles are subject to a sliding 2% - 3% Net Smelter Royalty payable to Barrick Gold
CL 3941635 Corp. The royalty rate is tied to the price of gold, with the higher rate taking effect if
CL 3950771 the gold price is greater than 350 $/oz. Half of the royalty can be purchased back
CL 3950772 by Osisko for $1,500,000.
CL 5144234 Mining Titles 100% owned by Osisko.
CL 5144235 Claims acquired from Dianor Resources Inc. and subsidiary Threegold Resources
CL 5144236 Inc. for cash and shares (paid in full). Claims are subject to a 2% Net Smelter
CL 5144237 Royalty payable to a private individual. The entire royalty may be purchased back
CL 5144238 by Osisko for $2,000,000.
CL 5144239
CDC 72271 Mining Title 100% owned by Osisko. Claim purchased from Golden Valley Mines
for a cash consideration (paid). Claim is subject to a 2% Net Smelter Royalty
payable to Golden Valley Mines.
CDC 2000854 Mining Titles 100% owned by Osisko.
CDC 2000855 Claims purchased from a private individual representing J. Stoch, in consideration
CDC 2000856 of a cash payment (paid). Claims are subject to a 2.5% Gross Overriding Metal
CDC 2000857 Royalty.
CDC 2000858
CDC 2000859
CDC 2001055 Mining Title 100% owned by Osisko.
Claim purchased from a private individual in consideration of a cash payment
(paid).
Claim is subject to a 2.5% Gross Overriding Metal Royalty.
4.3 Mineral, Surface and Water Rights
A detailed list of the mining titles of the Canadian Malartic property, including claim numbers, size,
expiration dates, work expenditure requirements, renewal fees and exploration credits, is provided in
Appendix I to the Canadian Malartic Report. At the time of finalization of the Canadian Malartic Report,
all mining titles were registered with 100% ownership to Osisko, and were in good standing. The limits of
the various mining titles are not physically defined in the field. The majority of the Canadian Malartic

property titles are Map Designated Claims (CDCs). CDCs are pre-defined cells conforming to a system
of electronic map-staking established by the Quebec Government in 2000. The map-designated
coordinates of the cells are the legal limits of the said claims. The physical limits of each claim can be
established by surveying and positioning the map-designated coordinates of the claims in the field.
Twelve claims on the Canadian Malartic property were originally acquired by field-staking, but have since
been surveyed by the Government and incorporated into the electronic map-staking system. The
boundaries of the Mining Concession have been similarly surveyed and recorded. Detailed positions of
CDC, claims and other mining titles for most of the NTS sheets in Quebec are available in PDF format
maps at the following web site of the MNRW: ftp://ftp.mrnfp.gouv.qc.ca/public/gestim.
Each claim provides a right of access, though not surface rights, to a designated parcel of land on which
exploration work may be undertaken. Access to land that has been granted, alienated or leased by the
Crown for non-mining purposes requires the permission of the current rights-holder. Additionally, claims
that lie within town boundaries or lands identified as State reserves may be subject to further conditions
and obligations concerning the work to be performed on the claim.
A mining concession is initially granted for a twenty year period, with the possibility of renewal for
additional ten year periods. There is no obligation or work requirement needed to maintain the
concession other than the payment of an annual fee based on the size of the concession. The mining
concession provides some surface rights to the owner, limited to those necessary for mining activities.
4.4 Royalties
Provided in Section 4.2 Property Ownership and Agreements.
4.5 Environmental Exposures
There are no environmental liabilities, obligations or responsibilities associated with the Canadian
Malartic property, other than the adherence to the regulations of the Ministry of Sustainable
Development, Environment and Parks (Quebec) (MSDEP) concerning exploration activities. Several non-
remediated tailings ponds, particularly those of the past-producing East Malartic mine, occur on the
property (Figure 4.2 on the next page) but as long as these are covered by exploration rights (CDCs),
the environmental liabilities related to these ponds are the responsibility of the MRNF.

Figure 4.2: Property Details
4.6 Civil Responsibilities
The mining activities at the past producing Canadian Malartic, Sladen and East Malartic mines resulted
in a connected network of open and/or backfilled stopes and other underground workings, which are now
flooded. Two pumps at the East Malartic mine site are operated jointly by Osisko and by the Quebec
Government in order to control the local water table.
Portions of the southern limits of Malartic were built over the Canadian Malartic mine, and a number of
houses are located over open stopes. In certain cases, the remaining crown pillars are as little as ten
metres thick, posing an ever-present risk of collapse. The highest risk areas were expropriated and
fenced off by the Quebec Government in 1981, with 11 homes being relocated to other parts of the town.
In 2000, Barrick expanded the fencing and built additional fences around areas determined as potentially
dangerous. As the current owner of the Canadian Malartic property, it is incumbent upon Osisko to
maintain the fences in good condition. The fence perimeters must be cleared of brush, and the fences
need to be clearly marked with signs indicating the danger within the enclosed zones.

Osisko has already successfully petitioned the municipality to close a portion of one street that runs over
a zone that risks collapsing. As a goodwill gesture, Osisko also purchased a house located within the
high-risk zone in 2006, although the owner had purchased the house with full disclosure as to the
potential risks. This house has since been condemned and fenced off. In the event that the project is put
into production as an open-pit mine, it will be necessary for Osisko to make arrangements to purchase,
relocate or reconstruct houses, as well as a senior citizen residence, day-care facility and a primary
school. This is further discussed in Section 14.6.
4.7 Environmental Approvals and Permits
Work on the property is in the advanced exploration stage, and as such no permits are required.
Requisite permissions for use of water and incidental logging for drill-access have been acquired from
the Forestry and Environmental Ministries of the Quebec Government.

5. ACCESSIBILITY, LOCAL RESOURCES AND INFRASTRUCTURE
5.1 Accessibility
The northern extents of the Canadian Malartic property can be accessed directly from Trans Canadian
Highway 117. A paved road running north-south from the town of Malartic towards Lake Mourier cuts
through the central area of the Canadian Malartic property. The Canadian Malartic property is further
accessible by a series of logging roads and trails, as well as a network of gravel roads associated with
the past producing mines. Malartic is also serviced by a rail-line which cuts through the middle of the
town. The nearest large airport is located in Val-dOr, about 25 km east of Malartic.
5.2 Climate
The climatological information concerning the temperature and precipitation presented in this report is
based on data collected at the Val-dOr meteorological station between 1970 and 2001, as reported by
the Centre de Ressources en Impacts et Adaptation au Climat et ses Changements (CRIACC). Data
on wind velocity and direction is based on records from 1961 to 1991.
Mean annual temperature for the Val-dOr/Malartic area is 1.2C, with average daily temperatures
ranging from -17.2C in January to 17.2C in July. The average total annual precipitation is 914 mm,
peaking in September (102 mm) and at a minimum in February (40.5 mm). Snow falls between October
and May, with most occurring between November and March. Peak snowfall occurs in December,
averaging 610 mm, equivalent to 54 mm of water. Winds are generally from the south or southwest from
June through January, and from the north or northwest from February through May. Average wind
velocities are in the order of 11 to 14 km/h.
5.3 Local Resources and Infrastructure
The Canadian Malartic property is located in the southern portion of the town of Malartic. The town has a
population of around 3,500 people and hosts a variety of commercial establishments, including motels,
restaurants, service suppliers, retailers and a community health clinic, as well as elementary and high
schools. The city of Val-dOr, some 25 km east of Malartic, hosts a large number of manufacturers and
suppliers who serve the mining industry.
Mining-related activities ceased in Malartic in 2002, when the East Malartic mill, used by Barrick to
process ore from their Bousquet Mine was shut down and left on a care and maintenance basis.

Osisko is currently using the East Malartic administrative complex as an exploration office, with portions
of the facility dedicated to equipment storage and core logging facilities.
The towns principal employer, the Domtar Sawmill, closed in 2006, resulting in a pool of local manpower
trained in heavy equipment/industrial operations. Skilled workers may also be available from the areas
within an approximate 25 km radius of Malartic, specifically Cadillac to the west and Val-dOr to the east,
where a number of mines are still in operation. It should be noted, however, that the recent increase in
mining activity in the Abitibi region may result in a temporary shortage of certain classes of experienced
mining personnel.
5.4 Physiography
The Canadian Malartic property is situated in the Abitibi lowlands and is relatively flat, consisting of plains
with a few small hills. The topographic relief on the Canadian Malartic property is subtle, with a difference
of about 95 m between maximum and minimum elevations. Most of the area is sparsely wooded with
secondary growth black spruce, larch and birch as the dominant species. The central, east-central and
west-central parts of the Canadian Malartic property are cut by a number of small streams, generally
oriented east-west and connecting bogs or swampy areas. The south eastern extremity of the Canadian
Malartic property partially overlaps onto Lake Fournire, which covers about 28 km2.
Overburden is characteristically a thin layer of till, typically only a few metres thick, with local
development of organic-rich boggy material. Outcropping exposures are relatively rare, generally
restricted to localized zones in which the lithology is silica-altered and more resistant to erosion.

6. HISTORY
6.1 Prior and Current Ownership
Gold was first discovered in the Malartic area in 1923 by the Gouldie Brothers at what is now designated
the Gouldie Zone. In 1925, a new showing was discovered and staked by an Ottawa-based prospecting
syndicate, located about 1.6 km northwest of the Gouldie prospect. This property was sold to the newly-
incorporated Malartic Gold Mines in 1927. Malartic Gold Mines undertook drilling, trenching and limited
underground development on the deposit until 1929, when the project was suspended with the onset of
the Great Depression. In 1933, the Canadian Malartic Gold Mines company took possession of the
Malartic Mines property as well as the claims covering the Gouldie prospect. Production at the Canadian
Malartic mine began in 1935 and continued uninterrupted until 1965. The Canadian Malartic success
prompted additional exploration, discovery and development immediately to the east. The Barnat/Sladen
Mines and East Malartic Mine independently went into production in 1938 and continued with only minor
interruptions until 1970 and 1983, respectively.
In 1964, Falconbridge Nickel Ltd. purchased the Canadian Malartic Mine and, following cessation of gold
production in 1965, refurbished the mill to process nickel ore from their Marbridge mine. These
operations ceased in 1968, after which the Canadian Malartic mill was decommissioned and removed.
In 1974, the mining titles covering a portion of the historic Canadian Malartic holdings were purchased by
East Malartic Gold Mines. The rest of the gold camp, covering the balance of the Canadian Malartic
ground, as well as the past-producing Barnat/Sladen and East Malartic Mines, were acquired in 1979 by
Long Lac Exploration Ltd. These two companies, as well as a third Ontario-based company, merged in
1982 to form Lac Minerals Ltd. (Lac Minerals), which continued to explore the property over the next
decade with the objective of defining a near-surface gold resource amenable to open-pit mining
methods. Control of the property fell to Barrick in 1994 when they acquired Lac Minerals. Barrick did not
explore the property but completed a number of environmental and stope-stability studies during the
1990s. Barricks principal activity was to process pyrite-rich ore from its Bousquet mine at the East
Malartic mill, which lasted until 2002 and resulted in the production of acid-generating mill tailings.
Barrick sold all of its interests in the Malartic camp, including environmental and reclamation liabilities, to
McWatters Mining in February 2003.
Through an intermediary in November 2004, Osisko acquired 100% interest in six claims and one CM
(Mining Concession) covering the past-producing Canadian Malartic Mine. The mining titles were
purchased from the McWatters Mining liquidating trustee, following the bankruptcy of McWatters Mining
earlier in 2004. A sliding 2%-3% Net Smelter Royalty is payable to Barrick for these titles, half of which

can be purchased for CND$1.5 M. The titles have since been transferred, and are registered with 100%
ownership in favour of Osisko. Osisko elected not to purchase the CM covering the past producing
Barnat, Sladen and East Malartic mines from the McWatters Mining liquidating trustee, due to concerns
of acquired environmental liabilities. Control of this portion of the property was assumed by the Quebec
Government in December 2004, after the liquidating trustee failed to find a buyer.
On December 29, 2004, Osisko announced the signing of a letter of intent with Dianor and its
wholly-owned subsidiary Threegold to acquire a 100% interest in a block of six claims to the southwest
of, and contiguous with, the property purchased from the McWatters Mining trustee. These claims are
subject to a 2% Net Smelter Royalty payable to a private individual, but the royalty may be purchased for
CND$2.0 M. Official documents for the transfer of these claims were filed on December 29, 2005, and
the claims are now registered with 100% ownership in favour of Osisko.
Between February and June 2005, 92 additional claims were staked by Osisko or their appointed
intermediaries, surrounding the original block of seven mining titles and the Dianor block. In December
2005, Osisko staked six more claims along the southern margin of the property. The transfer of these
claims has been processed, and all are now registered with 100% ownership in favour of Osisko.
On February 3, 2006, Osisko announced the signing of a letter of intent with Golden Valley Mines to
purchase a 100% interest in a single claim contiguous to the property. The claim is subject to a 2% Net
Smelter Royalty payable to Golden Valley Mines. The finalization of the agreement was announced on
June 21, 2006. The transfer of this claim has been processed and is now registered with 100%
ownership in favour of Osisko.
In late 2005, the Quebec Government cancelled the CM and claims covering the portion of the
McWatters Mining property that was transferred from the McWatters Mining liquidating trustee and
converted the area to 16 CDCs. The conversion of mining titles to CDCs effectively freed any eventual
owner of the titles of the associated environmental liabilities. The claims were made available through the
Government electronic map staking system, and eight separate parties simultaneously submitted
applications for the titles. The ownership situation was resolved by a claim-by-claim lottery conducted on
February 15, 2006. Osisko succeeded in acquiring two of the claims at the lottery. On March 2, 2006,
Osisko announced that it had signed letters of intent with a group of four independent parties to purchase
100% interest in the remaining 14 titles. Seven of these titles were purchased outright from two
individuals, without additional encumbrance. The remaining seven claims were purchased from two other
individuals and are subject to a 2.5% Gross Overriding Royalty. The transfer documents for these claims
have been processed, and all are now registered with 100% ownership in favour of Osisko.

6.2 Exploration History
The past-producing Canadian Malartic, Barnat/Sladen and East Malartic gold mines located on Osiskos
property went into production between 1935 and 1938, and ceased production in 1965, 1970 and 1983,
respectively. Relatively little exploration work was done before development began on the deposits and,
during mining operations, essentially all reports of geological work, drilling, development and production
were internal, unpublished documents. The collective archives of the past producing mines were
acquired by Lac Minerals at the time they took control of the property, and stored in the administrative
offices of the East Malartic Mine. The mine office and the archives fell under the control of the Quebec
Government when they assumed responsibility for that portion of the property from the McWatters Mining
liquidating trustee.
The first geological maps of the Malartic area (Fournire Township) were produced by James and
Madsley (1925) of the Geological Survey of Canada. Geological reports including detailed mapping in
the area of the Canadian Malartic Mine were produced in 1928 by Gill and Murdoch and in 1929 by
Keading (unpublished internal reports of Malartic Mines Ltd.). Quebec Mines Service geologist ONeill
(1935) remapped the Canadian Malartic property at a detailed scale, and provided the first petrographic
descriptions of the mineralized rocks. Derry (1939) and Derry and Herz (1948) published papers detailing
the structure, alteration as well as a metallogenic model for the Canadian Malartic gold deposit.
Geoscientific reports on the Malartic gold camp have been published by Gunning and Ambrose (1940),
Eakins (1962), Sansfaon (1986a, 1986b), Grant et al. (1987), Sansfaon and Hubert (1990), Trudel and
Sauv (1992) and Fallara et al. (2000). Other geological information specifically pertinent to the
Canadian Malartic deposit is available in reports by the Geological Survey of Canada (Descarreaux,
1978), the Quebec Mines Service (Dresser and Denis, 1951) as well as by the Ministry of Energy and
Resources of Quebec (Latulippe, 1963, 1967 and 1976; Germain, 1983).
After the closing of the East Malartic Mine, Lac Minerals continued exploration work on the property,
including drilling of approximately 500 surface drill holes on or near the Canadian Malartic deposit in
various campaigns dating from 1981 to 1985. Several other drill campaigns were completed on the
Barnat/Sladen and East Malartic portions of the property until 1990 when Lac Minerals discontinued
exploration on the property. Most of the drill data generated by Lac Minerals was filed for assessment
with the Quebec Government and is publicly available.
Lac Minerals undertook limited ground geophysical surveys on the property between 1980 and 1983.
The first geophysical survey entailed an induced polarization (IP) survey over a single line transecting
known structures hosting disseminated pyrite-gold mineralization, yielding inconclusive results.

In 1981, magnetic-HLEM surveys were performed over 66 km of cut-lines, in an attempt to define the
geological contacts of various lithologies and mineralized zones, but again yielded poor results. Similar
inconclusive results were generated that same year by a VLF survey over the same lines. In 1982, IP
surveys were conducted over 12.8 km line over other areas of known mineralization peripheral to the
main Canadian Malartic deposit. Five priority anomalies detected in this survey were tested by drilling or
trenching the results were negative and the source of the IP anomalies was not determined. In 1993, a
new IP technique was employed to survey an area of known mineralization near the western end of the
Canadian Malartic deposit. Four localized zones of heightened geophysical response were identified
within the surveyed sector, but could not be correlated to any particular source.
Given the poor response of the various geophysical survey techniques, Lac Minerals targeted their
exploration drilling program based on results of historic drilling, underground development and surface
geological mapping. This approach led to the discovery of a new mineralized zone (Charlie Zone),
located under the tailings to the south of the Sladen mine.
During the time Barrick owned the property (1994 2003), no exploration work was done. Efforts
focused on partial recompilation of historical data for resource estimate purposes, and on stope stability
and environmental assessment. Barrick drilled a limited number of geotechnical holes to determine the
thickness and stability of crown pillars of the Canadian Malartic mine, in the area underlying houses in
the southern part of Malartic. After the 2003 acquisition, there is no public record of McWatters Mining
performing any work on the property.
6.3 Historic Drilling
The vast majority of historic drilling on the property was undertaken by past-producing Canadian
Malartic, Barnat/Sladen and East Malartic gold mines during development and production. Drill records
for these operations were mostly internal, unpublished documents. A subset of these historic archives
has been compiled by Osisko, pertaining to the ground covered by the Canadian Malartic mine.
Two distinct phases of historical drilling have occurred on the Canadian Malartic deposit. During the first
phase, from 1928 to 1963 by Canadian Malartic Mines Ltd., records indicate that over 5,000 surface and
underground holes were drilled on this portion of the property. These holes were predominantly drilled
from underground as grade control drilling. The surviving archives only include data for about 4,000 of
these holes (Canadian Malartic S-series and U series holes), from which a total of 3,838 drill holes
(159,056 m of drilling) were included in Osisko digital data base. The remainders were discarded as data
was incomplete, illegible or had unreliable collar data. There are no descriptions of the drill procedures,
equipment employed, core diameter or drilling quality available in the documents. Orientation data on

drill holes is limited to sporadic acid tests for dip. Data for drilling in the areas of the past-producing
Barnat/Sladen and East Malartic has been compiled by Osisko for inclusion in the resource update.
Lac Minerals drilled approximately 502 surface holes (43,495 m of drilling) on the Canadian Malartic
property between 1981 and 1985. Drill logs indicate the core was BQ diameter, but information
pertaining to drilling procedures, drill equipment is not available. Orientation data on drill holes is limited
to sporadic acid tests for dip and rare measurements of azimuth and dip using unspecified
instrumentation.
6.4 Production History
The Canadian Malartic property includes four past-producing gold mines. Three of these, the Canadian
Malartic, Sladen and East Malartic mines, are portions of a 3,000 metre-long, continuous mineralized
system, exploited from west to east respectively. The Barnat Mine is part of the Malartic gold camp but is
considered a separate deposit located within the Cadillac Fault Zone. During the period from 1935 to
1983, these mines produced a total of 159,451 kg (5,126,462 oz) of gold, mostly from underground
operations. Three small open pits (Buckshot and Mammoth zones) were excavated at the Barnat and
East Malartic mines, to recover mineralization from crown pillars after the backfilling of underground
stopes. The production figures reported here were obtained from Grant et al. (1987), Sansfaon et al.
(1986, 1990) or Trudel and Sauv (1992).
The Canadian Malartic mine operated between 1935 and 1965. The deposit was mined mostly by
underground long-hole stoping methods, making it the only underground bulk tonnage gold mine in
Quebec. Mining was limited to higher grade (greater than 3 g/t Au) mineralized zones within a larger,
lower grade mineralized envelope, along nine levels extending to a depth of approximately 350 m.
Development continued along four additional levels (to level 13) but there is no evidence of production at
these deeper levels. A total of 9,931,376 tonnes of ore at an average grade of 3.37 g/t Au were
extracted, for an aggregate production of 33,468.3 kg Au (1.076 Moz Au). Mineralization occurs as finely
disseminated native gold within altered sediments and porphyry, and was recovered by standard milling
and cyanide-leaching techniques with an 89.4% average recovery reported over the mine life. The ore
from the Canadian Malartic mine was also anomalously rich in silver relative to the rest of the Malartic
gold camp, with gold to silver ratios ranging from about 4:1 to 1:1. Total silver output was approximately
20,000 kg (643,000 oz).
The Barnat/Sladen mine comprised several ore bodies. The Barnat mine worked at least three separate
ore zones located in tectonized porphyry/diorite masses within the Cadillac Tectonic Zone, while the
Sladen mine, located south of the fault zone, operated within the Pontiac Subprovince along the same

mineralized trend as the Canadian Malartic mine to the west. Production began at the Barnat/Sladen
mines in 1938 and continued until 1970. A total of 8,454,032 tonnes of ore were processed at an
average grade of 4.46 g/t Au, yielding a total of 37,743.5 kg Au (1.213 million oz Au). The Barnat/Sladen
ore also averaged a little more than one gram per tonne silver, yielding a total of approximately 9 tonnes
of silver (289,000 oz Ag).
The East Malartic mine began production in 1935, operated semi-continuously until 1983, and represents
the largest historic producer in the Malartic gold camp. Over the lifetime of the mine, a total of 17,948,457
tonnes of ore were extracted, at an average grade of 4.92 g/t Au, yielding 88,239.1 kg Au (2.837 million
oz Au).
6.5 Post Production Resource and Reserve History
The resource figures reported in this section were prepared under codes other than NI 43-101 and
should not be relied upon to conform to current standards and definitions. As such, the data should be
interpreted as unclassified historical resource estimates.
From 1980 to 1985, Lac Minerals explored the Canadian Malartic portion of the Canadian Malartic
property with the objective of defining a near-surface (less than 100 m deep) resource amenable to open
pit mining. The exploration program led to the definition of five near-surface gold mineralized zones
forming an aggregate unclassified resource (before NI 43-101) of approximately 8,160,000 tonnes with
average grade of 1.98 g/t Au (520,000 oz Au), using a CoG of 1.03 g/t Au. The mineralized zones
defined by Lac Minerals are all the near-surface expression of a much larger, low-grade, continuously
mineralized gold system extending to a depth of at least 350 m.
Sansfaon (1989) estimated an unclassified resource of 27,210,000 tonnes of ore with average grade of
1.95 g/t Au for the entire Canadian Malartic deposit. This figure was calculated using a CoG of 1.03 g/t
Au and considered mineralization to a vertical depth of 305 m. An updated calculation by Sansfaon and
Hubert (1990) estimated an unclassified resource of 25,637,624 tonnes at an average grade of 2.02g/t
Au, using minimum and maximum CoG of 1.0 g/t Au and 6.9 g/t Au, to a depth of 335 m.

7. GEOLOGICAL SETTING
7.1 Regional Geology
The Malartic property straddles the southern margin of the eastern portion of the Abitibi Subprovince, an
Archaean greenstone belt situated in the southeastern part of the Superior Province of the Canadian
Shield. The Abitibi Subprovince is comprised of an older northern volcanic zone (2730 2710 MA) and a
younger southern volcanic zone (2705 2698 MA), separated by the regional Porcupine-Destor Fault
Zone (Card and Poulsen, 1998). The Abitibi Subprovince is limited to the north by gneisses and plutons
of the Opatica Subprovince, and to the south by metasediments and intrusive rocks of the Pontiac
Subprovince. The contact between the Pontiac Subprovince and the rocks of the Abitibi greenstone belt
is characterized by a major fault corridor, the east-west trending Cadillac-Larder Lake Tectonic Zone
(Figure 4.1). This structure runs from Larder Lake, Ontario through Rouyn-Noranda, Cadillac, Malartic,
Val dOr and Louvicourt, Quebec, at which point it is truncated by the Grenville Front. The corridor
defined by the Porcupine-Destor Fault Zone and the Cadillac-Larder Lake Tectonic Zone, generally
known as the Timmins-Val d'Or camp (Robert et al. 2005), hosts a great number of mineral deposits that
account for the bulk of historical and current base and precious metal production from the Superior
province (Spooner and Tucker Barrie, 1993).
The regional stratigraphy of the south eastern Abitibi area is divided into groups of alternating volcanic
and sedimentary rocks, generally oriented at N280 to N330 and separated by faults zones. The main
lithostratigraphic divisions in this region are, from south to north, the Pontiac Group of the Pontiac
Subprovince and the Pich, Cadillac and Blake Rivers, Kewagama and Malartic Groups of the Abitibi
Subprovince. The Pontiac group includes greywackes, shales and minor conglomerates (turbiditic clastic
sediments), as well as thin horizons of ultramafic volcanic rocks. The Pich group, confined within the
Cadillac Tectonic Zone, comprises abundant talc-chlorite-carbonate schists representing strongly
deformed and altered magnesian basaltic to komatiitic volcanics. The schists include abundant irregular,
deformed intrusions of diorite and feldspar porphyry, many of which are gold-mineralized. The Cadillac
Group consists of greywackes and polymictic conglomerates; the Blake River Group is dominated by
basalts; the Kewagama Group includes greywacke, shales, oxide-facies iron formation and
conglomerates and the Malartic group comprises ultramafic volcanic rocks.
The various stratigraphic units listed above are folded into a regional synclinal structure variously known
as the Malartic or Cadillac Syncline. The fold axis trends west-northwest and dips steeply to the north,
with the axial trace located within the Cadillac Group sediments. The various lithological groups within
the Abitibi Subprovince are metamorphosed to greenschist facies. Metamorphic grade increases toward
the southern limit of the Abitibi belt, where rocks of the Pich Group and the northern part of the Pontiac

Group have been metamorphosed to upper greenschist facies. The latter rocks have been subject to
retrograde metamorphism, probably due to hydrothermal flux associated with the Cadillac Fault, as
evidenced by chloritization of biotite, development of actinolite after hornblende and albitization of more
calcic plagioclase. Metamorphism increases rapidly to the south of the Cadillac Tectonic Zone. Pontiac
Group sediments at the southern end of the property are metamorphosed to staurolite facies. This higher
grade metamorphic terrane is also punctuated by frequent peraluminous granite intrusions, derived from
partial melting of the metasediments during orogenesis.
7.2 Property Geology
The majority of the Canadian Malartic property is underlain by meta-sedimentary units of the Pontiac
Group, lying immediately south of the Cadillac Tectonic Zone (Figure 4.2). The north-central portion of
the property covers an approximately 3.5 km-long section of the fault corridor and is underlain by mafic-
ultramafic metavolcanic rocks of the Pich Group cut by porphyritic intrusions, as well as metasediments
of the Cadillac Group to the north of the fault zone. At the point where the Cadillac Tectonic Zone
transects the town of Malartic, it is oriented N320E, whereas further east it is oriented at N280E
N290E. The rapid change in the direction of the fault corridor has been interpreted by Gunning and
Ambrose (1940) and Eakins (1962) as a bifurcation of the fault zone. The portion of the fault zone
oriented N280E N290E has been referred to as the Malartic Tectonic Zone; it extends about 9 km
along strike with a width of 600 to 900 m. The Malartic Tectonic Zone includes many subordinate faults
with orientations varying from sub-vertical to sub-horizontal.
The portion of the Pich Group volcanic belt that transects the Canadian Malartic property is about
650 m wide. Two major structures, the Malartic (Cadillac) and Sladen Faults, define the northern and
southern boundaries of the tectonic zone in the immediate Malartic area. As it occurs on the property, the
Malartic fault is oriented N260E - N280E and dips 75 to the north, whereas the Sladen fault is oriented
N090E N100E and dips variably from 70S to sub-vertical. The Pich Group ultramafic metavolcanic
rocks do not outcrop anywhere on the property, and are known from historic records, underground
workings and drilling. The Pich Group rocks are typically bluish-grey, pervasively foliated with numerous
veinlets of talc-carbonate. Less altered variants occur as massive, aphanitic to fine grained serpentinized
ultramafic rock.
The Pontiac Group metasediments on the property comprise turbiditic greywacke, mudstone and minor
siltstone, generally rhythmically banded with beds of variable thickness ranging from about one millimetre
to one metre. The sediments typically have a well-developed foliation and are dark grey to black,
occasionally exhibiting a brownish tint caused by development of biotite through metamorphism and/or
potassic alteration proximal to porphyritic felsic intrusions.

The rocks of the Pontiac and Pich Groups are intruded by a number of epizonal felsic porphyritic
bodies, variously described as syenites, quartz syenites, quartz monzonites, granodiorites and tonalities.
The geometries of these felsic intrusions are highly variable, and occur on the property as sills, dykes,
discontinuous lenses or small isolated stocks. The porphyries are all feldspar-phyric (1 to 5 mm wide
phenocrysts) with fine-grained to aphanitic, medium to light grey matrices. Within the Pontiac Group, the
porphyritic intrusions are particularly abundant within an area bounded to the south by the Raymond
Fault. South of the Raymond Fault, a swarm of ultramafic sills (possibly komatiitic flows) occur in the
metasediments in the southwestern portion of the Canadian Malartic property. The Fournire
granodiorite / tonalite pluton touches the southeastern extremity of the property.
Surface drilling by Lac Minerals in the 1980s defined several near-surface mineralized zones, all
expressions of the larger, continuous mineralized system at depth. In addition to these, the Gouldie and
Charlie mineralized zones occur approximately 1.2 km southwest of the main deposit, although the
relationship between these zones and the main deposit is presently unknown. Within the Cadillac
Tectonic Zones, several near-surface mineralized zones have been documented (South Barnat,
Buckshot), generally all associated with shattered felsic intrusions.
7.3 Deposit Type
Base and precious metal deposit types within the southern portion of Abitibi Subprovince, i.e. the
Timmins-Val d'Or belt (Robert et al., 2005), include volcanogenic massive sulfide (VMS) deposits, lode
gold deposits, komatiite-hosted and gabbro/peridotite-hosted nickel-copper-PGE deposits, small
porphyry copper-molybdenum deposits and small vein-type molybdenum deposits (Card and Poulsen,
1998; Spooner and Tucker Barrie, 1993).
Archaean lode gold deposits of the Superior Province include several types but are dominated by
epigenetic, structurally-controlled mesothermal vein deposits, i.e. "orogenic" deposits in the sense of
Hagemann and Cassidy (2000). Other types include disseminated and stockwork porphyry-related
deposits, with or without vein overprints, sulfide-rich breccia and replacement deposits, gold-rich VMS
deposits and gold-rich pyritic exhalites (Robert and Poulsen, 1997; Card and Poulsen, 1998).
The gold deposits of the Malartic area are porphyry-related (Issigonis, 1980; Robert 2001) and possibly
orthomagmatic in origin. The porphyries are generally considered to be syenitic (alkaline) in composition
and of Temiskaming (syntectonic) age (Fallara et al., 2000; Robert, 2001). Given the nature of the
mineralization (see below) and the close spatial association with high-level porphyry dykes, sills and
stocks, Osisko adopted the porphyry gold model (Sillitoe, 2000) as a tool to drive exploration on the
property.

7.4 Mineralization
Mineralization in the Canadian Malartic deposit occurs as a continuous shell of 1-5% disseminated pyrite
with fine native gold and traces of chalcopyrite, sphalerite and tellurides (Eakins, 1962; Fallara et al,
2000). It is mostly hosted by altered clastic sediments of the Pontiac Group (turbiditic greywacke,
mudstone and minor siltstone) overlying an epizonal dioritic porphyry intrusion. Mineralization also
occurs in the upper portions of the porphyry body. The porphyry intrusion pinches out in the Sladen
Malartic Mine and disseminated mineralization continues in the silicified greywacke, forming a subvertical
tabular body that is truncated by the Cadillac fault at the western extremity of the East Malartic mine.
Alteration in the metasediments consists of biotite-sericite-carbonate (potassic alteration) overprinted by

cryptocrystalline silica-carbonate. Carbonates include calcite and minor ankerite. Highly silicified zones
adopt a cherty texture and are commonly brecciated. Potassic alteration in the porphyry consists mostly
of alkali-feldspar replacement of plagioclase that is contemporaneous with minor quartz veining.
Cryptocrystalline quartz replacement with minor carbonate also overprints potassic alteration in the
porphyry. Late, coarse-grained, quartz-feldspar-muscovite veins mineralized with native gold form
relatively small, higher grade stockworks along the northern edge of the deposit (Eakins, 1962; Derry,
1939). Retrograde chlorite-calcite alteration of the previous assemblages, particularly the biotite, is
ubiquitous throughout the deposit but is particularly intense along ductile shear zones, forming chlorite-
calcite schists.
The close spatial association between voluminous, low-grade, disseminated gold mineralization and an
epizonal, intermediate porphyry intrusion, as well as the presence of widespread potassic alteration
throughout the system, suggests the Canadian Malartic deposit may be an Archaean porphyry gold
system.

8. EXPLORATION AND DRILLING
After acquiring the property in the fall of 2004, Osisko initiated a review and compilation of the Canadian
Malartic Mines database received from the Quebec Government in January 2005. Data indicated the
presence of a widespread, low-grade mineralized system (minimum 1,200 m long and 350 m wide) to
depths of 350 m. The data included drill logs and assays for more than 4,600 surface and underground
drill holes, specifically the Canadian Malartic Mines U-series (underground) and S-series (surface) holes,
and Lac Minerals D-series (surface diamond drilling) and P-series (surface percussion drilling) holes, as
well as hundreds of maps, level plans, vertical sections and longitudinal sections. A total of 4,340 historic
holes were compiled into an electronic database for use in the inferred resource calculation presented in
the Canadian Malartic Report. The remainder were discarded as they were incomplete, illegible, had
missing or unreliable collar data. The percussion-hole assay data were not considered, on the
assumption that they were of questionable quality. It should be noted that the maps and sections from
the historic archives suggest that more than 5,000 surface and underground holes were drilled on this
portion of the property, but data for the missing holes (U-series holes above 4,000) were never found.
Drilling on the property commenced in March 2005 in a series a systematic phases designed to outline
the mineralized deposit (see Section 8.1.1).
Osisko completed a reconnaissance prospecting/sampling program on the property in the summer of

2005. A total of 404 samples were collected and analyzed for gold. Two new zones of surface
mineralization were produced. The two zones consist of mineralized sedimentary and porphyritic units,
similar to those observed in the Canadian Malartic deposit. The new zones, Alpha and Bravo, are
respectively located 1 km southwest and 5 km southeast of the main deposit. Surface sampling on the
Alpha zone returned results ranging from 80 ppb Au to 4,840 ppb Au (4.84 g/t Au) from a total of 9 grab
surface samples. The Alpha zone samples consist of carbonate-altered sedimentary units with minor
disseminated pyrite mineralization. The mineralized samples were collected from a few outcroppings
over an area 110 m long by 25 m wide. The Bravo zone returned results ranging from 150 ppb Au
(0.15 g/t Au) to 1,460 ppb Au (1.46 g/t Au) from a total of 17 grab samples collected from sparse
outcrops spread over an area 70 m long by 15 m wide. The Bravo zone samples included sedimentary
and porphyritic units with carbonate alteration and minor pyrite mineralization. No additional work was
done in the area of these showings in 2006. A more detailed sampling program was completed in the
summer of 2007, including the immediate areas of Alpha and Bravo showings. No new significant
showings were discovered.
Osisko completed a high-resolution (50 to 100 m line-spacing) helicopter-borne geophysical survey over
the property in the summer of 2006. The survey included magnetic, radiometric (K-Th-U) and five-

channel frequency domain electromagnetic readings. The survey was performed by Fugro Airborne
Surveys Corp. of Mississauga, ON and total coverage of the survey block amounted to 2,485 km.
In the autumn of 2006, the Quebec Government provided Osisko with the archival data for to the
Sladen/Barnat and East Malartic Mines. Compilation of this data is underway, but pertains to a portion of
the property outside of the area considered for the current resource estimation.
8.1 Osisko Drilling Program
Osisko began exploration drilling on the Malartic property in March of 2005, using a Longyear-38 rig with
a wireline retrieval system, supplied by Forage-Plus of St. Georges, Quebec, recovering NQ-diameter
core. The drill rig is mounted on a fixed base with steel skids and is surrounded by a fixed drill shack. It is
mobilized on the property using a tractor or bulldozer. The Longyear-38 unit is capable of drilling to
vertical depths of 800 to 1,000 m with NQ-diameter rods. A second Longyear-38 rig was added to the
project in December of 2005, essentially identical to the first and also set up to drill NQ-diameter core.
Two more rigs were mobilized to the property in July 2006, also drilling NQ-diameter core. One of these
was another Longyear-38 similar to the first two, while the fourth was a Boyles-17 rig. The Boyles drill is
lighter than the Longyear models, and is capable of drilling to a vertical depth of about 350 m with NQ-
diameter rods.
Core production varies somewhat according to the ground conditions, but is occasionally as high as 100
m for a 12 hour drill shift. With all four units in operation, drilling has been proceeding at a maximum rate
of approximately 10,000 m per month.
Drill access on the property is achieved through a network of dirt roads. In lightly forested areas the trees
and brush are cut prior to drill mobilization. Larger logs are cut and stacked at the path-sides while lighter
brush and branches are processed through a wood-chipper. Water for the drilling operation is generally
supplied by submersible pumps lowered into one of several flooded shafts of the historic mines.
In almost all cases, the drill casing is left in-ground after holes are completed and down-hole surveys
have been performed, so that collar position can be precisely measured, and the hole can be extended,
if necessary. Casings are plugged with a wooden stopper to keep debris out of the hole and large
wooden posts are planted to mark the casing location.

8.1.1 Methodology and Planning
Drilling has proceeded in a number of discrete phases. A Phase 1 program (total of 2,190 m), completed
during the first quarter of 2005, was designed to evaluate the F zone porphyry at the western end of the
deposit between sections 3290E and 3674E. The objective was to test the system for continuous, near-
surface, relatively homogeneous and low grade mineralization. Results were encouraging with assays of
semi-continuous disseminated mineralization returning 72 to 163 m long intersections grading 1.01 to
1.70 g/t Au.
A Phase 2 program (20 holes, 5,198 m) was immediately initiated in order to test the strike length of the
system. Drilling of this phase was completed to section 4460E by October 2005, again with similar
encouraging results.
A 14,700 m Phase 3 program followed and marked the beginning of the definition drill program on the
deposit, executed along north-south lines spaced approximately 60 m apart, with collars also spaced
about 50 to 60 m apart on individual lines. The majority of the holes were drilled vertically, as the deposit
is broad and locally complex, and not limited to any particular discreet horizon. Angled holes were used
primarily in areas close to underground workings, to avoid stopes or to investigate mineralization
proximal to stope limits. The Phase 3 definition program targeted the deposit to a depth of about 350 m
between sections 3444E and 3850E. This program was completed with DDH CM06-728 in March 2006,
resulting in a total of 22,090 m drilled in the first year of exploration, including three additional peripheral
exploration holes.
The 60 m definition drilling program continued to section 4520E with Phases 4 and 5 (93 holes, total of
23,704 m) that was completed in September 2006. Five additional inclined exploration holes with a total
of 945 m were also drilled in order to test a separate deposit (the South Barnat zone) during the summer
of 2006. Results were particularly encouraging, the best intersection (BA06-1007) yielding 57.6 m at
4.11 g/t Au.
A 14,095 m Phase 6 program was then designed to extend the definition drill program 480 m further east
to section 5000E, i.e. along the Sladen Extension, representing the historic Sladen mine, which is
contiguous with the Canadian Malartic deposit. Phase 6 was initiated in September 2006, simultaneously
with two other programs: A) Phase 7 (5,296 m), designed to test the southern extension of the deposit
surrounding the Gilbert Zone; B) Phase 8 (59,400 m), designed to infill the definition program along a 30
m grid in the western part of the deposit, between sections 3260E and 3850E. Phase 7 was completed
as of the end of 2006.

Phase 6 was completed in February 2007, whereas Phase 8 was mostly completed by September 2007.
Approximately 1,780 m of this program was delayed until freeze-up in January 2008 as it entailed drilling
over the historic Canadian Malartic Mines tailings pond. The 30 m infill program was also expanded in
2007 to section 4580E with Phases 9, 10 and 11 (total of approximately 135,720 m), which were
collectively 91% completed as of the end of 2007.
Exploration drilling totaled 12,560 m in 2007 and included reconnaissance testing of the Southeastern
Extension of the deposit, testing of the eastern extension of the South Barnat Zone as well as testing of
targets on surrounding properties owned by Osisko. Condemnation drilling in the projected tailings
impoundment area totaled 3, 295 m.
As of the end of 2007, Osisko had completed a total of 1,143 drill holes for 264,581 m of drilling on the
Malartic project, in all categories, including 248,728 m on the Canadian Malartic deposit itself. Osisko drill
and assay data available as of June 1st, 2007, which included results from Phases 1 through 5, Phase 7
and portions of Phase 6 and Phase 8 (total of 394 holes for a total of 102,046 m) were used in the
inferred resource calculation included in the Canadian Malartic Report and for the purposes of this
report.
8.1.2 Collar Surveying
With few exceptions, planned hole locations are established and the positions of completed holes are
measured using a differential GPS unit. From March, 2005 to September 2005, surveys were performed
by contractors from J. L. Corriveau in Val dOr, Quebec. In October 2005 a similar system was
purchased for use on the project. On the occasions where casings are necessarily removed immediately
after completion of a hole (i.e. holes collared on the streets in the south-central area of Malartic), a
marker or artifact is left to indicate the position of the collar to within a few centimetres.
Surveys are performed using a Sokkia Radian IS real-time-kinetic differential GPS system. A base-
station unit set up near the Malartic exploration office broadcasts data to a mobile unit so that precise
real-time position can be calculated. At the beginning and end of each survey day, readings are taken on
a brass-medallion survey benchmark anchored into a sidewalk in the south-central area of Malartic.
Precise coordinates for this benchmark are available from the Quebec Government. Repeated
measurements at this point indicate the Sokkia DGPS has a horizontal precision of about 1 cm and a
vertical precision of approximately 2 cm. The Universal Transverse Mercator (UTM), 1983 North
American Datum (NAD83) coordinate system used for recording position data. In the Malartic area, the
northing of the NAD83 coordinate system is oriented about 2.18E of geographic north.

Planned hole locations are marked by a steel rod, and at least two offset pickets along UTM north or
south of the rod. The offsets are used to properly locate the drill if the hole-marker rod is displaced during
drill setup, or as front sight/back sight markers in the case of inclined holes. The offsets also serve as an
independent check that the GPS is working properly, as the marker rod and offset pickets will line up
precisely if the unit is operating normally.
Completed holes are resurveyed using the DGPS equipment. Measurements are taken at the center of
the top of the casing, as well as at ground level at the side of the casing. In the case of inclined holes,
the ground-level measurement is taken at the leading edge of the casing. In any case, reported positions
of the completed drill holes are considered to be accurate to within 15 cm in X, Y and Z directions.
8.1.3 Down-Hole Surveying
Procedures for down-hole surveying have changed over the evolution of the project. Initially, down-hole
dip-deviation data was acquired by acid-tests performed at approximately 100 m intervals. The drill
contractor has since acquired a Flexit tool for measuring down-hole deviation. Holes are routinely
surveyed immediately after they are completed, and the initial series of holes were resurveyed. The
Flexit probe is a self-contained unit, including batteries, control and synchronizing electronics, internal
radio link antenna, three orthogonally mounted accelerometers, three orthogonally mounted
magnetometers and a temperature sensor. The probe simultaneously measures azimuth ( 0.3),
inclination ( 0.2), total magnetic field ( 50 nT), magnetic dip ( 0.3) and hole temperature ( 0.2).
Data from the probe is transferred to a mobile data collection unit, and then downloaded to a computer
for incorporation into drill logs.
8.2 Sampling Approach and Methodology
Sampling of gold mineralization from the property has been essentially limited to samples of diamond drill
core. A limited amount of surface sampling on the property was performed by independent consulting
geologists during the summers of 2005 and 2007; these samples were submitted for assay using the
same general protocol as that employed for core samples. All samples are analyzed for gold by ALS
Chemex of Val dOr Quebec, certified ISO 9001:2000. Samples are analyzed by standard 50 g fire assay
with atomic absorption finish and any samples yielding greater than 10 g/t Au are reanalyzed with a
gravimetric finish. Density measurements are performed on one in twenty five of the assayed samples.
All aspects of the sampling method and approach were reviewed by RSG during site visits. The QA/QC
procedures for ensuring the security of core samples, the integrity of chain-of-custody for samples and
the accuracy of laboratory analyses are in line with current industry practice.

8.2.1 Diamond Core Sampling
Detailed descriptions of the drill core is carried out by experienced and qualified personnel who are
members in good standing of the OGQ (Quebec Order of Geologists) or the OIQ (Quebec Order of
Engineers). The core logging is done indoors at the exploration offices on the historic East Malartic mine
site. Drill log data is recorded directly onto laptop computers using a multi-page core logging template
designed for the specific needs of the project. The core logging protocol is described below.
Core boxes are laid out 9 to 12 at a time. Marker blocks are temporarily removed and their position
marked on the core with a grease pencil. The core is aligned as well as possible so as to consolidate any
gaps and the core is then measured and marked metre-by-metre with a grease pencil. Any discrepancies
between marker blocks and measured core length are immediately addressed and resolved. The drill
hole interval (from to) for each box is recorded in the log.
The next step involves recording the RQD, using a reference spacing of 2 m and discounting core pieces
less than 10 cm long. This is followed by a visual estimate of core recoveries, done on a 0.5 m basis.
Marker blocks are then replaced.
Core is then marked up for sampling. All material with even slight alteration (carbonate, silica, hematite),
sulphide mineralization or veining is sampled. Samples are a minimum of 1.0 m long and a maximum of
1.5 m long and must respect lithological contacts or the interface between zones of significantly different
alteration style. Monotonous sections of barren, unaltered rock are marked up at 1.5 m intervals for
description, and every fifth such interval marked for check sampling purposes. Blanks or blind certified
reference standards are introduced into the sample stream in every batch of twenty samples.
Sampling intervals (from-to) are recorded in serially-numbered tripartite sample tag booklets. These
measurements are recorded on the first and second portion of the tag, with the third left blank. The
second and third portions are torn from the book and tucked into the core box at the beginning of the
appropriate sample interval mark, for use by the core sampling technician. Sampling and mark-up
intervals are recorded in the logs, along with sample tag numbers, when applicable.
Geological descriptions are made of each marked interval whether sampled or not. Separate columns in
the log allow for codes describing the protolith, alteration style, overall intensity of alteration, relative
degree of carbonate and silica alteration, sulphide percentage, rock color, vein type and veining density.
A separate column is reserved for written notes on lithology, mineralization, structure, vein
orientations/relations etc.

Once core logging is completed on an interval-by-interval basis, a summary geological description of the
hole is completed using a simplified code. The header page, listing the hole number, collar coordinates,
final depth, start/end dates and the name of the core logging geologist is completed. Core is
photographed in batches of up to 5 boxes at a time, both dry and wet. Logs and photographs are then
submitted to the project geologist.
The project geologist is responsible for verification of information in all logs as they are completed. The
final steps are to incorporate the down-hole survey data into the log, and record the security tag numbers
for each sample provided by the core-sampling technician. Once the assays have been received, these
are also incorporated into the logs.
8.2.2 Core Sampling, Handling and Chain-of-Custody
Following the logging and core marking procedures described above, the core passes to the sampling
facility. At this point, the core is no longer handled by on-site geologists. Core sampling is performed by
qualified technicians of Cygnus Consulting Inc. and quality control is maintained through regular
verification by on-site geologists.
Core is broken, as necessary, into manageable lengths. Pieces are removed from the box without
disturbing the sample tags, cut in half lengthwise with a diamond saw, and then both halves are carefully
repositioned in the box. When a complete hole has been processed in this manner, one half is collected
for assay while the other half remains in the core box as a witness.
The technician packs one half of the split core sample intervals into vinyl sample bags that are
sequentially numbered to match the serial number sequences in the tag booklets used by the core-
logging geologists. The blank portion of the triplicate sample tag is placed in the bag with the sample,
while the portion marked with the sample interval is stapled into the bottom of the core box at the point
where the sample interval begins. Sample bags are sealed with tamper-proof, serially numbered plastic
security tags. The technician notes the beginning and end of the security tag sequence for a particular
sampling run, and reports this to the project geologist so that the drill logs can be finalized.
Sealed sample bags are packed into sturdy plastic barrels with locking lids. When full, the lids are locked
and sealed with a serial-numbered security tag for shipping to the commercial laboratory. Barrels are
assigned sequential numbers which are matched against the security tags on the barrels. This
information is also forwarded to the project geologist.

Aluminum tags embossed with the hole number, box number and box interval (from - to) are prepared
and stapled onto the ends of each core box. Core boxes are then moved to permanent on-site storage in
steel core racks.
The project geologist prepares the sample submission form for the assay laboratory. This form identifies
the barrels by number and security tag number, as well as the sequence of samples packed in each
barrel. Couriers from the commercial laboratory arrive regularly at the core-processing facility to transport
the sealed barrels directly back to the laboratory. Once at the laboratory, a technician checks the barrel
and security tag numbers against those that are on the submission form, and initializes each if the
corresponding numbers are correct. Copies of these forms are then returned to the exploration offices for
verification.
8.3 Sample Preparation, Analyses and Security
8.3.1 Sample Security
Core samples collected at the drill site are stored in closed core boxes sealed with fibre tape and are
delivered to the exploration offices at shift-change. All core logging, sampling and storage takes place at
the exploration offices, located in the administrative complex of the historic East Malartic mine site. The
compound is surrounded by chain-link fence, monitored by closed-circuit video cameras and has a
security guard posted at all times at the entrance.
Core logging and sampling are described in detail in the previous section. Following the logging and
marking of core, all core preparation and sampling is performed by technicians provided by Cygnus
Consulting Inc. All samples packed into bags sealed with a tamper-proof serial-numbered security seal,
and packed into barrels that are also sealed with security tags. The exploration geological staff, as well
as employees, directors, officers and associates of Osisko, are not involved in any aspect of the sample
preparation.
Accuracy and potential contamination of the analytical procedure at the laboratory are monitored by the
introduction of blanks and blind certified reference standards into the sample stream. On average, every
twentieth sample contained blanks and blind certified reference standards. Five different certified
reference standards obtained from an independent supplier (Rocklabs) are employed, ranging from
0.583 g/t Au to 8.543 g/t Au. A limited number of higher grade mineralized intersections were checked by
re-assaying a quarter-sawn portion the remaining witness sample, and samples of both pulps and rejects
from the drill program have been submitted to Accuracy Laboratories of Thunder Bay, Ontario, for re-
assaying.

The Osisko samples are sealed within a plastic bag by a plastic strap and then placed in plastic drums
which are then sealed with a numbered plastic strap. The plastic drums are then transported to ALS
Chemex in Val dOr by courrier. Rejects and pulps from the laboratory are sent back to the Canadian
Malartic site to a fenced area behind the office that has limited access.
8.3.2 Analytical Laboratories
All primary assay work for the Malartic project has been performed by ALS Chemex Laboratories in Val
dOr, Quebec. All ALS Chemex Laboratories in Canada are certified ISO 9001:2000 for the supply of
assays and geochemical analysis services by BSI Quality Registrars. Certification for ISO 9001:2000
requires evidence of a quality management system covering all aspects of the organization. ALS
Chemex also takes part in the Proficiency Testing Program Minerals Analysis Laboratories and holds
a certificate demonstrating their success in the program for analysis of gold, silver, copper, zinc, lead,
nickel and cobalt.
8.3.3 Sample Preparation and Analytical Procedure
All samples received by ALS Chemex are processed through a sample tracking system that is an integral
part of the companys Laboratory Information Management System (LIMS). This system utilizes bar
coding and scanning technology that provides complete chain of custody records for every stage in the
sample preparation and analytical process.
Samples are dried, and then crushed to 70% of the sample passing -10 mesh (1.7 mm). A 250 g sample
is split off the crushed material, and pulverized to 85% passing 200 mesh (75 micron). A 50 g split of the
pulp is used for assay. Crushing and pulverizing equipment is cleaned with barren wash material
between sample preparation batches and, where necessary, between highly mineralized samples.
Sample preparation stations are also equipped with dust extraction systems to reduce the risk of sample
contamination.
As part of the standard internal quality control procedures used by the laboratory, each batch of 84
fire-assay crucibles includes one blank, two internal standards and three duplicate samples along with 78
client samples. In the event that any reference material or duplicate result falls outside the established
control limits, an error report is automatically generated. This ensures the person evaluating the sample
set for data release is made aware that a problem may exist with the dataset and an investigation can be
initiated.

Pulps and rejects of the samples are returned to the Malartic exploration offices on a regular basis.
These materials are securely stored in a locked facility for future reference.
8.3.4 Gold Analyses
Prepared samples are analyzed by fire assay with atomic absorption finish. Samples returning assays in
excess of 10 g/t Au are re-analyzed with a gravimetric finish.
The Lac Minerals samples were assayed at the Bousquet mine site with a detection limit of 0.17 g/t Au
reported in the database with 0.34 g/t Au precision steps. The results were originally reported in
ounces/short ton.
The Canadian Malartic samples were assayed at fire assay, although details of the approach are
unknown. The original data is recorded in pennyweights (dwt) with a detection limit of 0.2 dwt
(approximately 0.34 g/t Au). Data precision steps are approximately 0.17 g/t Au.
8.4 Specific Gravity
Specific gravity measurements are performed on approximately one out of 25 of the submitted samples.
For bulk, non-porous material, a piece of the sample is weighed, and its volume determined by
immersion. Porous materials tested in this way are treated with a coat of paraffin wax prior to testing.

9. DATA VERIFICATION
9.1 Quality Control Procedures
Osisko uses bulk Rocklabs accredited standards which are purchased from Mine Assay Supplies of
Canada. The bulk standards are split into 100 g bags on site. The blanks consist of locally purchased 30
kg bags of decorative marble stones. One standard or one blank is inserted per 18 to 20 core sample
batches.
Coarse rejects, consisting of approximately 5% of the collected data, are sent for duplicate assaying to
ALS Chemex. Pulps of these rejects are re-assayed (umpire assaying) at either Accurassay Laboratories
or SGS, both located in Ontario, Canada. Additionally, field duplicates, consisting of quarter core from
approximately 2% of the core samples, were sent to ALS Chemex using unique sample numbers, but
this practice was discontinued in mid-2006.
9.1.1 Drillhole Database
A drill hole database in Microsoft Access Format was supplied to RSG by Osisko. The database
contained the following tables and fields:
Collar - Hole ID, Maximum Depth, XYZ of Collar
Down hole Survey - Hole ID, Down hole Depth, Dip, Azimuth
Assay - Hole ID, Depth From, Depth To, Sample ID, Gold Value in g/t
Geology - Hole ID, Depth From, Depth To, Sample ID, Rock code and Alteration Type
The combined database was then reviewed and validated prior to being finalized into an appropriate
format for resource evaluation.
The following general activities were undertaken during database validation by RSG:
Cross check total hole depth and final sample depth data.
Check for overlapping and missing sampling intervals.
Replace un-sampled intervals and entries for less than detection limits with -999. During the
compositing process these samples were given a grade of 0.001 g/t Au.
Check drill hole survey data for unusual or suspect down hole deviations.

Check lithology and alteration codes.
Checks were made against the top 200 Osisko series of assays for validation purposes. Of these, only a
minor number were found to require correction, with the main error being the incorrect recording of
repeat assay data.
RSG Consulting considered the drill hole database to be robust and suitable for use in resource
estimation studies.
9.1.2 Comparison of Data Types
The Malartic database contains surface and underground diamond drill holes drilled by a number of
different operators. A series of investigations have been completed to test the appropriateness of
combining the datasets for the purpose of grade estimation. The tests undertaken include:
Compilation and review of descriptive statistics by data type and owner/company globally.
Compilation and review of descriptive statistics by data type and owner/company by domain.
The early Canadian Malartic Mines (1928 1963) data return the highest mean grade although this
drilling was focused on the high grade portion of the deposit, which was the focus of the underground
mining. Similarly the Lac Minerals drilling was focused on the high grade portion of the deposit and has
an elevated mean grade (1.03 g/t Au) relative to recent Osisko drilling (mean 0.49 g/t Au).
A comparison of uncut 3 m composites within the higher grade mineralized domains indicates that the
Canadian Malartic (1928 to 1963) drilling has a higher mean (1.93 g/t Au, n = 20,487) than the Lac
Minerals (1987 - 1990) drilling (1.43 g/t Au, n = 3,725) and the recent Osisko drilling (1.42 g/t Au, n =
4,394). The same pattern is seen within the low-grade domain with the Canadian Malartic composites
averaging 0.65 g/t Au (n = 15,132), the Lac Minerals composites averaging 0.50 g/t Au (n = 6,466) and
the Osisko composites averaging 0.39 g/t Au (n = 17,825). In both cases, the Canadian Malartic Mines
series of samples form a considerable proportion of the composites for the zones (71% of the high grade
domains composites and 38% of the low grade domain composites), making it difficult to establish an
accurate measure of potential bias between the sample populations.
To further investigate the effects of using the historical drilling data in grade estimation, a nearest
neighbor assignment of the different drilling data phases to 3-D grid files representing 10mE x 10mN x
10mRL, 20mE x 20mN x 20mRL and 50mE x 50mN x 50mRL cell dimensions was used. This co-located
(assigned) data for the cells was then statistically compared based on a pre-1986 (Historic data) and

post 1986 data grouping. Scatter plots and descriptive statistics were compiled comparing the grades for
the different drilling phases, selecting only cells informed with both drill phases.
Reviewing the results at closer spacing, a less marked difference in grade is noted. A 12% difference in
mean grade is returned when comparing the data sets captured using a 10 m3 grid size. This difference
can be attributed to the spatial clustering of the drilling and mineralization, and/or possible analytical
bias. The historic underground drilling targeted the discrete higher grade portions of the deposit while the
later Osisko drilling is principally focused on the mineralization peripheral and in between the high grade
zones and the stopes.
In summary, the comparison of the different drill programs is inconclusive and additional drill data is
being collected by Osisko to allow further investigation. However, given the long production history which
supports the relative veracity of the historical data, all pre-1986 data was included in this study and the
resource was appropriately categorized to consider this risk. Any potential bias is difficult to quantify due
to the lack of co-located data for the different drilling phases. However, the potential for significant
analytical bias cannot be discounted and may be in the order of 12% based on the statistical
comparison. Any relative positive bias of the historical drilling has the potential to have a deleterious
effect on the project economics. As such, potential exists that the historical data may need to be
removed from all resource estimation studies to enable generation of high confidence estimates.
9.1.3 Survey Control
The survey control on recent drilling has been well established. A detailed topographic surface has been
generated based on survey and is considered sufficient for current level investigations. Recent detailed
survey methods and result are also considered to be industry standard. Less survey control is available
for historical data which significantly lowers the confidence in this data.
9.1.4 Drillhole Recovery
Core recovery data is available for the Osisko series of drilling done since 2005. About 96% of the core
has recorded minimum recoveries of 97%. The core recoveries at the Canadian Malartic deposit are
considered good overall and appropriate for the resource estimation.
The correlation between core recovery and gold values for the raw gold grades was analyzed for the
Osisko series of drill holes with the low grade mineralized halo. No relationship was evident between the
core recoveries and gold assay data, indicating data were not biased by recoveries.

9.2 Summary of Findings and Verification
9.2.1 Summary of QA/QC Analyses
In summary, based on the available standards assay quality control data, RSG concluded that the
standards sent to ALS Chemex are within industry acceptable limits of accuracy. The blank samples do
not display evidence for significant contamination.
Internal laboratory standards and blanks provided by ALS Chemex also are within industry acceptable
limits of accuracy.
The check assay program adequately reproduced the original assays and RSG considers the original
assay data to be a reasonable representation of the sampled core.
For ongoing QA/QC work, collated Osisko duplicates, umpire assaying and Laboratory standards,
duplicates and repeats are to be obtained and analyzed. These procedures are currently implemented.

10. ADJACENT PROPERTIES
The Canadian Malartic property is comprised of 127 contiguous mining titles, including 114 Map
Designated Claims (CDC), 12 claims (CL) and one Mining Concession (CM) covering a total of 5,654.1
ha (Figure 10.1 below). A small hole towards the western end of the Canadian Malartic property is
covered by two claims forming a square block with a total area of 23.98 ha. One of these claims is owned
by an independent prospector, while the other has lapsed and has been map-staked by an unknown
third party.
Exploration rights immediately north of the Canadian Malartic property are owned by Osisko under a
separate property (East Amphi) and by Niogold Mining Corp. Rights to the east are owned by Golden
Valley Mines Ltd. (Golden Valley Mines), to which Osisko has an option to earn a 70% interest, and by
Northern Star Mining Corp. Rights to the south of the Canadian Malartic property are owned by an
individual prospector and C2C Inc., whereas rights to the west are owned by Osisko under a separate
property (Cadillac).
Figure 10.1: Plan Displaying the Malartic Property Mining Claims

11. MINERAL PROCESS AND METALLURGICAL TESTINGS
11.1 Metallurgical Test Program
Initial testwork was conducted in 2006 by Resource Development Inc, coordinated by Mr. William
Pennstrom on behalf of Osisko. The testwork was carried out on 6 t of drill core and the corresponding
rejects. These samples were collected from three separate core holes within the Canadian Malartic ore
body. The metallurgical testwork consisted of grinding, leaching, gravity concentration, flotation and heap
leach tests, and cyanide destruction studies.
Grinding testwork was carried-out on a bulk sample of 5.4 t by Metso during 2006, in order to provide
initial values for the design of the comminution circuit. The analysis of the results of the JKTech drop-
weight tests (DWT) determined the JKSimMet parameters used to carry out a preliminary simulation of
the grinding circuit.
For the preliminary assessment and feasibility study, a more comprehensive sampling and test protocol
was required. SGS Lakefield (SGS) was contracted to carry out this testwork program under the
supervision and guidance of BBA and Osisko. The program testing was executed principally at SGS and
also at other locations such as FLSmitdh, Outotec, Knelson, Falcon, SNF, Cyplus, CIBA, etc. for
specialized tests. Some of these reports and some results of testwork are not completed at the time of
submission of this Preliminary Assessment Report.
SGS reported results to BBA when they became available and were reviewed by BBA and Osisko and a
data analysis was performed. The data and the analyses were reported to Osisko in the form of reports,
emails and telecom meeting updates.
The testwork program included the following activities:
Sample receiving, logging and preparation.
Preparation of metallurgical composites.
Grinding testwork:
o 4 Full DWT and 2 abbreviated SAG Mill Comminution (SMC) drop tests.
o 16 Bond Work Index (Wi) determinations.
Flotation testing:
o 29 Flotation tests.

o 6 Leaching of flotation concentrates.
o 6 Leaching of flotation tails.
Leaching testing on whole ore:
o 101 Scoping leach tests.
Heap leach testing:
o 4 Leaching tests.
o 2 Column tests.
Environmental related tests:
o 4 Acid base Accounting (ABA) tests.
o 4 Neutralizing Acid Generation (NAG) tests.
o 2 Humidity cell tests.
Cyanide destruction tests:
11.1.1 Samples
Sample Background
Core samples were collected during 2005 to 2007 by the drilling companies and a very detailed and
rigorous procedure was carried out for logging, storage and assaying (refer to Section 8.0, Exploration
and Drilling). Assaying was performed by ASL Chemex.
The majority of the deposit consists of the four ore types, namely CPO, SPO, CGR and SGR (Table
11.1).
Table 11.1: Ore Types Description
Occurrence as a Percentage of the

Ore Type Description
Orebody
CPO Potassic altered porphyry with carbonate. 10 %
SPO Silicified porphyry. 20 %
CGR Potassic altered greywake with carbonate. 28 %
SGR Silicified greywake. 42 %

The metallurgical samples were selected to give a good representation of the ore zones in the deposit. A
total of 265 drill holes were used for testwork. The following Table 11.2 shows a summary of the
metallurgical samples sent to SGS for testwork and Figure 11.1 on the next page shows a map of the
location of the drill holes for the test program.
Table 11.2: Summary Description of the Samples Collected for Testwork
Testwork Batch Per Lithology Number of Drill Holes

CPO-2007-1 26
Composite Metallurgical samples SPO-2007-2 25
CGR-2007-3 29
SGR-2007-4 25
CPO-2007-5 12
Composite Grinding Samples SPO-2007-6 12
CGR-2007-7 12
SGR-2007-8 12
Composite Heap Leach Sample HLSED-2007-5 26
Test Grinding REMGR 8
CPO-2007-9 3
Average Waste SPO-2007-10 2
SGR-2007-12 4
CGR-2007-11 3
CPO-2007-9 2
High Sulfide Waste SPO-2007-10 3
SGR-2007-12 3
CGR-2007-11 4
CPO-2007-9 2
Low Grade SPO-2007-10 4
SGR-2007-12 4
CGR-2007-11 3
CPO-2007-9 3
High Sulfite Ore SPO-2007-10 4
SGR-2007-12 3
CGR-2007-11 3
SGR-2007-16 10
Leach Confirmation Test CGR-2007-15 8
SPO-2007-14 4
CPO-2007-13 3
Variability Testing CGR,SGR,CPO,SPO 3
Total 265
Note: REMGR=Highly Silicified Greywacke

Figure 11.1: Location of Drill Holes Used for Testwork in the Malartic deposit.

Compositing
In general, the composites for metallurgical testwork at SGS have been prepared as follows:
Individual samples are combined to prepare a composite. The material is screened at 10 mesh
(1.7 mm) and any oversize is crushed to minus 10 mesh (1.7 mm) and is split in 1 kg charges.
The samples are blended. The composite is then split into charges using a rotary splitter. The
head sample is riffled out of one of the test charges.
For the large amounts of overall composites that have been prepared, the composite has been
blended by placing it in a drum which is rotated end over end for about an hour.
For the Grinding testwork the samples were prepared as follows:
Four drill core samples were received by SGS and each one was sampled and prepared for the
SMC testwork where the cores are cut in cylinders using a diamond saw, and the test is
subsequently performed as per the standard DWT procedure, except that only one size fraction
is tested. The remainder was crushed to minus 6 mesh (3.4 mm) and 10 kg was removed for
Bond Wi determinations.
Mineralogy
A deportment study was conducted by SGS on four composite samples. The objectives of the
investigation were to determine the bulk mineralogy and the occurrence of gold in these samples, and to
identify and evaluate any mineralogical factors that may affect recoveries.
The findings of this examination were:
Generally, gold mainly occurred as liberated native gold fine particles with some inclusions in
pyrite. The gold particles had an average gold content of 87.8% for CPO, 87.1% SPO, 88.5% for
CGR and SGR 85.2%. Gold grains are measured as a geometric mean of average length and
average width. Microscopic gold grains ranged from 2 to 50 microns in size for CPO (arithmetic
average 16 microns), 1 to 85 microns in size for SPO (arithmetic average 11 microns), 1 to 35
microns in size for CGR (arithmetic average 7 microns) and 1 to 32 microns in size for SGR
(arithmetic average 8 microns).
Approximately 800 g of passing 300 microns of each as-received sample was preconcentrated

by heavy liquid separation at an SG of 2.9 to generate a sink fraction and a float fraction. The
percentage of gold carried in the sink fraction (mainly sulphide and iron-oxide) and considered to
be mainly liberated or attached, was approximately 54.7% for CPO, 55.8% for SPO, 33.7% for
CGR and 36.6% for SGR. For the combined CPO and SPO, 55% of the gold is recovered in the
sink fraction. For the combined CGR and SGR, 35% of the gold is recovered in the sink fraction.
The overall sink fraction represents only 3% of the sample weight.
In the four samples, S2- contents are less than 1.6 %, and pyrite is the major sulphide mineral.
In the four samples Fe-oxide/hydroxides (mainly hematite, magnetite, goethite and limonite) are
the major iron minerals, and considered to be the source of the soluble iron that could come into
solution during cyanidation.
11.1.2 Grinding Testwork
Grinding testwork was conducted at Metso. Representative samples (5.4 t bulk sample) from the deposit
were sent to Metso, who conducted Bond Wi determinations. Metso requested Hazen Research Inc. for a
full JKtech DWT of those samples. Further analysis of the results of the DWT was used to determine the
JKSimMet parameters. A summary of the results is shown in Table 11.3 below. The complete results are
included in the Contract Support Services (CSS) Report. The objective of the testwork at that time was to
establish the expected capacity of the 38 ft x 21 ft EGL SAG mill and the two 24 ft x 36.5 ft EGL ball mill
grinding circuits.
Additional grinding testwork (Bond Wi and SMC) was carried-out by SGS on a different representative
samples of the ore body (Table 11.3 below), in order to update the parameters required for the design of
the comminution circuit. The further analysis of the results of the SMC tests was used to determine the
JKSimMet parameters.
Below, Table 11.3 shows a summary of the results:
Ball mill Wi were conducted for each of the four lithologies (CPO, SPO, CGR and SGR) and two
of the lithology composites (PO and GR). The results indicate that the ore is moderate to
relatively hard.
The value of A*b from the SMC tests, is a measure of resistance to impact breakage. A high
value of A*b means that an ore is soft whilst a low value means that it is hard. The test result
values indicate that the Malartic ore is moderately hard to hard.

Table 11.3: Summary of Grinding Tests Results
Sample S.G. DWT Parameters Bond Wi (kWh/t)

g/c
Name Axb 150mesh 200mesh 200mesh
m3
Metso tests
SPO 2.66 36.2 - 12.6 -
SGR+CGR 2.73 35.5 - 16.1 -
SGS tests
Overall Comp - - - 15.6 15.5
PO Comp - - - 15.2 14.8
CPO-2007-05 2.67 33.0 13.7 14.9 -
SPO-2007-06 2.66 38.2 13.0 14.7 -
GR Comp - - - 16.1 15.9
CGR-2007-07 2.68 33.8 15.0 16.2 -
SGR-2007-08 2.69 37.7 14.7 15.9 -
It can be observed from Table 11.3 that the results are very consistent within each set of tests and
between the independent test facilities (Metso and SGS) both for the impact grinding characteristics as
well as the Bond Wi determinations.
JKSimMet Simulations
Contract Support Services were contracted to perform additional grinding circuit simulations based on
the DWT and Bond Wi determinations carried out to date. Based on JKSimMets database information
the SAG mill performance was modeled. Based on this model and with the Bond Wi values that were
determined for the ball mills for the Malartic ore, various grinding circuits were simulated. The simulations
resulted in a prediction that the grinding circuit consisting of one 26,000 hp SAG mill and three 16,000 hp
ball mills could produce a product of P80 = 65 microns at a daily throughput of 55,000 tpd.
11.1.3 Flotation Testwork
The goal of the tests was to establish bulk sulphide rougher flotation conditions that promoted high gold
recovery in the concentrate and low losses of gold in the tails. The effect of fineness of grind, collectors,
modifiers and pH were tested. Preliminary bulk flotation tests were conducted on four lithologies (SPO,
CPO, CGR and SGR). In the initial tests, ore was ground to a P80 = 75 microns. Further testwork was
conducted in two composites of the two major lithologies (PO and GR). The ore was ground to 73, 90,

113 and 152 microns approximately for PO and 74, 98, 152 and 260 microns for GR. Finally, testwork
was conducted on an overall composite of the four lithologies. A summary of the data is presented in
Appendix 1.
The major conclusions indicate that:
Higher recoveries of gold with finer grinding.
A mixture of PAX (125 g/t), 3418A (100 g/t) and ground at P80 = 97 microns recovered 84.3% to
87.2% of gold after 25 minutes of flotation at 19.8 to 21.4 weight recovery.
Flotation concentrate gold grades were from 4.63 to 4.78 g/t Au.
Flotation of an Overall composite: The gold recovery to flotation concentrate averaged 85.9%
and the tails gold assay averaged 0.2 g/t Au. With such a low recovery to the flotation
concentrate, the overall recovery, with leaching of the flotation concentrate, was projected to be
in the range of 78 to 80%.
The final conclusion is that, due to the low recovery by this process route, flotation/leach of flotation
concentrate was not pursued as a viable process option.
11.1.4 Leach Testwork
A series of scoping tests for whole ore leach were conducted on individual lithologies (CPO, SPO, CGR
and SGR), composites of lithologies (PO and GR) and an overall composite (OA) sample, to study the
effect of process variables on gold extraction. The variables studied were grind size, leach time, carbon
in leach, pH, cyanide consumption and lime consumption. A summary of the data is presented in
Appendix 1.
Effect of Grinding and Leach Retention Time
A series of tests were conducted on individual lithologies, composites of lithologies and an overall
sample to study the effect of grinding size and leach retention time on gold extraction. The material was
ground to various sizes and pulped with water to 40 % solids. The pH was adjusted with quicklime to
11.0 and the cyanide concentration was 0.5 g/l. The slurry was bottle leached for 24, 30 and 48 hours.

A summary of the results of the effect of grinding in leaching is presented in Table 11.4 and Figures 11.2
and 11.3. The results show that:
The majority of the gold is extracted at 24 h.
Gold recovery responds to finer grinding.
The NaCN consumption was high because the grinding was conducted in a mild steel mill and
due to lab procedures. Some tests were conducted with fresh carbon addition.
Table 11.4: Effect of Grinding in Leach for Overall Composite.
Grind Size P80 (microns)

Leach Parameters 45 65 75 95
Extraction % Au
89 84 83 86
87 84 82 86
24 h 83 85 84 84
85 83 82 83
89 81 82 84
24 h (Average) 86.4 83.4 82.6 84.3
84.7 84 81.3 83.1
84 84 80.4 84.2
30 h 86 85 86 81.1
86 85 85 82.9
85.7 84 83.9 82.3
30 h (Average) 85.8 84.3 83.3 82.7
86.2 84.1 82.5 81.8
87 83.5 81.8 82.9
48 h 86.9 85.3 84.3 81
86.1 85.2 85 81.5
87.1 84.7 84.6 82.2
48 h (Average) 86.7 84.6 83.6 81.9
Residue (g/t Au) 0.15 0.17 0.17 0.21
Calc. Head (g/t Au) 1.12 1.12 1.08 1.13
Reagent Consumption (kg/t of feed)
NaCN 0.58 0.51 0.38 0.22
Lime 0.53 0.38 0.38 0.72

Figure 11.2: Gold Extraction (%) Versus Leach Feed Grind Size (microns) at Different Leaching
Times for an Overall Composite.
Figure 11.3: Gold Extraction (%) Versus Leach Feed Grind Size (microns) at 48 h Leaching Time
for Four Lithologies.

Figure 11.4: Gold Extraction (%) Versus Leaching Time (hours) at 75 Microns.
CPO, pH=11.7-11.2
SPO, pH=11.7-11.2
91
CGR, pH=11.7-11.2
SGR, pH=11.8-11.2
89
PO, pH=11.5-11.8
Gold Extraction @ 75 microns (%)
87 GR, pH=11.5-11.8
OVERALL COMPOSITE, pH=11.1-11.6
85 MG1 (SPO), RDI
MG3 (SGR), RDI
83 MG4 (CGR), RDI
CPO, PH=10.5-11, NO PREAER.
81 SPO, PH=10.5-11, NO PREAER.
CGR, PH=10.5-11, NO PREAER.

79
SGR, PH=10.5-11, NO PREAER.
CPO, PH=11.5-11.8, 2h PREAER.

77
SPO, PH=11.5-11.8, 2 h PREAER.
CGR, PH=11.5-11.8, 2 h PREAER.

75
0 20 40 60 80 SGR, PH=11.5-11.8, 2h PREAER.
Leaching time (hours) GR, pH=11.5-11.8 (Avg. 5 points)
Overall composite, pH=11.5-11.8 (Avg 5 points)

Figure 11.5: Gold Extraction by Lithologies and Composites
Carbon-in-Leach
A series of carbon-in-leach (CIL) tests were conducted on four lithologies (SPO, CPO, CGR and SGR) to
study the effect of grinding size and carbon addition on gold extraction. The P80 considered were: 55 to
91 microns. The material was ground to the required size and pulped with water to 40 % solids. The pH
was adjusted with quicklime to 11.5 and the cyanide concentration was 0.5 g/l. The slurry was bottle
leached for 48 hours. The results show that:
The majority of the gold is extracted after 24 h.
A little increase in gold recovery (%) from 0.1% to 1.6 % was found when 10 g/l of activated
carbon was added, but it was found in the laboratory tests that there was a significant increase in
the NaCN consumption (approximately 10 times) and lime consumption (approximately 2 times).
This difference in the consumption does not represent the industrial scale and is explained by
the fresh (new) activated carbon used in the experimental tests that had a tendency to adsorb
NaCN and trap reagents.

Final Conclusions
A summary of the results indicated that:
The majority of the gold is leached at 24 hours.
The target of gold recovery (84%) was achieved with leach feed at P80 = 65 microns and a leach
time of 30 hours.
11.1.5 Heap Leach and Column Tests
The amenability of the low grade ore (approximate head grade of 0.6 g/t Au) to heap leach was studied
in fourteen day bottle roll tests conducted at -19.05mm (-3/4"), -12.7mm (-1/2"), -9.53mm (-3/8") and -
6.35mm (-1/4") crushed sizes. The material was crushed to the required size and pulped with water to
40% solids. The pH was adjusted with quicklime to 11.5 and the cyanide concentration was 0.5 g/l. The
results show the following:
The recoveries of gold range from 31.9% (19.05 mm (-3/4")) to 39.2% (-6.35 mm (-1/4")).
In a second test (conducted in duplicate), the amenability of the low grade ore to column leach was
studied in sixty three day column tests conducted at -19.05 mm (-3/4") crush size. The material was
crushed to the required size. The pH was adjusted with lime ranging 10.5 to 11.0 and the cyanide
concentration was 0.5 g/l. The results show the following:
The average gold recovery is 38.7%.
The calculated gold head was 0.59 g/t Au versus 0.6 g/t Au from size fraction analysis.
No further tests were conducted as the recoveries were too low to be of interest to the project.
11.1.6 Settling Testwork
A series of preliminary static settling tests were conducted at SGS on composites of each lithology (PO
and GR).

The results indicate that it is possible to obtain an underflow percentage solids ranging from 60 to 70%
for PO and GR composites depending of the feed percentage solids and the amount of flocculant used
(long chain polymer at a dosage from 5 to 25 g/t Au).
11.1.7 Environmental Related Testwork
ABA
ABA tests were conducted on tails from leach test by lithologies (CPO, SPO, CGR and SGR).
The ABA results indicate that CPO, SPO and CGR have a low Net NP (acid neutralizing potential) and
NP/AP ratio. In contrast, ABA results suggested that SGR could have a potential to be acid generating.
NAG
NAG tests were conducted on tails from leach tests by lithologies (CPO, SPO, CGR and SGR).
The NAG tests completed on these materials indicate that only SGR could have the potential to be acid
generating, while each of CPO, SPO, CGR had high NAG pH values suggesting that the sulphide is
unavailable for oxidation and these lithologies are not acid generating in nature.
HUM Cells
Two Hum cells were set-up at the end of 2007 on tails from leach test of overall composite for both the
complete and the -75 microns fraction. Preliminary results are indicating that the tailings are not acid
generating.
A series of ABA, NAG and Hum cells will be started during March, 2008. The material for ABA and NAG
will be average waste (PO, GR, and OA composites), high sulphide (>0.6% sulphide) waste (PO, GR,
and OA composites), low grade (<0.6 g/t Au) ore (PO, GR, and OA composites), average grade (1 g/t
Au) ore (PO, GR, and 3 composites of OA at P80 = 75 microns, -75 microns and +75 microns), high
sulphide (>0.6% sulphide) ore (PO, GR, and OA composites) and leach tails from average grade (1 g/t
Au) ore (OA composite at P80 = 60 microns). In the case of Hum cells, the material will be average waste
(OA composite), high sulphide (>0.6% sulphide) waste (OA composite), low grade (<0.6 g/t Au) ore OA
composite at P80 = 75 microns and -75 microns), average grade ore (1 g/t Au, (OA composite at P80 = 75
microns and -75 microns), high sulphide (>0.6% sulphide) ore (OA composite at

P80 = 75 microns and -75 microns) and leach tails from average grade (1 g/t Au) ore (OA composite at
P80=60 microns).
11.1.8 Reagent Consumption
Leaching
Reagent consumption rates for the present study were extrapolated from the interpretation of the results
from SGS testwork data and from experience for the treatment of similar ores.
Cyanide addition = 0.20 kg/t feed
Lime addition = 0.5 kg/t feed
11.2 Plant Design
11.2.1 Process Flowsheet
Based on testwork carried out at SGS and experience on similar projects a preliminary flowsheet has
been developed. This flowsheet reflects the results of testwork carried out to date and it forms the basis
for the plant design and mill costs developed in this study. A summary level flowsheet is shown in Figure
11.6. The detailed process flowsheets with mass and water balance information are shown in more detail
in Appendix 2. METSIM software was used to balance the mass and water flows throughout the plant.
This information was used to size equipment in various unit operations throughout the plant.
11.2.2 Process Description Overview
Run of mine ore is transported to the crusher in 218 t mine haul trucks and each truck dumps in one of
two dumping positions in the crusher feed pocket. The ore is crushed, fed to a crushed ore conveyor and
then stockpiled in a covered pile. The ore is reclaimed in an underground reclaim tunnel and is conveyed
to feed the SAG mill. The SAG mill is a closed circuit with scalping screens and a pebble crusher. The
SAG circuit product is fed to a two stage ball mill grinding circuit to produce a final product size suitable
for feed to the leach circuit. Each of the three ball mills is close circuited with hydro-cyclones.

The slurry is brought to a high pH of 11 with lime, added to the SAG mill feed before adding cyanide
(NaCN) to the circuit. Cyanide is added to the grinding circuit to start the leaching process of gold from
the ore to the liquid phase.
The ground slurry passes through linear screens, before the thickener, to screen out any oversize
material plus any organic material that has come into the mill with the ore. The slurry is then thickened to
about 50% solids before being fed to the leach tank circuit.
The leach tanks are located outside and consist of four series of six tanks with agitators and with air
addition to raise the oxygen level of the liquid phase. From the leach tanks the slurry flows by gravity to
two parallel sets of CIP pump cell carousels where activated carbon is added to adsorb the gold from the
slurry liquid phase in a counter-current flow arrangement. In contrast to a conventional CIP circuit design
the carbon is stationary (stays in each tank) and the slurry is transfered from cell to cell via the inter-
stage pump screens. This technology has proven to be more efficient in carbon handling than the
conventional CIP design. It also reduces the generation of carbon fines thereby reducing a fraction of the
fine carbon losses to tailings. The loaded carbon is pumped from the last stage in the carousel circuit to a
loaded carbon screen where the loaded carbon is separated from the slurry. The loaded carbon is
collected in a bin and then transferred to the stripping circuit.
The loaded carbon is acid washed before being transferred to the stripping circuit where caustic solution
is added to the carbon in a pressurized vessel to elevate the pH. Cyanide is also added and the hot
cyanide and caustic solution is passed through the pressurized stripping vessel, stripping the gold from
the loaded carbon back into solution. The solution, now loaded with gold (pregnant solution), is sent to
an electrowinning (EW) circuit where the gold is plated onto stainless steel cathodes. The plated gold is
pressure washed to the bottom of the EW cells. The gold precipitate is then filtered dried and then sent
to a refining furnace where the gold is poured into gold dore bars.
The stripped carbon is sent to carbon reactivation kilns where it is reactivated by heating in a reducing
atmosphere. The carbon is then re-used in the CIP circuit. Fresh carbon is added to make up for attrition
losses. The activated carbon is pumped to the last cell in the CIP circuit to start a new tank in the
carousel as the last cell in the series. Before being added to the last tank in the carousel series the
carbon is screened to ensure that there are no fine particles of carbon introduced into the circuit.
The slurry from the last stage of the tank series in the carousels is barren in gold and is considered as
final process tailings. This tailings passes over a linear safety screen, to ensure against any carbon
losses from the circuit. Any overflow is returned to the circuit and the underflow is directed to the tailings

thickener. The slurry is thickened to approximately 63% solids by weight. This thickened tailings slurry is
pumped to the detoxification plant where cyanide content is significantly reduced, to less than 20 ppm,
and the slurry is subsequently pumped to the tailings retention pond where some of the water remains
contained in the slurry and some drains out to be reclaimed back to the process.
Excess water from the tailings retention pond will pass through a SO2/Air and Peroxide based final
detoxification plant prior to be discharged to the environment.

Figure 11.6: Process Flow Diagram

11.2.3 Plant Design Criteria
The process plant design criteria is developed based on the following sources of information and
analysis:
Testwork as reported in Section 11.1 of this report,
Information published from public sources, and
From previous projects with similar unit process operations
Table 11.5 lists a summary of the principal design criteria established for the project. The process design
criteria is based on a processing plant of 55,000 tpd capacity based on a plant design utilization of 92%.
The average head grade for plant design will be 1.20 g/t Au. At an average gold recovery of 84% the
plant will have a design capacity of 650,589 oz/y Au.
Table 11.5: Summary of the Principal Design Criteria
Description Units Value

Nominal annual throughput t/y 20,075,000
Plant Utilization % 92.0
Nominal Daily Throughput t/day 55,000
Average Hourly Throughput t/h 2,491
Gold Content in Ore g/t Au 1.20
Grind P80 Microns 65
Average leach time h 30
Gold Recovery % 84.0
Annual Gold Production (Design) oz/y Au 650,589
11.2.4 Plant Facilities Description
An overall plan layout for the mill is shown in Figure 11.7.

Figure 11.7: Canadian Malartic General Arrangement Mill Site

Primary Crushing
The primary crusher is a 60" x 89" gyratory crusher. The dump pocket is designed with two dumping
points for dumping 218 t mine haul trucks and has a live capacity of 440 t or the capacity of two trucks.
The control room for the crusher station is located to allow the operator to look directly over the dump
pocket and to be able to operate the hydraulic arm/rock breaker to manipulate the dumped ore in the
pocket to assist the flow of run of mine ore into the crusher cavity. From time to time, the hydraulic rock
breaker will be used to break oversized rocks in the dump pocket. An overhead bridge crane of 75 t
capacity will be installed on the crusher area superstructure. This crane will serve to lift and place
materials during crusher concave and mantle/mainshaft replacement as well as to transport materials up
and down through the hatches inside the crusher building. The crusher building will contain the dust
collection sytem as well as the air make-up equipment to maintain a safe and clean working environment
inside the crusher building.
The building is designed with a surge pocket under the crusher with a live capacity of two trucks
(approximately 440 t). A 2 m wide x 6.5 m long apron feeder extracts crushed ore from the surge pocket
under the crusher to feed the crushed ore conveyor which will operate at an average capacity of 3,500
t/h. The crushed ore conveyor is approximately 1,100 m long and feeds the crushed ore stockpile ahead
of the process plant. The stockpile has a live capacity of 28,000 t which represents approximately 12
hours of operation of the process plant. The total live plus dead storage capacity in the crushed ore
stockpile is approximately 140,000 t which represents approximately 60 hours of process plant operation.
This will allow the process plant to continue operating for the duration of a complete crusher
concave/mantle reline.
The stockpile will be covered for dust containment when the crushed ore conveyor is discharging onto
the stockpile.
Figure 11.8 and 11.9 show the mill general arrangement of the primary crusher plan view and profile
view respectively.

Figure 11.8: Primary Crusher Plan View

Figure 11.9: Primary Crusher Profile View

Figure 11.10: Canadian Malartic Mill Site General Layout Year 3




Ore Reclaim and SAG Mill Feed Conveyor
Crushed ore will be reclaimed from the crushed ore stockpile by three apron feeders located in a reclaim
tunnel under the stockpile. The apron feeders are each 2 m wide X 6.5 m long and extract ore from lined
openings under the stockpile. Each apron feeder will have the full capacity to feed the SAG mill at a rate
of approximately 2,500 tph. The apron feeders discharge onto the SAG mill feed conveyor which is
approximately 315 m long. All apron feeders are equipped with variable speed drives.
The reclaim tunnel has an additional exit for emergency escape in the event of fire or other emergencies.
The reclaim tunnel area has dust extraction as well as air make-up units to maintain a safe and clean
working environment.
Grinding Circuit
The grinding circuit consists of the SAG mill circuit and three ball mill circuits with their respective
equipment as described below. The ball mills are configured as a two stage circuit with two primary ball
mills and one secondary ball mill.
The SAG mill circuit consists of a single 26,000 hp gearless drive SAG mill, 38 ft. diameter X 21 ft. long
(EGL) , two 12 ft. x 24 ft. vibrating scalping screens, recycle conveyors and a 1,200 hp pebble crusher.
The undersize from the scalping screens discharges into a pump box and two sets of cyclone feed
pumps feed the two primary ball mill cyclone clusters. Each of the two primary ball mills is 16,000 hp, 24
ft. diameter X 36.5 ft. long (EGL) and each are close circuited with cyclones to produce a primary ball mill
product size P80 = 135 microns. The primary cyclone overflow is the new feed to the secondary ball mill
circuit which produces a final product size P80 = 65 microns. The single secondary ball mill is also a
16,000 HP ball mill, 24 ft. diameter X 36.5 ft. long (EGL) and is also close circuited with cyclones.
The SAG mill bay is equipped with a 110 t capacity overhead bridge crane with a 10 t auxiliary hoist and
the ball mill bay is equipped with a 40 t overhead bridge crane with a 10 t auxiliary hoist. All of the mills
are equipped with their individual bearing lube systems.
Three ball pits are required, two for the ball mills for two different ball diameters and one for the large
grinding balls for the SAG mill. The ball pits are equipped with an overhead crane with magnet to load
balls into ball buckets for charging the mills with the grinding media.

The final product from the primary and secondary ball mills is sampled continuously and the samples fed
to an online particle size analyzer to control the final grind in the circuit.
Leach Thickener and Plant Water Systems
The ground ore from the SAG/Ball mill circuit flows from the cyclone cluster by gravity to two linear trash
screens for removal of organic materials, metal and any other miscellaneous materials. The underflow
from the two trash screens flows by gravity to the leach thickener. The leach thickener is a high rate
thickener and will control the feed density to the leach circuit to approximately 50% solids (w/w).
The plant water systems consist of the process water system which is supplied principally from the plant
thickener overflows, the service water system which is supplied from the reclaim water from the tailings
retention pond and the fresh water system which is fed from fresh water sources. The different water
systems are used in the plant for the following users:
Process Water is used mainly for water addition in the grinding area. The main source of water is
reclaimed water from the leach and tailings thickeners.
Service Water is used mainly for gland water, clean up hose stations, carbon transport, and
various water sprays throughout the plant, and for the scalping screens and conveyor wash
systems. The main source of water is spent cooling water and reclaim water make up.
Fresh Water is used for cooling water, reagent mixing and various uses in the strip circuit. The
main source of water is from mine dewatering and from natural water sources.
Leach Circuit and CIP Circuit
The thickener underflow pumps feed the leach tank four way distributor. There are 24 agitated leach
tanks arranged in four rows of 6 tanks located outside on the north side of the process plant building.
The leach circuit is designed to provide a leach residence time of about 30 hours. Each tank is equipped
with a double impeller agitator mounted on the superstructure on the top of each tank. Slurry flows by
gravity overflow from tank to tank in each of the four 6-tank series. The tanks are 18 m diameter and vary
in height from 22 m to 15 m for each row of 6 tanks. The discharge of two adjacent rows of leach tanks is
combined to feed a single carousel-type CIP circuit. There are two carousel-type CIP circuits each fed by
two rows of 6 leach tanks.
The leach tank agitators are accessed by two gantry cranes travelling on rails. Each gantry crane
services two rows of leach tanks.

The CIP circuit is configured as two parallel carousel-type arrangements, each tank equipped with a
pump cell/agitator unit. All of the tanks are at the same height. The carbon remains in each tank and the
slurry is pumped in sequence from tank to tank (using the pump screen mounted on the agitator drive).
Each CIP carousel has 7 tanks in series, each tank is 330 m3 of usable volume. Each tank contains 20 t
of carbon. One tank per carousel arrangement is emptied every two days where the slurry/carbon
mixture is pumped to a loaded carbon recovery screen. The slurry returns to the slurry feed launder and
the carbon is transferred to a loaded carbon bin until being transferred to the strip circuit.
The barren slurry from the two CIP carousel units flows continuously by gravity to a single pump box
where it is pumped to two linear carbon safety screens and then flows by gravity to the tailings thickener
where the slurry is thickened to approximately 63% solids before being pumped to the detoxification
plant before disposal to the tailings retention area.
Stripping Circuit
The loaded carbon is pumped from the CIP area and can be directed into either an acid wash tank or to
one of the two 10 t capacity stripping vessels. Carbon stripping is accomplished with Zadra pressure
stripping technology. The circuit consists of barren and pregnant solution tanks, an acid wash vessel,
strip vessels, and a natural gas fired strip solution heating system. The carbon stripping operation
involves circulation of barren solution through a primary recovery heat exchanger, a secondary trim heat
exchanger and is directed to the pregnant solution tank. After stripping, the carbon is cooled down by a
water wash step. Stripped carbon is then directed to the carbon reactivation area.
In carbon reactivation, the carbon is screened and dewatered. The screen discharge is directed to a kiln
feed hopper. Additional dewatering is accomplished by a static drain screen at the bottom of the feed
hopper at the screw feeder. Two natural gas fired rotary reactivation kilns are provided for carbon drying
and reactivation. The stripping and carbon reactivation areas are completely housed within the process
plant building close to the gold electrowinning and refining area.
Gold Electrowinning and Refining
The electrowinning cells are fed from the pregnant solution tank. There are 6 electrowinning sludge cells
each fed at a rate of 4.5 m3/h and each electrowinning cell is 3.5 m3. For refining a 125 kW induction
furnace will be used. The entire electrowinning area is enclosed in a secure area with limited access.

Detox Plant
Cyanide destruction is achieved using the SO2/Air Cyanide Destruction Method. The cyanide destruction
plant consists of a reactor tank, reagent mix and hold tanks and delivery systems, air blower and agitator.
The plant is designed to handle 55,000 t/day. Pumping and dosing equipment is located inside the
process plant building, while the tanks are outside.
Four options were investigated for detoxification of the tailings slurry. Out of these four SO2/Air and the
Combinox processes were selected for their low capital and operating cost.
The SO2/Air Process
It can be applied to the treatment of both cyanide solutions and pulps. Main advantages of the
process are the removal of the total cyanide to levels of about 1 mg/l, in a single-stage
continuous reactor and low operating costs.
The technology uses sulfur dioxide (SO2), in various reagent forms, (sodium sulfite, sodium
metabisulfite, ammonium bisulfite, liquid SO2, and SO2 containing roaster gas or SO2 from
burning elemental sulfur) in combination with air (or pure oxygen). Stoichiometrically, the process
normally requires a ratio of approximately 2.5 g of SO2 per gram of CNWAD.
The CombinOx Process
The new process uses both sulfur dioxide (in any of the available product forms) and peroxygen
chemicals as reagents and takes advantage of certain synergies between the processes to
reduce total reagent requirements.
Identical end products are obtained as with the SO2/Air process. Soluble copper provides the
catalyst; dissociated metals are precipitated as hydroxides and strong cyanide complexes are
precipitated as insoluble salts, predominantly in the presence of copper or zinc, similar to the
SO2/Air process above.
Potential benefits of the process include: lower capital cost, lower operating cost, flexibility
towards changes in achieving a broader range of cyanide target concentrations and ability to
handle cyanide loading fluctuations in the feed to the cyanide detoxification circuit.

A preliminary estimation of the reagent consumption is: SO2 (Liquid) = 1,438 t/year, H2O2 (100%)
= 2,291 t/year, Ca(OH)2 = 2,092 t/year and CuSO4.5H2O = 862 t/year. This estimation was based
on laboratory testwork at Cyplus using liquid SO2 and a design tonnage of 55,000 t/day
(availability 95%) at 62 wt/wt% and CNWAD of 100 mg/L.
Reagents Preparation
The reagent preparation area is located inside the process plant building. The sodium cyanide mixing
and storage is isolated from all acids.
The following storage, mixing and dosing systems are located in this area:
NaCN system
Caustic system
Nitric Acid
Antiscalant
Lime slaker
Flocculant system
The equipment in this area consists mainly of mix tanks, storage tanks and dosing pumps.
Figures 11.8 and 11.9 show the general arrangement ground floor plan and the general arrangement
plan view respectively.

Figure 11.14: General Arrangement Ground Floor Plan

Figure 11.15: General Arrangement Plan View

11.2.5 Manpower Requirement
The manpower requirements for the process plant facilities were estimated by department and are
presented, based on an annual 2,080 hours of work per person, in Table 11.6. A total of 87 people are
required for the management, operations and maintenance of the process plant. In general, the
operations personnel will work two twelve hour shifts to provide 24 hour coverage. The maintenance
crew will normally work on day shift with some sub-groups allocated to emergency repairs and on
demand requirements.

Table 11.6: Milling Manpower Summary
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Administration
Management 1 1 1 1 1 1 1 1 1 1 1 1
Staff 1 1 1 1 1 1 1 1 1 1 1 1
Hourly 0 0 0 0 0 0 0 0 0 0 0 0
Sub-total 2 2 2 2 2 2 2 2 2 2 2 2
Met Lab
Management 1 1 1 1 1 1 1 1 1 1 1 1
Staff 4 4 4 4 4 4 4 4 4 4 4 4
Hourly 0 0 0 0 0 0 0 0 0 0 0 0
Sub-total 5 5 5 5 5 5 5 5 5 5 5 5
Assay Lab
Management 1 1 1 1 1 1 1 1 1 1 1 1
Staff 4 4 4 4 4 4 4 4 4 4 4 4
Hourly 20 20 20 20 20 20 20 20 20 20 20 20
Sub-total 25 25 25 25 25 25 25 25 25 25 25 25
Operations
Management 1 1 1 1 1 1 1 1 1 1 1 1
Staff 4 4 4 4 4 4 4 4 4 4 4 4
Hourly 20 20 20 20 20 20 20 20 20 20 20 20
Sub-total 25 25 25 25 25 25 25 25 25 25 25 25
Mechanical
Management 1 1 1 1 1 1 1 1 1 1 1 1
Staff 0 0 0 0 0 0 0 0 0 0 0 0
Hourly 18 18 18 18 18 18 18 18 18 18 18 18
Sub-total 19 19 19 19 19 19 19 19 19 19 19 19
Electrical
Management 1 1 1 1 1 1 1 1 1 1 1 1
Staff 0 0 0 0 0 0 0 0 0 0 0 0
Hourly 8 8 8 8 8 8 8 8 8 8 8 8
Sub-total 9 9 9 9 9 9 9 9 9 9 9 9
Planning
Management 0 0 0 0 0 0 0 0 0 0 0 0
Staff 2 2 2 2 2 2 2 2 2 2 2 2
Hourly 0 0 0 0 0 0 0 0 0 0 0 0
Sub-total 2 2 2 2 2 2 2 2 2 2 2 2
TOTAL MILL
Management 6 6 6 6 6 6 6 6 6 6 6 6
Staff 15 15 15 15 15 15 15 15 15 15 15 15
Hourly 66 66 66 66 66 66 66 66 66 66 66 66
TOTAL 87 87 87 87 87 87 87 87 87 87 87 87

12. MINERAL RESOURCES AND MINERAL RESERVE ESTIMATES
12.1 Mineral Resource
Geological constraints for the mineral resource were modeled by RSG based upon both supplied
sectional interpretations from Osisko (for sections with recent drilling) and data in the supplied drillhole
database. The modelling of the porphyry units and the mineralized zones was carried out using the
Vulcan mining package.
The final resource mineralized envelopes, topographic surface, workings, porphyry units and overburden
models were reviewed using the interactive modelling facilities in the Vulcan software package. All
modelling work was completed in UTM (NAD 83) grid coordinates.
12.1.1 Porphyry Unit
A 3D model of the main porphyry unit was created based upon supplied geological sections from Osisko
and from the geological logging of the Osisko drilling programs that was in the supplied database. As
down-hole geological logging was only available for the Osisko series of drillholes, only one main zone of
the porphyry was modeled. Future modeling would benefit from geological logging data from the Lac
Minerals and Malartic series of drillholes and this logging should investigate additional small porphyry
zones and fingerin. Figure 12.1 below shows the extent of the modeled porphyry unit. Note the
interpreted porphyry has been extrapolated to depth but the extrapolation has been excluded from the
grade estimates.

Figure 12.1: Plan View Showing the Extents of the Porphyry 3D Model
12.2 Topographic Data
RSG constructed a 3-D wireframe model of the surface topography based upon a supplied topographic
pick up of the central area of the project and drillhole collars in the areas beyond the extents of the
pickup. The wireframe model is in reasonably close agreement with the drillhole collars and provides a
detailed representation of predominantly low-lying terrain in the area of the deposit.
A 3-D wireframe was also generated to define the interpreted base of overburden in the area. The
modeled base of overburden is predominantly less than 2 m below the topographic surface. As the base
of overburden was generally not logged in the supplied database, and many historic drillholes were
irregularly sampled in the top few metres of drilling, the base of overburden model is currently highly
interpretive and should be refined for more detailed studies.

12.2.1 Underground Development and Stoping
The drive and stope workings for the deposits (Figure 12.2) were modeled based upon a supplied 3D
DWG file and upon a supplied stope long-section diagram. The DWG file included 2 versions of the drive
layout which were in the most part similar in design, but in some cases had slightly different spatial
extents. Both versions of the drive layout were modeled and used to deplete the resource block model.
The main drive levels were modeled, along with major sub-levels; however the location of drillhole collars
in the drillhole database indicates that several of the smaller sub-levels did not feature in the supplied
DWG file and were subsequently not modeled by RSG. In several cases the stope workings were
extrapolated based upon the surrounding drillhole information, and likely mining patterns, even if the
complete stope outlines were not present in the supplied file. For future estimates, further investigation is
required to confirm that all of the underground stopes and workings have been identified.
Figure 12.2: Plan View of the Underground Workings

12.3 Geological Interpretation and Domains
A total of nine domains were modeled to define the zones of mineralization. One broad domain based
upon a nominal 0.2 g/t Au cut-off was created to define the extents of the low grade mineralization. This
zone was coded as domain 210. Eight higher grade zones, based upon a nominal 1 g/t Au cut-off, were
created to constrain any high-grade zones within the broader mineralized envelope. These eight zones
were coded as domains 110 to 180.
The extents of the low-grade domain can be improved with additional drilling towards the south-west of
the deposit and in areas where single drillholes have encountered mineralization away from the current
interpretation. The location of the mineralized domains is shown in Figure 12.3. A typical cross-section of
the domains used for the estimate is shown in Figure 12.4.
Figure 12.3: Plan View Showing the Mineralized Zone Interpretations

Figure 12.4: Typical Sectional View of the Mineralized Domain Interpretations Section
713,680mE
12.4 Assays Statistics.
12.4.1 Statistical Analysis
RSG has undertaken detailed statistical analysis of the gold data captured within the mineralized
envelopes in preparation for resource estimation. The following statistical investigations were
undertaken:
Analysis of sample lengths and generation of drillholes composites.
Statistical analysis of the available assay quality control duplicates data.
Statistical analysis of the comparison of gold data between the various phases of drilling.

Application of upper cuts
12.4.2 Descriptive Statistics
Descriptive statistics, histograms and probability plots were compiled for the gold data grouped by the
modeled mineralized domains and drilling phase. These were used to assess the statistical
characteristics of the datasets, determine an appropriate method for interpolating model grades and
selection of upper cuts, if considered necessary. All statistical analyses have been completed based on
the 3.0 m run length composites, including composites greater than or equal to 1.5 m and excluding the
stope coded data.
Descriptive and distribution statistics of the 3 m composites were generated, grouped by mineralized
domain and the intersection of the modeled voids. Summary statistics for gold within the domains are
shown in Table 12.1 (all samples within the modeled voids have been removed). Domain 140 has the
highest mean grade (2.13 g/t Au), whilst domain 210 has the lowest mean grade (0.51 g/t Au).
Table 12.1: Summary Statistics for Mineralized Zones 3 m Uncut Gold Composites All Drilling
Campaigns Void Samples Removed Gold (g/t)
Domain 110 120 130 140 150 160 170 180 210
Count 20,684 102 5,308 840 841 87 555 199 39,423
Minimum 0.001 0.175 0.001 0.001 0.001 0.001 0.001 0.001 0.001
Maximum 88.61 2.84 43.95 14.74 29.25 9.58 9.30 7.00 185.68
Mean 1.91 0.98 1.35 2.13 1.74 1.36 1.44 1.54 0.51
Median 1.46 0.96 1.02 1.68 1.26 1.16 1.09 1.28 0.29
Std Dev. 2.11 0.53 1.54 1.67 1.88 1.11 1.31 1.37 1.39
Variance 4.45 0.28 2.38 2.80 3.52 1.24 1.73 1.86 1.92
Coeff Var 1.11 0.54 1.14 0.79 1.08 0.82 0.91 0.89 2.72
The grouped statistics for the mineralized domains show that the interpreted high-grade zones (Domains
110 to 180) have higher means than that of the lower grade halo (Domain 210).
12.5 Grade Capping
The grade datasets for the various estimation domains are characterized by moderately high coefficient
of variance values, indicating that high-grade values contribute significantly to the mean grades reported
for the various datasets. The effect of the highest grade composites on the mean and standard deviation
of the gold composites was investigated along with probability and histogram plots. Based upon this

analysis, it was decided to apply a top cut of 20 g/t Au for all of the domains. The high grade cutting
resulted in a decrease in mean grade of 2% for the low grade domain and maximum of 1% for the high
grade domains 110 ,130 and 140 (Table 12.2).
Table 12.2: Outlier Analysis on 3 m Composites All Drilling Campaigns Gold (g/t Au)
Cut Number %
Number Std Upper Cut
Block Domain Max Mean CV Std Cut CV Data Change
Data Dev Cut Mean
Dev Cut in Mean
Low
210 39,423 185.68 0.51 1.39 2.72 20 0.50 0.84 1.68 9.00 -2.0%
Grade
110 20,684 86.61 1.91 2.11 1.11 20 1.89 1.78 0.94 19.00 -1.0%
120 102 2.85 0.98 0.53 0.54 uncut 0.98 0.53 0.54 uncut 0.0%
130 5,308 43.95 1.35 1.54 1.14 20 1.34 1.35 1.01 4.00 -1.0%
High 140 840 14.74 2.13 1.67 0.79 uncut 2.13 1.67 0.79 uncut 0.0%
Grade 150 841 29.25 1.74 1.88 1.08 20 1.73 1.74 1.00 1.00 -1.0%
160 87 9.58 1.36 1.11 0.82 uncut 1.36 1.11 0.82 uncut 0.0%
170 555 9.30 1.44 1.31 0.91 uncut 1.44 1.31 0.91 uncut 0.0%
180 99 7.00 2.54 1.37 0.89 uncut 2.54 1.37 0.89 uncut 0.0%
12.6 Compositing
The drillhole database coded within each interpreted domain was composited as a means of achieving a
uniform sample support. The method of equalizing sample length is not the only criteria for standardizing
sample support. Factors such as angle of intersection of the sampling to mineralization, sample type and
diameters, drilling conditions, recovery, sampling/sub-sampling practices and laboratory practices all
affect the support of a sample. Exploration/mining databases which contain multiple sample types
and/or sources of data provide challenges in generating composite data with equalized sample support,
and uniform support is frequently difficult to achieve.
Different composite runs were undertaken to investigate the appropriateness of various composite
lengths and methods. A regular 3 m run length (down hole) composite was selected as the most
appropriate composite interval to equalize the sample support at Canadian Malartic. The drillhole assay
table was flagged and composited to a regular 3 m interval for grade estimation. Composites of less than
1.5 m were excluded. Unsampled intervals were given a grade of 0.001. Any composites that fell within
the boundary of any of the workings were excluded from the estimate.

It is of note that the applied compositing does not regularize support, but for the estimation approach
applied at Canadian Malartic, the applied composites generated are considered adequate. The Vulcan
composite file used for the estimation was mal3mcomp_est.map.
12.7 Density
A total of 597 density measurements were made based upon analysis of the 2006 drilling samples (core
billets) at Chemex Laboratories. The density measurements have been assessed with respect to RL and
no relationship between density and depth below surface is evident as seen in Figure 12.5 below.
Table 12.3: Summary Statistics Canadian Malartic Density Data
Sedimentary Lithologies Porphyry Lithologies Other

(t/m3) (t/m3) (t/m3)
Count 399 174 24
Minimum 2.63 2.62 2.65
Maximum 2.90 2.98 2.95
Mean 2.75 2.68 2.80
Median 2.75 2.67 2.82
Standard Deviation 0.03 0.04 0.10
Variance 0.01 0.01 0.01
Coefficient of
0.01 0.01 0.04
Variation
Figure 12.5: Density Measurements Versus Depth

12.8 Variography, Kriging and Block Model
12.8.1 Variography Methodology
Variography is used to describe the spatial correlation (co-variance) between data points within an
interpreted zone for a nominated distance or lag. All data points within the zone are compared at
nominated lag distances with the average squared difference of the two sample points obtained. The
averaged squared difference of the data point's gamma (h), for each lag distance, is plotted on an X-Y
graph. The variogram displays the lag distance (h) on the X-axis and the average squared differences
(gamma value) for the nominated lag distance as the Y-axis. This calculated graph is called an
experimental semi-variogram. It should be noted that in the text, semi-variograms will be referred to as
variograms.
Detailed grade variography was generated and modeled for the Canadian Malartic deposit in preparation
for the estimation of gold grades. The variography was completed based on the cut 3 m downhole
composites.
Variography can be undertaken in many forms depending on the aims of the study. The variography for
the Canadian Malartic deposit has been completed based directly on the composite data values using a
normalized spatial measure known as the correlogram.
A series of mathematical models are fitted to the experimental variography which, when used in the
Kriging algorithm, will recreate the spatial continuity observed in the modeled variography.
A standard approach was used to generate and model the variography for each envelope. The steps
taken are summarized below:
Generate and interpret a 3D gridded variance map to aid in the determination of the major, semi-
major and minor axes of continuity.
Generate and model the downhole direction variogram, which allows the determination of the
nugget effect (close spaced variability).
Calculate and model the major, semi major and minor axes of continuity.
The variography was calculated and modeled using the Isatis geostatistical software package. Both
grade (traditional) and indicator variograms have been generated and modeled.

All of the captured variography was modeled with a nugget effect and two spherical structures
representing the larger scale spatial variability of the datasets.
12.8.2 Modeled Variography
Variography was generated for all grade composites within the low and high grade mineralized domains,
with high-grade cuts (20 g/t Au) applied prior to generation of the variography. For the purposes of the
variography analysis, the composite samples within the stopes were retained. Correlograms were used
to model the grade variography, with the relative nugget effect determined by analysis of the down the
hole variogram. The modeled variograms for each of the domains are summarized in Table 12.4. Note
the reported rotations have been adjusted on the basis of interpreted geological constraints.
Table 12.4: Gold Correlogram (Variogram) Models Grouped by Domain
Rotation Structure 1 Structure 2

Domain Type Nugget z y x Sill Sill
Major Semi Minor Major Semi Minor
rotn rotn rotn 1 2
110 Correlogram Au 0.24 90 0 -60 0.63 20 15 15 0.13 70 60 60
120 Correlogram Au 0.24 90 0 0 0.63 20 15 15 0.13 70 60 60
130 Correlogram Au 0.35 105 0 -65 0.35 20 20 15 0.18 80 120 70
140 Correlogram Au 0.35 120 0 -40 0.47 20 20 6 0.18 105 65 25
150 Correlogram Au 0.24 100 0 -45 0.63 20 20 6 0.13 75 75 20
160 Correlogram Au 0.24 100 0 -30 0.63 20 20 6 0.13 75 75 20
170 Correlogram Au 0.30 85 0 -45 0.60 20 15 10 0.10 80 100 30
180 Correlogram Au 0.30 90 0 -50 0.60 20 15 10 0.10 80 100 30
210 Correlogram Au 0.35 90 0 -90 0.48 22 18 8 0.17 110 100 75
Examples of the Indicator variography used in the generation of the MIK estimated are described in
Tables 12.5 and 12.6 below. Note for the high grade domains, domain specific rotations were applied for
each domain.

Table 12.5: Low Grade Domain (210) Gold Indicator Variography for MIK Estimation 3 m Cut
Composites
Table 12.6: High Grade Domain (110) Gold indicator Variography for MIK Estimation 3 m Cut
Composites

Due to the limited number of samples available in domains 120, 160 and 180, the variography was
assumed from domains 110, 150 and 170 respectively. The variography of the high grade domains 110
to 180 indicated that the data had moderate close-spaced variability with a relative nugget ranging from
24% to 35%. The low grade domain (Domain 210) exhibited a relative nugget of 35% indicating a
moderate level of close spaced variability. For both the low-grade and high-grade domains, the short-
range structures comprise a significant amount of the non-nugget variance, and have generally been
fitted with a range approximating the drill spacing (15 to 22 m). The high-grade domains exhibit a lower
overall maximum range for the major axis (105 m) than the low-grade domain (110 m). The maximum
minor axis range for the high-grade domain is 70 m, compared to 75 m for the low-grade zones.
For the estimation, the orientation of the global variography was adjusted to match the orientation of the
sample search as detailed in Section 12.8.3.
12.8.3 Block Model Development
A 3D sub-blocked block model was constructed of the Malartic deposit in preparation for undertaking
resource estimation. Block model development was completed using the Vulcan mine planning software
package.
The block model was constructed using appropriate 3D extents encompassing the modeled mineralized
envelopes. Parent block dimensions were selected based on both the data spacing and mine planning
considerations, and sub-block dimensions were chosen to enable accurate reproduction of the wireframe
volumes of the mineralization envelopes and the underground mine development. The coordinate
extents of the block model and the dimensions are summarized in Table 12.7.
Table 12.7: Block Model Construction Parameters
East North Elevation

Origin 712,700 5,333,900 -400
Extent (m) 2,520.0 1,900.0 760.0
Parent Block Size (m) 30 20 10
Sub-Block Size (m) 1 1 1
Number of Blocks (parent) 84 95 76

12.8.4 Block Model Attributes
A series of variables were incorporated into the block model for recording attributes assigned and
calculated throughout development of the block model and during grade estimation. The domain coding
was assigned on the basis of the various wireframe constraints as displayed in Table 12.8.
12.8.5 Block Model Validation
The integrity of the resource block model was validated by means of detailed visual comparison of the
various wireframe against the colour coded block model. The block model and wireframe volumes were
compared for the mineralization envelopes and the underground mine development. The block model
reproduced the wireframe well.
12.8.6 Bulk Density Assignment
Bulk density values were assigned into the resource block model based upon the calculated mean bulk
density, sub-divided by lithology and oxidation. The bulk density was reduced in the high grade regions
to account for stopes not currently identified or modeled (Table 12.9).
Table 12.8: Block Model Coding

Table 12.9: Block Model Bulk x
12.8.7 Grade Estimation
Grade estimation was undertaken using a variety of methods including:
Ordinary Kriging.
Multiple Indicator Kriging (MIK) using a Selective Mining Unit (SMU) emulation based on a 10m x
10m x 10m block size and applied using the indirect log normal correction. The E-type mean of
the MIK model, representing the estimate without the SMU correction, has also been reported.
Inverse Distance (x2) weighting.
The estimates were generated using Vulcan mining software.
RSG considers OK to be the more appropriate estimation method for the Canadian Malartic Project. This
is based on a review of a number of items, including:
The mineralization constraints - Discrete zones of mineralization have been delineated.
The drillhole spacing - The drillhole spacing generally ranged from nominal 15 m x 15 m drill
pattern, to maximum 60 m section spacing.
The variography - Significant short scale variability (ie: moderate relative nugget effects and
dominant short scale structures) was modeled in the variography.
Issues with data quality that are still to be resolved.
The grade estimates were generated based on the 3 m composite data and applying a restricted number
of composite data. All estimates have been constructed using a similar sample search approach and
orientations as summarized below:
Pass 1: minimum of 12 and maximum of 24 composites (12 and 32 for the MIK estimate)

collected within a 50 m (major axis) x 50 m (semi-major axis) x 20 m (minor axis search) sample
search. A maximum of six 3 m composites per drillhole could be used for any block estimate.
Pass 2: minimum of 12 and maximum of 24 composites (12 and 32 for the MIK estimate)
collected within a 100 m (major axis) x 100 m (semi-major axis) x 40 m (minor axis search)
sample search. A maximum of six 3 m composites per drillhole could be used for any block
estimate.
Discretization of the parent blocks to 4 points east-west by 4 points north-south by 3 points

vertically.
The composite data was cut (high grade capping) to 20 g/t Au prior to estimation. In addition, for the
lower grade domain which encapsulate the high grade domains, a high grade distance restriction was
also used which restricted composite data above a 4 g/t Au (approximately 98th percentile of the
composite data) to a search distance of 30 m x 30 m x 20 m. This was considered prudent to restrict
extrapolation of the higher grade composites.
The sample search parameters used in the estimates and were also adjusted to locally better
approximate the geometry of the mineralization are displayed in Table 12.10.
Table 12.10: Summary of Search Neighbourhoods

12.8.8 Validation of the Estimates
The resulting estimates were extensively validated by visual and statistical comparison of block
estimates against the source composite date for each estimated domain. Detailed visual estimation was
also undertaken in multiple section views (cross section, long section and plan) and in 3D using the
graphics facilities in Vulcan.
Further validation of the estimate was made by comparison with the uncut mean grades over 50 m thick
Easting slices. The comparative plots (OK estimate only) are seen in Figure 12.6 and 12.7 for domains
110 and 210 respectively. The plots illustrate a good correlation between the grades and OK estimate for
the high grade domains and the low grade domain. This correlation is noted for all domains.
Figure 12.6: Validation Plot Domain 110

Figure 12.7: Validation Plot domain 210
12.9 Mineral Resource Classification
The resource categorization has been based on the robustness of the various data sources available,
including:
Geological knowledge and interpretation
Variogram models and the ranges of the first structure in multi-structure models
Drilling density
Estimation statistics
Numerous displays of the resource block model were viewed in cross section, long section and plan
views and compared with the original composites data used for the estimation.

12.9.1 Criteria for Resource Classification
The confidence levels of the key criteria that were considered during resource classification are
presented in Table 12.11 on the next page.
12.9.2 Classified Resources
The RSG resource estimate for the Canadian Malartic deposit have been classified as an Inferred
Mineral Resources based on the confidence level of the key criteria that was considered during resource
classification as presented in Table 12.11.
In summary, an Inferred Mineral Resource category has been assigned to estimate block which fit the
following criteria:
Blocks estimated with estimation pass 1 or 2 (100 m maximum search).
Blocks located above base of drilling surface constructed approximately 120 m (average drill
spacing) below the deepest drilling intercept.
Inferred Resources are reported for the Canadian Malartic deposit, based on a range of techniques.
Grade tonnage reports are provided as Table 12.12 shown after Table 12.11.

Table 12.11: Canadian Malartic Deposit Confidence Levels of Key Categorisation Criteria

Table 12.12: Canadian Malartic Deposit Mineral resource Current as of July 5th 2007 reported at
Multiple Lower Cut-off Grades
Geostatistical Method Tonnes (Mt) Grade (Au g/t) Au (Moz)

Inferred Resource Estimate, 0.4 g/t Au Lower Cut-off
Multiple Indicator Kriging + SMU 269.9 1.0 8.47
Multiple Indicator Kriging 288.5 0.9 8.37
Inverse Distance Squared 277.1 1.0 8.44
Multiple Indicator Kriging+ SMU 143.8 1.4 6.27
Multiple Indicator Kriging + SMU 85.4 1.7 4.70
Although several different estimation techniques and cut-offs have been generated and reported, the
RSG preferred estimate is the OK model reported above a 0.4 g/t Au cut-off, as shown in Table 12.12.

13. OTHER RELEVANT DATA AND INFORMATION
All relevant data and information has been presented in other sections of the report.

14. ADDITIONAL REQUIREMENTS FOR DEVELOPING OR PRODUCING PROPERTIES
14.1 Mining Operation
14.1.1 Open Pit Optimization
Conventional open pit mining methods are chosen to exploit the Canadian Malartic deposit because of
its low grade and proximity to surface. Given the important quantities of low grade mineralization, it was
determined that a high milling production rate of 55,000 tpd would maximize the value of the operation.
Due to the large width of the mineralized zones, selective mining was not considered as an option.
In August 2007, a mineral resource estimate was generated from the block model constructed by RSG.
The resource is comprised entirely of inferred resources. The value of estimates and projections are
therefore considered uncertain and preliminary. However, this preliminary assessment provides
economic insight and direction for any additional work. In order to produce a bankable feasibility study,
definition drilling will be necessary to classify the resources as indicated resources.
The first step in generating an optimal economic pit design aimed at maximizing the value of the
resource is to establish all variables. The important variables for pit optimization are the gold price,
selling costs, mining costs, processing and administrative costs, process recovery and geotechnical
slope constraints. A description of the optimization parameters is presented in Table 14.1 on the next
page which equate to an in-situ CoG of 0.294 g/t Au on a diluted basis.
The open pit optimization was performed using the Whittle software, which is based on the Lerchs-
Grossman algorithm. As part of the Whittle pit optimization process, a series of nested optimal pit shells
were generated by incrementally increasing a revenue factor that varies the gold price with all variables
either held constant or changing as a function of the revenue factor.

Table 14.1: Summary of Whittle Optimization Parameters
Parameters Units Value

Gold price $/oz 650.00
Transportation & refining cost $/oz 2.00
Royalties (1.5%) $/oz 9.75
Net gold price $/oz 638.25
Process recovery % 84
Processing cost $/t milled 4.15*
General and administrative costs $/t milled 0.75*
Mining dilution % 3.5
Diluted cut-off grade g/t Au 0.294
Reference mining cost $/t mined 1.28*
Incremental bench cost $/t mined 0.0182
Overall slope angle Degrees 55
* For open pit optimization only
14.1.2 Net Selling Price
Certain titles of the Canadian Malartic property are subject to royalty agreements. Of the 127 mining titles
comprising the property, 21 are subject to royalties established either on a Net Smelter Return (NSR) or
as a gross overriding metal royalty. For the purpose of this preliminary pit design, a 1.5% royalty was
applied to the overall mineable resources, on the assumption that Osisko will purchase 50% of the
existing royalty. This royalty rate equates to a conservative fee of $9.75/oz. Transportation and refining
costs of $2.00/oz were assumed for optimization. The resulting net selling price of $638.25/oz was
determined by deducting the selling costs and royalties from the selling price of $650/oz Au.
14.1.3 Cost Structure Basis for Mine Plan Development
Costs for the project were established from a first principle basis and benchmarking operations of similar
capacity and cost environment.
A reference mining cost of $1.28/t mined was used for optimization with an incremental bench factor of
$0.0182/t for every 10 m bench to account for additional haulage costs with depth.
The cost of mining for the first 30 m, or 3 benches, was increased to an average cost of $1.40/t to allow
for additional costs of implementing precautionary blasting practices, such as smaller diameter drill holes
and smaller blast sizes, given the proximity of the town.

Ore based costs that include processing costs and general and administrative costs were estimated at
$4.15/t and $0.75/t respectively for a total of $4.90/t milled. The ore based costs were used to derive a
mill cut-off grade.
14.1.4 Mill Recovery
A mill recovery of 84% has been used for optimization. Further testwork is aimed at establishing a head
grade recovery equation.
14.1.5 Mining Dilution and Ore Losses
The block model consists of large blocks measuring 30 m east, 20 m north and 10 m in elevation (30 m x
20 m x 10 m). Given that this block size is larger than the smallest unit that can be selectively mined, a
certain amount of internal dilution is assumed in the blocks.
Several benches were studied to estimate dilution occurring from isolated blocks within the mineralized
zones above the cut-off grade. Figure 14.1 shows bench 280 with the yellow, orange and red blocks
representing mineralization above the cut-off grade, and the blue shades representing sub-economic
mineralization.
Figure 14.1: Mineralized Blocks on Bench 280
The purple outline in Figure 14.2 represents the mineable ore block. The dilution occurring from isolated
uneconomic blocks within the mineable ore blocks was estimated at 3.5% and included in the
optimization process.

Figure 14.2: Ore Mined Above Cut-Off Bench 280
Special consideration is made while mining the Canadian Malartic property around the voids from the
past underground mine. During open pit mining, the crown pillars from the previous underground mine
will be mined and the blasted material will fall into the open stopes (Figure 14.3). To account for this loss
while designing the optimized pit, the mineralized material from the crown pillars were disregarded. The
amount of mineralization from the crown pillars is estimated at 2.1 Mt with an average grade of 1.43 g/t
Au. This ore may be recovered on lower benches but was not considered during the pit design process.
Figure 14.3: Example of Modeled Crown Pillar

14.1.6 Geotechnical Investigation and Pit Slope Criteria
The pit slope design study includes a geotechnical model based on the latest geological information and
the geotechnical data collected during the geotechnical investigation program carried out during fall 2007
until winter 2008. It is also based on the latest pit shells and designs for the ultimate pit.
The geotechnical investigation is designed to characterize the typical geological conditions in the vicinity
of the pit slopes, and to identify and characterize variations from the typical conditions that could affect
slope performance. Large-scale rock structure will be identified and characterized while evaluating the
potential effects on slope stability. Rock fabric will be evaluated spatially and with consideration of the
geological model to develop structural domains throughout which the documented rock fabric is expected
to be present.
Five geotechnical coreholes were drilled for the investigation, three in the north area of the pit and two in
the south area. The core was oriented to provide orientation data on the structures encountered in the
drillholes, and geotechnical logging of the core provided rock strength data and a characterization of the
geotechnical properties of the discontinuities for evaluating rock mass strength. Additional rock strength
data was collected from point load tests of the core, and representative samples of the geotechnical units
were sent to a laboratory for unconfined compressive and triaxial strength tests, and direct shear tests
along fractures. Additional structural orientation data is available from geologic maps of underground
workings, and televiewer surveys of exploration drillholes performed by Golder and another consultant.
Analysis of the data collected during the geotechnical investigation is currently underway, and the draft
design report will be completed in April 2008. Preliminary slope design recommendations for planning
purposes were provided in the Phase 1 report. The report recommended 50 inter-ramp slope angles that
should be considered readily achievable using standard mining practices, assuming the site geological
conditions are determined to be favorable, as current indications suggest, and 55 inter-ramp slope
angles as an upper limit if favorable conditions exist and best practices pre-split blasting is implemented.
Additional constraints were incorporated to limit pit expansion towards the town of Malartic. With the
objective of keeping an adequate buffer zone between the pit crest and the town, the pit design
constraint was principally located on the north-east side of the property. Artificially high costs were
associated with the blocks in that particular section of the property in order to limit the pit expansion
process. As a result, some economic resources have been voluntarily excluded from the optimal pit
shells.

14.1.7 Optimization Results
Using the Whittle program, a series of potential pit shells were designed. The amount of waste and ore
was determined for each shell along with the operating cash flow discounted at 5%. Two values were
calculated for each pit shell. These calculations generated a best case scenario that assumes every
internal pit shell is mined out sequentially and a worst case scenario that assumes mining takes place
bench by bench for the given pit shell. The best case provides the upper NPV boundary limit while the
worst case provides the lower NPV boundary limit. As the difference between the best case NPV and the
worst case NPV gets larger, a higher cash flow value is generated. This effect is attributed to the use of
the phasing technique.
The pit shell that maximizes the NPV for the best case (pit shell 36) was used as a guideline for
designing the final pit.
Figure 14.4: Pit by Pit Results at $650/oz

The phasing technique was evaluated using the pushback chooser module in Whittle which iteratively
searches for the best combination of pitshells to maximize NPV. In this process, a mining width of 70 m
is specified between pushbacks to assure sufficient working room for equipment. The phase analysis
indicated that in order to maximize the cash flow, three phases or pushbacks with a vertical lag of 80 m
would take place while mining.
14.1.8 Detailed Mine Design and Potentially Mineable Resources
The optimal pit shells generated in Whittle were used to construct detailed pit designs using the design
tools in Gemcom. The geometry of the mining benches was altered to achieve an overall slope angle of
55. As a result, the pit designs are comprised of double bench mining with a final bench height of 20 m
and a 9.9 m catchment berm between benches.
Access to the pit from the topographic entrance level is via a 10% decline ramp. The ramps were
designed with a width of 33 m to accommodate the larger size trucks considered for haulage. This ramp
width allows for a 28 m road surface, a 3 m containment berm on the outside edge of the ramp, and a
2 m drainage ditch. Single lane ramps were used for certain isolated areas near the bottom of the pit with
a width of 25 m.
Wider ramps would be required if trolley assisted haulage were to be considered because three lanes
are often required to accommodate slow movers.
The preliminary assessment pit designs provide access to the pit bottom and ensure that ramps do not
intersect with any of the underground workings.
14.1.9 Pit Design Results
The pit design results for the three mine phases are presented in Table 14.2 below. The final pit contains
287.7 Mt at 0.843 g/t Au, with an in-situ gold content of 7.79 Moz. The average waste to ore stripping
ratio is 1.16:1.0. The results of the pushback designs demonstrate that with every phase, the strip ratio
increases and the average grade decreases.

Table 14.2: Pit Design Results (March 2008)
Phase Waste (kt) Ore (kt) Total (kt) W:O* Grade (g/t Au) Gold (k oz)
PB1 53,217 81,837 135,054 0.56 0.957 2,518
PB2 185,898 142,573 328,471 1.30 0.850 3,898
PB3 95,139 63,286 158,425 1.50 0.677 1,378
Total 334,254 287,696 621,950 1.16 0.843 7,794
*Waste to ore stripping ratio
The first pushback (Figure 14.5) consists of three pits that are centered on the underground stopes,
which is due to the fact that a higher grade mineralization is found around the old underground workings.
The second pushback design leaves a cut in the south east corner for the final phase to remove. The
ramp entry of the second pushback (Figure 14.6) is in the same location as the final pit and joins up with
the final ramp from bench 220 downwards. The final pit design (Figure 14.7) has the ramp entry towards
the center on the south side and ramps around counter clockwise. This location was selected to coincide
with the mill site and waste dump location to minimize haulage distances. Two switchbacks are
introduced in the ramp system to exploit a natural plunge of the mineralization and to keep the ramp
system away from the open stopes that are found within the pit. The final pit is 2,000 m long by 780 m
wide with a depth of 400 m.
Figure 14.5: Pushback #1 Design

Figure 14.6: Pushback #2 Design
Figure 14.7: Final Pit Design

14.1.10 Mine Production Schedule
The mine schedule, along with the planned use of stockpiles, was based on the mining phases in order
to balance out the mine and mill capacities. Period cut-offs were implemented to improve economics by
delaying the processing of lower grade material as much as possible.
The mining rate is set at 48 Mt/y for the first 4 years, then increased to 50 Mt/y for the following 5 years
and then reduced to 35 Mt/y in order to feed the mill at the rate of 20 Mt/y. A pre-production period was
planned with 15 Mt mined from the pit. The pre-production period is required to adjust the mining rate for
the first 9 years of mining and is essential for training and preparation of mine crews.
Stockpiling classifies material as either high grade (HG) or low grade (LG) in order to feed the higher
grade material first. In order to improve the head grade, this stockpile strategy allows for ore to be
removed from the HG stockpile first. During certain production periods in order to improve the projects
economics, the amount taken from the LG stockpile is increased. The grade for the material in the LG
stockpile ranges from the cut-off grade to 0.7 g/t Au.
The use of stockpiles mainly depends on the available space near the mill site and cost of reclaiming
from these stockpiles. Stockpile reclaiming costs was assumed at $0.40/t. This cost includes re-handling
and a short haulage component. A maximum stockpile equivalent to 1 year of production was used.
Tables 14.3 to 14.5 respectively present the mine schedule, stockpile schedule and mill schedule
associated with this production schedule.
The main highlights of this schedule are the following:
Total amount of 622 Mt mined from the pit
287.7 Mt milled @ 0.843 g/t Au
In-situ gold content of 7.79 Moz
Average strip ratio of 1.16:1
Average recovery of 84%
Mine life of 14.3 years
Total gold production of 6.55 Moz

Average annual gold production of 428 koz
Under this schedule, the stockpile reaches a maximum capacity of 19.3 Mt. Mining activity ceases in year
14 with the remainder of the mill feed reclaimed from the stockpile.
Table 14.3: Mine Schedule
Ore mined Waste mined Total mined Stockpile Total moved

Period
(kt) (kt) (kt) Reclaim (kt) (kt)
-1 6,568 8,432 15,000 15,000
1 24,193 23,807 48,000 48,000
2 28,715 19,285 48,000 48,000
3 18,071 29,929 48,000 5,921 53,921
4 16,482 31,518 48,000 3,594 51,594
5 16,104 33,896 50,000 3,970 53,970
6 15,627 34,373 50,000 4,448 54,448
7 18,747 31,253 50,000 1,328 51,328
8 22,116 27,884 50,000 50,000
9 23,541 26,459 50,000 449 50,449
10 18,446 16,554 35,000 1,776 36,776
11 19,731 15,269 35,000 345 35,345
12 20,501 14,499 35,000 35,000
13 21,793 13,207 35,000 35,000
14 17,062 7,888 24,950 3,400 28,350
15 6,647 6,647
Total 287,697 334,253 621,950 31,878 653,828

Table 14.4: Stockpile Status (Cumulative)
HG stockpile LG stockpile Total stockpiled

Period Grade Grade Grade
Tonnes (kt) Tonnes (kt) Tonnes (kt)
(g/t Au) (g/t Au) (g/t Au)
-1 6,506 0.925 62 0.532 6,568 0.921
1 7,411 0.933 3,275 0.357 10,686 0.756
2 8,993 0.972 10,333 0.388 19,326 0.660
3 3,073 0.966 14,249 0.390 17,322 0.492
4 - - 13,728 0.390 13,728 0.390
5 - - 9,758 0.389 9,758 0.390
6 - - 5,310 0.389 5,310 0.390
7 - - 3,982 0.390 3,982 0.390
8 1,644 0.901 4,379 0.404 6,023 0.540
9 1,195 0.898 8,294 0.389 9,489 0.453
10 - - 7,861 0.387 7,861 0.387
11 - - 7,516 0.387 7,516 0.387
12 182 1.148 7,760 0.394 7,942 0.411
13 1,761 0.922 7,899 0.392 9,660 0.489
14 - - 6,647 0.388 6,647 0.388
15 - - - - - -
Table 14.5: Mill Schedule
Mill Feed
Gold production
Period Grade
Tonnes (kt) (k oz)
(g/t Au)
-1 - -
1 20,075 1.025 556
2 20,075 1.135 615
3 20,075 1.004 544
4 20,075 0.825 447
5 20,075 0.743 403
6 20,075 0.653 354
7 20,075 0.764 414
8 20,075 0.829 450
9 20,075 0.897 486
10 20,075 0.759 411
11 20,075 0.761 413
12 20,075 0.807 438
13 20,075 0.874 474
14 20,075 0.873 473
15 6,647 0.388 70
Total 287,697 0.843 6,547

Figures 14.8 to 14.12 illustrate the status of the open pit, waste dump and tailings storage facility at the
end of year 1, 3, 5, 8 and 14 respectively.
The primary crusher is located at the west end of the pit where crushed ore is then conveyed and
stacked prior to the milling circuit.
Figure 14.8: General Project Status (Year 1)




14.1.11 Waste Rock Management
The waste rock pile design will be developed to accommodate approximately 334 Mt of waste rock.
Waste rock will be mechanically disposed and is expected to require total storage volume of 159 Mm3.
The waste dump location is limited to the south of the property, with the town of Malartic located to the
north and a regional road to the west. A considerable offset of 320 m was left between the pit and the
waste dump because there is an existing potential for mineralization in this corridor. Condemnation
drilling results are awaited to finalize waste dump positioning.

In order to limit further land disturbance, the waste dump footprint was planned over the existing tailings
facility from the past underground mines. Waste dump development will encroach on the planned
thickened tailings from the open pit over time. The waste dump reaches elevation 405 for a height of 85
m.
The waste rock similarly to the tailings is not expected to present environmental issues. It will make a
good construction and cover material. Similarly to the tailings, tests are under way to properly
characterize this material.
Waste rock pile will have overall slopes of 3H:1V with benches. The waste rock pile will be constructed
against the TMF and may infringe over the final tailings surface depending on the sequencing of
placement.
14.1.12 Mine Equipment Requirements
In order to maximize productivity and limit the number of units operating in the pit, large scale equipment
was selected for the mine operation. Equipment selection and associated capital cost estimates focused
on achieving the mine plan described in the previous section.
14.1.13 Work Schedule
The mine will operate 24 hours per day, 360 days per year with four crews working 12 hour shifts on
rotation. It is expected that 5 days will be lost due to weather and shutdowns resulting in an off-time loss
of 1.4%.
During a normal 12 hour shift, scheduled delays for lunch break, pre-inspection start-up and end of shift
are estimated at 85 minutes for an 88% utilization of scheduled hours. An average mechanical
availability of 85% was used over the life of the equipment. A job efficiency of 92% (55 minutes per hour)
was estimated to arrive at 5,937 effective annual work hours. Work schedule assumptions are
summarized in Figure 14.13 below.

Figure 14.13: Work Schedule
14.1.14 Loading and Haulage
Loading of waste and ore will be carried out with two 28 m3 hydraulic shovels and transported by 218 t
class rigid trucks. This matching of equipment results in 4 pass loading. In addition, a front-end wheel
loader will complement the front shovels and assure 15% of production in earlier years. Unit
requirements were estimated using Caterpillars FPC software. The haulage fleet increases over time as
the haulage distances increase due to a deepening of the pit and higher dump levels for waste.
A second front-end wheel loader will be added the third year of operation primarily to carry out stockpile
re-handling as well as clean-up in the pit and act as a secondary loading tool when the primary loading
tools are down for maintenance. Stockpile reclaiming work commences the third year from the high
grade stockpile.
14.1.15 Production Drilling and Blasting
Drilling and blasting parameters were established for a 10 m bench height. The bench height and
blasthole diameter are related by design. For a 10 m bench height the hole diameter will be 8 inches (or
203 mm). Drillhole length including subdrill will be 11.2 m. The pattern considered is 6.0 m x 6.6 m for a
yield of 95 t/m drilled.
The blasthole diameter and bench height are the important production parameters for drill rig selection.
Only drill rigs capable of single pass drilling were considered for efficiency reasons.

Drill rig requirements were established from the yield per meter drilled (from the pattern), the pure
penetration rates and the actual drilling time described by an overall drilling factor. The drilling cycle
includes the time for drilling the hole, retracting the drill steel and tramming and levelling between holes.
To produce to the peak demand of 50 Mt/y, it is anticipated that 6 drill rigs capable of single pass drilling
would be required given an overall penetration rate of 16 m/h. Only two rotary drill rigs are planned for
the pre-production period as smaller diameter holes will be drilled by a contractor. Additional drilling costs
are anticipated from drilling smaller diameter holes and have been accounted for during the initial years.
The cost of drilling smaller diameter holes (89 to 127 mm) is estimated at $0.25/t versus the $0.17/t for
the 203 mm holes.
Bulk explosives will be used and delivered in the hole with explosive pump trucks. It is assumed that a
70% emulsion and 30% ANFO bulk explosive will be utilized. Initiation will be accomplished with
electronic detonators and boosters. An explosives powder factor of 0.31 kg/t of rock has been assumed.
The explosives supplier will be responsible for the operation of the explosives plant and the delivery of
explosives in the hole.
14.1.16 Perimeter Drilling
Pre-split drilling of the final pit limits is required as per the preliminary geotechnical investigation in order
to excavate the pit slope to an overall pit slope angle of 55. The pre-split drill holes will be of reduced
diameter (152 mm) and will be drilled with a crawler type drill rig. A double bench pre-shear line is
planned.
14.1.17 Ancillary Equipment
Support equipment selection was based on typical open pit mine operations and maintenance
requirements to safely support the loading, hauling and drilling fleets. Support equipment consists of the
following equipment:
4 Track dozers (580 hp) for dump and stockpile maintenance
1 Wheel dozer (525 hp) for shovel cleanup and site maintenance
2 Graders (16 ft blade) for road maintenance
2 Water truck with 76,000 litre tank capacity for dust suppression
Other additional support equipment will be required such as fuel and lube trucks, pick-up trucks, lighting
plants, service wheel loader, boom truck and low bed. Construction equipment is included for dam

construction such as 45 t class excavators, compactors, articulated trucks, and a small 200 hp track-type
dozer. The cost of a dispatch system and an explosives plant is included in support equipment.
14.1.18 Mine Equipment Selection
It was necessary to determine the equipment needed for every year throughout the mine life because
certain units will require replacement. Most units will last for the duration of the current planned mine life
except for track dozers, wheel dozers, graders and drills, which will call for replacement units. The
assumptions are outlined in Table 14.6.
Table 14.6: Fleet Unit Costs and Service Lives
Mine Equipment Life (hrs) Hrs/yr Life (yr) Price ($)

Shovel (28 m3) 80,000 5,939 13.5 12,200,000
Wheel Loader 50,000 2,970 16.8 3,650,000
Truck (240 t class) 90,000 5,939 15.2 3,520,000
Production Drill 60,000 5,939 10.1 1,500,000
Auxiliary Drill 25,000 2,970 8.4 900,000
Track Dozer (580 hp) 60,000 5,939 10.1 1,200,000
Wheel Dozer (525 hp) 60,000 5,939 10.1 950,000
Grader (16 ft) 50,000 5,939 8.4 740,000
Water Truck 60,000 2,970 20.2 1,200,000
The mining fleet requirements are presented in Table 14.7 and timing of equipment purchases are
presented in Table 14.8.

Table 14.7: Mine Equipment Fleet Numbers
Equipment -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Shovel (28 m3) 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Wheel loader 1 1 1 2 2 2 2 2 2 2 1 1 1 1 1
Truck (240 t-class) 12 12 12 16 16 18 18 18 19 19 16 16 17 18 18
Production drill (203
2 6 6 6 6 6 6 6 6 6 4 4 4 4 4
mm)
Auxiliary drill 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Track dozer (580 hp) 3 4 4 4 4 4 4 4 4 4 2 2 2 2 2
Wheel dozer (525 hp) 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Grader (16 ft) 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Water truck 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Table 14.8: Timing of Equipment Purchases
Equipment -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Shovel (28 m3) 2
Wheel loader 1 1
Truck (240 t-class) 12 4 2 1
Production drill (203 mm) 2 4 2 2
Auxiliary drill 1 1 1 1
Track dozer (580 hp) 3 1 1 1
Wheel dozer (525 hp) 1 1
Grader (16 ft) 2 1 1
Water truck 1 1

14.1.19 Fuel Consumption
An estimate of the fuel consumption over the life of the Canadian Malartic project is detailed in Appedix 4
- Fuel Requirements - Mine.
Fuel consumption for the mine fleet over the life of the Canadian Malartic Project is estimated at 395
million litres, which give an average of 28.2 million litres per year. For a fuel price of $0.85/litre derived
from a crude price of $83/bbl. The fuel cost represents 15% of the operating cost over the mine life.
Details of the consumption can be found in Appendices section.
14.1.20 Manpower Requirements
The manpower requirements for the mine were estimated by department and are presented on an
annual basis in Table 14.9 on the next page. Each mine fleet unit requires 4 operators to assure
continuous operation. A total of 266 people are required for the mine department including 232 people on
shifts and 34 management and technical staff working days only.

Table 14.9: Manpower Schedule

Period -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Operations
Mine manager 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Operations Superintendant 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Operations Foreman 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8
Dispatch Supervisor 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4
3
Shovel (28m ) 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8
Wheel Loader 4 4 4 8 8 8 8 8 8 8 4 4 4 4 4
Truck (240t-class) 48 48 48 64 64 72 72 72 76 76 64 64 68 72 72
Production Drill (203mm) 8 24 24 24 24 24 24 24 24 24 16 16 16 16 16
Auxiliary Drill 4 8 8 8 8 8 8 8 8 8 8 8 8 8 8
Track Dozer (580hp) 12 16 16 16 16 16 16 16 16 16 8 8 8 8 8
Wheel Dozer (525hp) 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4
Grader (16) 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8
Water Truck 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4
Labour 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4
Sub-Total Operations 118 142 142 162 162 170 170 170 174 174 142 142 146 150 150
Maintenance
Maintenance Superintendant 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Maintenance Foreman 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8
Maintenance Planner 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Shift Planner 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4
Mechanics 28 36 36 40 40 44 44 44 44 44 36 36 36 36 36
Electricians 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8
Welders 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8
Labour 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8
Sub-Total Maintenance 66 74 74 78 78 82 82 82 82 82 74 74 74 74 74
Engineering
Chief Engineer 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Mine Engineer 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1
Surveyor 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4
Sub-Total Engineering 7 7 7 7 7 7 7 7 7 7 6 6 6 6 6
Geology
Chief Geologist 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Geologist 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1
Grade Control Technician 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4
Sub-Total Geology 7 7 7 7 7 7 7 7 7 7 6 6 6 6 6
Total Mine Department 198 230 230 254 254 266 266 266 270 270 228 228 232 236 236

14.2 Electrical and Communication
14.2.1 120 kV Electrical Transmission Line
The electrical power for the Canadian Malartic Project will be supplied from Hydro-Quebecs 120 kV local
grid. Power demand for the project is expected to be 85 megawatts including all mill and mine support
facilities. The power estimates for the mining equipment includes the electrical shovel.
A 9 km long 120kV electrical power line from the Hydro-Quebec #1327 120 kV line will be built. Hydro-
Quebecs technical staff is working on the final roughing.
Hydro-Quebec is presently evaluating the required upgrades to their regional network to account for the
increased electrical demand.
14.2.2 Main Substation
The plant main substation will be located next to the process electrical room. A purchase order has been
awarded for three 120-13.8kV power transformers 42/56/70 MVA with a specialized supplier
14.2.3 Distribution Line
A 25 kV electrical distribution network covering the site (approximately 12 km) is required to feed the
following areas:
Open pit
Crushing plant
Tailings area
Polishing pond area
Water treatment plant
Explosive plant
Potable water station
Water management station

Local secondary substations consisting of pad mounted and mobile sub-units have been considered for
the pit operation.
14.2.4 Emergency Generators
The availability of the Hydro-Quebec grid is statistically very high. However, in the event of a major
breakdown of the network, the following process equipment will operate on emergency power:
Leaching tank agitators
Carousel CIP Tank Agitators
Thickener agitators
Mixing tanks agitators
Tailing/Reclaim pumps
Compressors
Gold room
Sump pumps
Part of heating/lighting
The size and location of the emergency generators will be investigated during the Feasibility Study.
14.2.5 Communication System
A combined fibre optic self-healing loop backbone interconnects all areas. This backbone shares the
same poles as the 25 kV distribution lines and can transmit voice, video, and all other data on the
following networks:
Telemetry, data acquisition, and control between process plant and remote process equipment
Computer network, including the accounting system, between all departments
Local telephone services
Computer network for maintenance on all electrical equipment data

A mobile radio network covering the entire mine site via a trunking repeater system has been considered
for the project. The main antenna will be located on top of the mill building.
A local area network will be set up in the major areas. Dedicated servers located in the administration
building will be connected to the system for all electronic communications.
14.3 Infrastructures and Support Facilities
The existing public infrastructures near the Canadian Malartic Project are assets to the future open pit
operation. These infrastructures include:
Trans-Canadian highway #117 (approximately 2 km from the mine)
Railroad line (approximately 2 km from the mine)
Airport facilities (Val-dOr/Rouyn-Noranda)
Hospital (Val-dOr/Rouyn-Noranda, Amos)
High School/College/University
Hydro-Quebec 120 kV electrical power grid
All other services normally in place in urban areas
14.3.1 Site Preparation
The industrial complex will be located 1.7 km on the south side of the pit. The site preparation includes
all drilling and blasting works, mass excavation, and backfill for the mill, administration and mine building
facilities.
An employee parking area for 300 cars, a lay down area for an outside warehouse and vehicle
circulation roads will be provided for.
All buildings will be constructed on bedrock rock with a slope of 2.5% for drainage. A total of 250,000 to
300,000 m3 of material will be moved for the site preparation works.

14.3.2 Mine Site Geotechnical Investigation
An extensive geotechnical investigation is currently underway to confirm foundation conditions for the
water pond, the tailings deposition area, the waste rock pile as well as the mill area complex. The
investigation program consists of the following:
A total of 43 boreholes have been drilled in key locations such as the planned dykes for the
water pond, the perimeter of the tailings deposition area and the mill complex. Soil samples from
the boreholes have been sent to the laboratory for further testing. A total of 11 piezometers have
also been installed in the boreholes in order to monitor water levels and to, eventually, sample
the groundwater. In situ vane testing has been performed in areas where clay-like soils have
been encountered in order to obtain a continuous sheer strength profiles.
Selected samples will be tested in order to determine some key characteristics such as grain
size distribution curves, Atterberg limits and consolidation rates.
A total of 14 CPT have been performed mainly in areas with tailings and soft clays. CPT are
effective in situ testing method allowing to interpret resistance characteristics for fine grained
materials and to later perform different types of stability analyses.
A borrow search consisting of test pits and sampling is underway to search for possible borrow
sources in reasonable distances from the different structures.
Taking into account preliminary results from this investigation, the preliminary design for the water pond
and the TMF has already been adjusted and should be considered readily achievable from construction
and operational point of views according to common engineering standards.
14.3.3 Public Road
A 2 km road widening program will be executed on a portion of Lake Mourier road in order to give safe
access to employees and suppliers during the operation phase.
Given that those roads are public, Osisko is presently in discussion with the Quebec Ministry of
Transport to generate an execution plan. The work will consist of enlarging the shoulder in both
directions with gravel and prepare the approach to the mine site entrance.

14.3.4 Site Roads
Site roads will be constructed for the following areas:
Administration building
Mill site
Crushing plant
Tailings area
Polishing pond area
Explosive plant
On average, the roads will be 10 m wide and constructed with granular material from the site borrow pit.
In total, approximately 10 km of road length will be constructed for the project. Osisko is now considering
the option of acquiring a fleet of construction equipment to complete most of the work internally.
During the construction period, the heavy traffic will use a temporary bypass road on site in order to
eliminate equipment and merchandise transportation through the town of Malartic.
In the pre-production phase, the mine equipment will be used to construct the roads that service the
mine and waste dump.
14.3.5 Main Control Gate
A 50 m2 control gate building will be erected at the main entrance of the site to supervise the personnel
entrance and merchandise transportation.
A fire protection system panel will be connected to the main control gate.
14.3.6 Administration/Warehouse Complex
The administration/warehouse complex will have two floors, each of which has 1,300 m2 of space. On
the ground floor, there will be a warehouse with shelving to maximize the storage space. The warehouse
will have an interior door access to communicate with the mine heavy equipment maintenance shop.
Furthermore, an outside warehouse area is planned.

The following departments will be situated on the first floor of the administration building:
General Administration
Geology
Engineering
General Services
Environment, Health and Safety
Human Resources
Information Technology
Communication
The administration/warehouse complex will be protected by fire protection sprinkler systems.
14.3.7 Mine Office/Truck Shop Building
Mine and maintenance personnel will be assigned to a building that is joined to the truck shop facilities.
The mine office will be 3,000 m2 and will include the following services:
Mine/Maintenance Staff Office
Mine/Maintenance Personnel Dispatch Center
Contractor Office
Data Room
Medical Center
Training/Conference Room
Mine/Maintenance Lunch Room/Dry
The capacity of the mine dry will accommodate 275 workers from the mine and maintenance department.
A womens dry room has been planned. This building will also be protected by fire protection sprinkler
systems.

The truck shop facilities will be 4,000 m2 and will be used for the maintenance of heavy mining
equipment. A total of 10 bays has been retained for the design and are planned as follows:
One dedicated wash bay
One welding bay
Three preventive maintenance bays (Lube bay)
Two major repair and tire handlings
Two mine support equipment maintenance
One mechanical shop
This building is equipped with two overhead cranes for the following specific uses:
30 t/10 t capacity for heavy equipment maintenance
10 t capacity for the maintenance shop
A tool crib, lube/oil distribution system and air compressor will also be installed in the truck shop.
A plan view of the industrial complex and general site layout at the end of the mine life are shown in
Figure 14.14 and 14.15.

Figure 14.14: Plan View of the Industrial Complex

Figure 14.15: General Site Layout at the end of the Mine Life

14.3.8 Fuel Storage Facilities
The fuel storage facilities are designed to have 250,000 litres of storage capacity. The system will also
include the following items:
Five 50,000 litres capacity fuel ISO tank.
One 10,000 litres capacity gasoline ISO tank.
One concrete pad equipped with a transfer pump system to unload supplier fuel truck.
Two fuel distribution points with electronic control card for heavy and support mining equipment
built on concrete pad.
One gasoline distribution point with electronic control card for small vehicles built on a concrete
pad.
Lubricant product storage facilities for all mining equipment equipped with fire protection
sprinkler systems.
14.3.9 Monitoring/Weather Station
A weather station will be built and connected to a control center in order to register climate data and to
produce historical data.
14.4 Tailings and Water Management
14.4.1 Tailings Management
The Tailings Management Facility (TMF) design is currently being developed to accommodate 288 Mt of
tailings for the mine life. The tailings from the milling process will be deposited over a period of
approximately 15 years at an average production rate of 55,000 tpd. At an assumed settled dry density
of approximately 1.5 t/m3, the required tailings storage volume to accommodate the 288 Mt is 192 Mm3.
Given the expected environmental issues associated with mines waste management, it was decided at
the onset of the project to proceed using thickened tailings disposal technology as the preferred tailings
disposal approach. This relatively new approach will greatly simplify water management and reduce
overall risks typically associated with conventional tailings management (slurry disposal at lower
densities). It is important to mention that the proposed management strategy described in the following

sections has been used elsewhere at different scales and for varying climate conditions and has been
shown to be a robust solution. Among its key advantages, this method provides an easier water
management facility with non-segregated tailings that exhibit more homogenous properties, minimization
of the need of confining structures and simplification of the rehabilitation process at closure.
However, this tailings management will tend to be more labour intensive, requiring better planning and
close monitoring. In our opinion, this is clearly the path that the mining industry will follow in the coming
years and is an opportunity for Osisko to become a leader in the application of this type of technology in
Canada for large scale projects.
Key Design Assumptions
As mentioned, the current design efforts for the TMF have been based on using the thickened tailings
technology. Given the high tonnage of tailings to be deposited and the high production rate, this
technology can also help minimize the footprint and reduce issues with tailings water management. As
previously mentioned, thickened tailings do not segregate and are expected to have better overall
strength characteristics and behaviour compared to conventional slurry.
With respect to geochemical characteristics, it has been assumed based on early results, that tailings
produced by the Canadian Malartic project will not be acid generating and will not be characterized by
leaching issues known as neutral drainage. These assumptions are supported by some early results
showing that the vast majority (over 80%) of the tailings produced do not exhibit these problems. A minor
fraction of the tailings (less than 20%) is nevertheless currently described as in the grey zone and
requires further testing as prescribed by Directive 019 of The Government of Quebec Natural Resources
Ministry to make sure they will not be considered as potentially acid generating material. It is important to
mention that these early assumptions are consistent with what is known and observed from the
geochemical behaviour of tailings deposited in the area from prior mining activities. The current
environmental issues with tailings in the area originate primarily from tailings custom-milled originating
from old mines outside the Malartic area that were known to be polymetallic deposits with complex
mineralogy (e.g. Bousquet, Doyon, etc).
In terms of the cyanide consumption used in the process, it has been assumed that by using thickened
tailings, the recovery of cyanide at the plant will be maximized. With respect to the tailings stream,
cyanide will also be mainly destroyed at the plant using well established SO2/Air based technology to
reduce cyanide to residual levels in the tailings pore water. It is also understood that the proposed
approach to manage cyanide will aim at being consistent with the new cyanide management code

currently being adopted by the gold industry. It is understood from recent information provided by Osisko
that no further confinement system, that may include lining, will be required for the tailings even if some
residual cyanide will be present in the pore water of the tailings.
Site Selection
A review of the available zones in the surrounding area of the proposed mine site was done to identify
sectors that could provide the required capacity for tailings deposition. Given the expected volumes of
tailings to be produced and the current land use in the area which is well developed, it was identified that
finding zones that meet the required capacity without significant impacts on the current land use would
be a challenge.
A site location was originally proposed by Osisko, West of the road known as the Road of the Canton
Fournire, close to (a few km away) the proposed plant and immediately upstream of the existing East
Malartic tailings pond. This site which offers very advantageous characteristics in terms of topographical
confinement is currently characterized by little land use and would have been able to provide the
required capacity. Upon review, it was nevertheless felt at early stages that there would be significant
environmental benefits to take advantage of the existing East Malartic tailings pond footprint as the basis
of the future tailings basin instead of developing a new area on virgin lands.
The East Malartic tailings pond site has a complex history and is currently the property of the
Government of Quebec as an orphan site following the bankruptcy of Mines McWatters in the early
2000s. This site contains tailings that are known to be high acid generating producers in certain sectors.
Given the events surrounding the disappearance of Mines McWatters, the rehabilitation of the East
Malartic tailings area has not been completed and currently the site requires close monitoring.
Therefore, using the footprint of East Malartic as a basis for the future Osisko tailings area would provide
a series of advantages:
It would allow the rehabilitation of one of the most important orphan sites in Quebec by the
placement of non acid generating tailings on top of acid generating material.
It would minimize the footprint of zones impacted by tailings placement in the area of Malartic by
concentrating all tailings in one location.
It would offer a site located close to the mine site and at an adequate distance from the town.
It would not infringe on non impacted watersheds.

The TMF footprint will entirely cover the different existing cells and ponds of the East Malartic tailings
facility, including the old sedimentation and polishing ponds. It is believed that this approach will allow
rehabilitation of the existing facility which contains acid generating material in some of the existing areas.
Delivery System
The thickened tailings will be delivered to the TMF at approximately 63% solids by weight. The range of
62 to 65% is used for planning purposes with an average value of about 63%. The deposition plan that is
currently under development requires that tailings be deposited from different central points to create a
series of cones that will overlap progressively and that will be characterized by gentle slopes. The whole
area will be developed by sectors using a pre-defined placement sequence.
Tailings will be discharged by multiple ends of pipe discharge points to reduce energy at placement and
promote uniformity in layer thickness. Discharge points will be located at the highest elevations of the
original topography allowing discharge in all directions. Discharge points will later be raised on top of the
deposited tailings or relocated directly on the created slopes for the development of new sectors. This
method of placement will produce beaches that are relatively uniform and of conical shape. From
experience, it is recognized that beaches tend to flatten as distance from the discharge point increases.
The flow of the tailings will be limited at the boundaries of the TMF by starter perimeter berms built with
non acid generating waste rock. These berms and peripheral ditches will allow the collection and
management of run-off that will accumulate on site.
Beach Development
It is currently planned to proceed with the construction of a series of small berms on the tailings beach of
about 3 to 4 m height to provide some lateral confinement to the tailings and to limit unnecessary lateral
spreading. Berms will be constructed with waste rock to achieve an overall slope of 10H:1V.
Currently, it is planned to have one 4 m raise of the perimeter berm per year. It is planned to place the
berms at an upstream offset to allow the development of overall final slope of about 10H:1V. Locally,
overall slopes could be somewhat steeper about 7.5H:1V to accommodate current topography and the
existing footprint.
Thickened tailings are expected to settle to varying angles depending on the distance from the discharge
points. The following final profile displayed in Table 14.16, has been used to model the filling scheme:

Figure 14.16: Tailings Deposition Profile
The deposition plan takes into account that the final desired topography of the tailings facility is to blend
with surrounding topography.
Final tailings elevation is expected to be between 372.0 m and 393.0 m, representing a maximum height
of approximately 66 m above the original ground.
It is presently planned to cover all external slopes in areas that have reached final configuration, such as
the sectors downstream of each raise, with a layer of 5 m of mine waste rock and the establishment of a
vegetated cover on top. This approach will allow testing different revegetation methods and for
progressive closure of the facility. At the end of the mine production, the whole surface of the tailings will
be capped with a 5 m thick layer of waste rock and will be revegetated.
From a mechanical point of view, these overall gentle slopes should easily provide very favourable long
term safety factors against failure. After placement of the upper layer of waste rock for capping, it is
expected that the resulting stack will meet safety factors and should behave in a very robust way under
long term conditions.
Waste Requirements for Tailings Beach and Polishing Pond
Table 14.10 below shows the required waste material needed for the development of the tailings beach
throughout the life of the mine. A total volume of 9.3 Mm3 of waste is needed to construct the needed
berm on the side of the tailings beach. These volumes have been calculated with a height of 4 m and a
horizontal width of 40 m (10% slope).

Table 14.10: Waste Requirements for Tailing Pond Construction
Year Berm Volume (m3)

-1/1 577,800
2 547,202
3 0
4 0
5 547,205
6 410,400
7 410,400
8 1,011,600
9 1,011,600
10 555,300
11 555,300
12 965,700
13 965,700
14 870,750
15 870,750
Total 9,300,000
The polishing pond will require 295,000 m3 of waste rock for the dyke construction. In addition, 75,000
m3 of waste rock will also be needed to create berms to stabilize the dyke. In total, 370,000 m3 of waste
rock is needed for the development of the polishing pond. An increase factor of 15% was included in this
design.
Note that more information concerning the tailings beach and polishing pond may be found in Section
14.10 Environmental Considerations.
14.4.2 Water Management
Thickened tailings are not expected to release significant quantities of water. Water management of a
facility using thickened tailings is consequently typically designed to collect and transfer or discharge
runoff water.
The first element of the water management system of the Canadian Malartic project consists of the
construction of a new water pond that will be located south of the existing sedimentation and polishing
ponds of the East Malartic property.
The construction of the water pond is required for two main purposes The start up of the mill and as a
buffer storage facility for the runoff water to be used in the operations. The water pond will have an

approximate capacity of 6 Mm3. This capacity was determined in order to meet the initial requirement for
the start up and is limited by the existing topographical conditions. The water pond will be confined by
five dams with crest elevation at 326.5 m. The pond will be operated at a maximum water level of 325 m.
The capacity curve for the water pond is presented in Figure 14.17 below:
Figure 14.17: Capacity Curve of the Water Pond
Different studies including an extensive borrow search are currently underway in order to determine the
best suitable design for the confining structures. It is presently anticipated that the dams will consist of
traditional low permeability core with an appropriate system of downstream filters and drains.
According to preliminary water balance calculations, it is presently anticipated that considering average
annual precipitation and evaporation rates, the water pond will be filled with water prior to the start up of
the mill. Three main sources of water will be used to fill the pond:
Runoff from the local watershed This water will accumulate directly in the water pond.
Runoff from the existing tailings pond as well as sedimentation and polishing ponds. Water from
the tailings pond is currently transferred to the sedimentation pond. Water will be transferred to

the water pond either through an open channel or by pumping. A separate pumping station will
be required for water transfer from polishing pond to the water pond.
Water from the underground mines This water is currently pumped at an annual rate of 1.4
Mm3 and will be discharged directly into the water pond.
At the present time it is considered that the following main sources for water are available for the
operation of the mill:
Runoff from the water pond watershed as well as runoff form the tailings facility.
Runoff from two external watersheds upstream of the East Malartic site namely the Raymond
north and Raymond south derivations.
Water coming from the dewatering of the open pit and underground mines as well as runoff from
the footprint of the open pit itself.
Water form the Malartic creek located north of the property.
Approximately 10% of the tailings water will be released and will be collected in order to be
recirculated.
The water management system will be designed in order to be able to collect the water from all these
different sources. A detailed hydrogeological study is underway in order to determine the water volumes
coming from the dewatering activities during the operation of the plant. It is also planned to have several
different water ponds allowing to collect and use the runoff water.
Preliminary water balance calculations indicate that for average annual precipitation and evaporation
rates, and using average runoff coefficients, the available annual water supply is in the order of 12 Mm3.
More detailed water balance studies are currently underway in order to determine possible influence of
season fluctuations, dry year probabilities, runoff factors and possible losses on the water supply.
14.5 General Services and Administration
The General Services and Administration of all personnel relating to senior management, accounting,
payroll, human resources, surface support, health and safety, environment and telecommunication.
The procurement and logistic group is responsible for sourcing suppliers, organizing transportation of all
the supplies and goods, managing the site inventories, negotiating prices and delivery conditions.

The surface support group insures the loading and unloading of trailers, and movement of material. The
surface support group also takes care of the open pit pumping system maintenance.
The human resources department is responsible for all aspects pertaining to employee fringe benefits,
recruitment, discipline management and labour agreements.
14.5.1 Manpower Requirements
The labour cost accounts for the 75 employees (Table 14.11) required for management, administrative
and support tasks. The majority of this workforce is related to operations support: Surface support,
telecommunication, purchasing and warehousing. In general, the management and administrative staff
will work 40 hours per week during the day shift. Security and warehousing personnel will work 12 hour
shifts per day to support the operations 24 hours per day. The labour cost represents close to 50% of the
General Services and Administration cost.

Table 14.11: General Services and Administration Manpower
Management Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Warehousing Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Management 1 1 1 1 1 1 1 1 1 1 1 1 Management 0 0 0 0 0 0 0 0 0 0 0 0
Staff 1 1 1 1 1 1 1 1 1 1 1 1 Staff 4 4 4 4 4 4 4 4 4 4 4 4
Hourly 0 0 0 0 0 0 0 0 0 0 0 0 Hourly 10 10 10 10 10 10 10 10 10 10 10 10
Sub-Total 2 2 2 2 2 2 2 2 2 2 2 2 Sub-Total 14 14 14 14 14 14 14 14 14 14 14 14
Accounting Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Surface Support Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Staff 3 3 3 3 3 3 3 3 3 3 3 3 Staff 2 2 2 2 2 2 2 2 2 2 2 2
Hourly 0 0 0 0 0 0 0 0 0 0 0 0 Hourly 20 20 20 20 20 20 20 20 20 20 20 20
Telecommunication Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Public Communication Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Staff 1 1 1 1 1 1 1 1 1 1 1 1 Staff 0 0 0 0 0 0 0 0 0 0 0 0
Hourly 6 6 6 6 6 6 6 6 6 6 6 6 Hourly 0 0 0 0 0 0 0 0 0 0 0 0
Environment Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Personnel&Industrial Relations Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Staff 1 1 1 1 1 1 1 1 1 1 1 1 Staff 3 3 3 3 3 3 3 3 3 3 3 3
Hourly 0 0 0 0 0 0 0 0 0 0 0 0 Hourly 0 0 0 0 0 0 0 0 0 0 0 0
Community Relations Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Health & Safety Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Staff 0 0 0 0 0 0 0 0 0 0 0 0 Staff 4 4 4 4 4 4 4 4 4 4 4 4
Hourly 0 0 0 0 0 0 0 0 0 0 0 0 Hourly 0 0 0 0 0 0 0 0 0 0 0 0
Purchasing Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Security Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Staff 1 1 1 1 1 1 1 1 1 1 1 1 Staff 6 6 6 6 6 6 6 6 6 6 6 6
Hourly 4 4 4 4 4 4 4 4 4 4 4 4 Hourly 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL SERVICES Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Management 9 9 9 9 9 9 9 9 9 9 9 9
Staff 26 26 26 26 26 26 26 26 26 26 26 26
Hourly 40 40 40 40 40 40 40 40 40 40 40 40
Total 75 75 75 75 75 75 75 75 75 75 75 75

14.6 Community Development
The Canadian Malartic property is located directly underneath the southern portion of the town of
Malartic. Malartic is historically known as a mining and forestry town. Today the population has reached
3,500 residents. Approximately 700 residents will be directly and indirectly affected by the construction of
the Canadian Malartic project. Community Development (CD) has worked since 2006 with the mission to
provide Osisko and the town of Malartic with a sustainable development initiative for the relocation of 205
residences and 5 institutional buildings from the vicinity of the planned open pit mine. The CD program
acts to inform, educate and involve the community with the changes in Malartic as a result of the
Canadian Malartic project. This group also helps plan, relocate and construct real estate for the new area
in Malartic.
Figure 14.18: Planned Site for the New Portion of Malartic

Osisko founded the Community Consultation Group to act as a consulting body directed towards
communication, requests and complaints between the company and the residents of the town. The group
is comprised of members from Osisko, the Malartic City Council and representatives from the
community. They are also involved in the relocation process and reviewing the urban planning designs.
The residential urban design team is comprised of representatives from Osisko, the town of Malartic,
urban designers, and civil engineers. This team is responsible for suggesting potential relocation sites
around Malartic. The final decision was made in 2007 by the city council and residents that will be
relocated. An area to the North of the town was selected for the expansion area. Analysis and an urban
design of the selected site began in 2006 and the construction of 190 new lots began in fall 2007.
Negotiations have been ongoing to allow for the selection of lots for the owners or the acquisition of their
properties by Osisko.
The Institutional design teams have been reviewing client needs by selecting suitable sites for new
construction.
The community development construction program mainly includes the following items:
House Relocations:
o 205 single and multi-unit properties will be involved in relocations. Around 85% of
owners have finalized either a choice of a new lot for their property or have signed an
offer to purchase their property from Osisko. Some properties showing economic
potential will be sold, relocated to the new neighbourhood or used as Osisko housing.
o Osisko is presently in discussion with a professional house moving contractor to finalize

their contract package.
Municipal Infrastructure:
o Municipal infrastructure construction is completed on the 23 demonstration lots. The

remaining lots will be finished in 2009. The following Figure 14.19 shows the new
neighbourhood:

Figure 14.19: Plan for the New Neighbourhood in Malartic
Golf Course:
o To allow for construction of the new neighbourhood adjacent to the golf course, holes 2,
3, and 4 will be relocated to the eastern corner of the golf property. A renovation of the
course is also going ahead before the start of the golf season, for the new course to be
useable by September 1st, 2008.
Primary School:
o St-Martin School with 313 primary school students is to be reconstructed according to

the Ministry of Education (MELS) norms and standards in the northwest corner of the
new neighbourhood.
Adult Learning Center:
o The adult learning centre, Le Trait-dUnion School, with 45 students will be reconstructed

according to the Ministry of Education (MELS) norms and standards in the existing
Malartic urban fabric at the corner of Royale and des Pins streets on land owned by the
Town of Malartic.
Long-Term Care Facility:
o The Villa St-Martin long-term care facility that accommodates 57 patients will be
reconstructed according to the Ministry of Health (MSSS) norms and standards adjacent
to the Malartic Hospital on land owned by the institution.
Baby and Children Facility:
o The Bambin et Clin Daycare that accomodates 75 babies and children will be
reconstructed according to the Ministry of Families norms and standards in the existing
Malartic urban fabric on Harricana Street at the end of 4th Avenue on land owned by the
Town of Malartic.
Auditorium/Community Center:
o Auditorium and community spaces owned jointly by the school board and the town of
Malartic will be constructed next to the existing Le Tremplin High School to replace the
facilities at the Renaud School.
Social Housing:
o Social housing that will contain 20 units designed for the elderly will be constructed
according to the Quebec Housing Society standards in the existing urban fabric.
Apartment Building:
o Subsidized housing containing 40 units will be constructed according to market

standards in order to replace apartment units acquired by Osisko which cannot be
economically relocated. A number of these units will provide staff housing for the
company.
14.7 Recoverability
The gold recovery used in the Preliminary Assessment is based upon metallurgical tests. Refer to
Section 14.1.4 Mill Recovery for details.

14.8 Markets
The annual gold production should be easily sold in the metal markets. The production of silver has not
been included in the economic cash flow model.
14.9 Contracts
This item is covered in Section 14.13 Capital Costs Estimates.
14.10 Environmental Considerations
14.10.1 Management and Closure of the Tailings Pond and Waste Rock Dump
During normal mining operations, it will be necessary to dispose of and manage 190 Mm3 of tailings, and
159 Mm3 of waste rock during the life of the mine. The proposed storage sites will be mainly located over
the old East Malartic tailings pond southeast of the planned pit. The storage areas will collectively cover
600 ha. The waste will be deposited in 7 cells, thus allowing for continual rehabilitation of the storage
sites. It is estimated that the first cell will be ready sometime in 2011, and filled by the end of 2013.
Rehabilitation work will begin in 2014. This approach will ensure that 65% of the site will have been
rehabilitated by the time mining operations cease.
The advantages of adopting a continual rehabilitation program include lessened environmental impact
and a reduction in the financial guarantees required by the Government for rehabilitation work as a
whole.
Osisko and the provincial government are working together on an agreement to close the old waste
disposal site at East Malartic (which presently belongs to the provincial government) to create the space
needed for disposing the waste from the Canadian Malartic Gold Project. The work needed for this
closure is included in the construction budget for the processing plant and is planned to be carried out
from June 2008 to December 2010.
The final closure plan for the mine is estimated at $52 M, including 2 years of site closure and a 3-year
post-rehabilitation monitoring program that will bring the total lifespan for the waste management and
storage closure plan to 20 years, starting in 2010 and ending in 2030.
The following information was identified from the Environmental Assessment (EA) study.

Waste Management:
o Management of more than 360 Mm3 of material.
o Tailings from the treatment plant will be thickened to a density of approximately 63%
solids.
o Preliminary indications are that waste will not generate acid.
o Waste will be disposed of on the old tailings area.
o A scenario that presents an increased capacity for recycling waste water.
o Possibility of carrying out continual rehabilitation at the waste storage sites.
o Work related to the closure of the waste storage sites will be completed in autumn 2027.
o Post-closure follow-up work will end in December 2030.
o The pit will be flooded at the end of mining operations and its boundaries secured and
landscaped.
14.10.2 The Study of the Quality of Water, Sediments and Benthic Invertebrate Community
The development and operation of the Canadian Malartic mining project may modify certain components
of the aquatic environment. These effects could influence water and sediment quality, and benthic
community even though the presence of remaining infrastructures from previous mining and industrial
activities could continue to affect water quality as well. The spatial and temporal scope of the studies
conducted in 2007 and the large number of analytical results, permit the current state of components in
the aquatic environment (water, sediments, benthic community) to be defined within the project area.
The following information was revealed from the EA study:
Water quality:
o The overall quality of water and sediments is acceptable for maintaining aquatic life.
o The water is slightly cloudy, highly productive, moderately mineralized, and exhibits a
weak buffering capacity.
o None of the sample sites exhibited significant concentrations of pollutants.

Sediment quality:
o In the sediments, only chromium at a single station exceeded the threshold level above
which effects on aquatic life are probable.
Benthic fauna:
o The benthic community in the sampled water bodies is relatively diversified and
abundant.
14.10.3 Study on Fauna and Flora
The first phase of the study on flora was conducted using four sources of data: 1) a semi-quantitative
survey of plant species in the study area, 2) ecoforestry maps from the MRNF, 3) topographic databases
for Quebec, and 4) aerial orthophotographs from the MRNF. In addition, field surveys were conducted in
May 2007 to verify the photo interpretation and to supplement the available information.
The study on terrestrial fauna and habitats also required several sources of data, including databases
from the AARQ, CDPNG and MRNF, and any documents relating to work in the area. To complete this
information, survey data was collected in the field during May 2007 on mammals, birds and herpetofauna
(amphibians and reptiles). Fish are the subject of a separate study.
The following information was revealed from the study:
Terrestrial Environment:
o The terrestrial environment represents 56.5% of the study zone. It is represented

by fallow zones and mixed forests: white birch, aspen and softwoods (spruce
and fir).
Wetlands:
o Wetlands cover 10.1% of the study area. They are dominated by alder, several
marshes, black spruce stands and peat bogs.
Waterways:
o Waterways occupy 33.4% of the study zone. They comprise basins created by
previous mining activities, ponds (depressions within fallow land) and two lakes.

Fauna:
o Mammals: the study zone includes a diversity of small and large mammals (red-
backed mole, several species of shrew, deer mice, red squirrel, snowshoe hare,
black bear, moose, etc.).
o In terms of avifauna, more than 47 bird species were inventoried during the field
work. However, 220 species are potentially present.
o Amphibians and reptiles (herpetofauna) are scarce.
Faunal Habitats:
o The study zone is mostly covered by coniferous forest. Also documented were
mixed stands, marshes and ponds. These habitats provide nourishment and
reproductive sites for the great diversity of species present.
Species at Risk:
o None of the documented species are at risk.
14.10.4 The Study of Fish Communities and Their Habitats
During mining operations or in the case of unforeseen events (spills, dyke ruptures, etc.), the quality of
water and sediments, as well as the composition of fish communities in neighbouring waterways, could
be affected.
In view of potential impacts, the specific objectives of the study on fish communities and their habitats
are to:
Characterize aquatic habitats.
Identify and enumerate fish species (abundance and diversity).
Fish Community:
o Fourteen fish species were counted.

o Among these, walleye, sauger, pike, yellow perch, northern pike, burbot and
brown bullhead are candidates for sport fishing, with northern pike and the
percidae (walleye, sauger, yellow perch) already attracting major interest in the
region.
o None of these fish represent species at risk.
o The overall quality of water and sediments is acceptable for supporting aquatic
life.
o The water is slightly cloudy, highly productive, moderately mineralized, and

exhibits a weak buffering capacity.
Fish Habitats:
o The waterways exhibiting the best potential for supporting a great diversity of
species are Lake Fournire and Pich River.
o Among the waterways, Lake Fournire offers the greatest potential for sport
fishing with respect to diversity of species of interest and their relative
abundances.
o One special habitat was identified. It consists of a series of cascades, waterfalls

and rock barriers along a segment of Pich River, between Lake Fournire and
its junction with Raymond Creek.
14.10.5 Study on Climate and Hydrology
It is important to document water management as part of the impact study because a significant amount
of water will be required during mining operations. In this context, the climatic characteristics of the
region and the hydrology of any watersheds that may be affected by the mining project will be analyzed.
The specific objectives for the climatic and hydrologic study are:
Establish the characteristics of the regional climate.

Establish the general hydrologic picture for waterways that may be affected by the project.
Provide climatology and surface water data that can be used to evaluate the projects
impacts.
Climate:
o The climate in the project area is characterized by long, cold winters and
relatively short summers.
o Total precipitation reaches 914 mm.
o Winds generally blow from the south or northwest; winds from the northeast or
east are rare.
o Evaporation amounts to 652 mm per year, most of which occurs during the
summer season when the water budget experiences an average deficit.
Hydrology:
o The major waterway potentially affected by the project is the Pich River; the
surface areas for the watershed is 194.8 km2.
o Based on hydrologic studies, the current watershed has the potential to supply
the water needed for the processing plant.
14.11 Community Considerations
14.11.1 Main Concerns of the Canadian Malartic Project
Mining Area:
o The gold deposit will be mined by conventional open pit methods. The pit, which
will measure about 2,000 m by 780 m, will be excavated in the southern part of
the Malartic urban perimeter and South of Highway 117 (the Trans-Canada high
way).
Industrial Complex:

o A mill and conveyor system (some of which will be underground) will be installed
southwest of the mine pit. The plant will be located 2.5 km from the town in order
to limit any effects on the people living there.
Tailings Pond:
o The proposed tailings pond will be developed on top of the old East Malartic
mine tailings area.
Waste Rock Dump:
o The waste rock dump will be located between the tailings pond and the open pit,
southeast of the urban centre of Malartic. Part of the dump may also be
extended over the tailings pond once the tailings have dried and hardened.
Moreover, the waste rock can eventually be used to cover the entire tailings
pond before laying down organic matter and seeding.
See Figure 14.20 for the map of the Canadian Malartic Site and studied zone.

Figure 14.20: Map of the Canadian Malartic Site and the Studied Zone
14.11.2 Survey
Within the scope of the environmental impact study for the Canadian Malartic gold mining project, a
survey was conducted among residents and merchants in the town of Malartic. The main purpose of this
survey was to unveil any concerns and opinions the residents and merchants have towards the project.
Survey questionnaires were compiled for Malartic homeowners, tenants, and local merchants. The
questionnaires were originally sent to fifteen respondents from each group. In order to attain an
adequate response rate, an announcement was published in the local weekly newspaper in Malartic a
few days prior to the mass mailing of survey questionnaires. A flyer was also distributed in all post office
boxes for Malartic households. Both the announcement and flyer advised the population of Malartic that
they would soon receive the survey questionnaire and asked for their cooperation.

The survey questionnaires were mailed on November 29, 2007. The mailing included an introductory
letter, an information leaflet about the project produced by Osisko, the questionnaire itself, and a pre-
paid return envelope. The deadline to return the filled-out questionnaires was set for December 24, 2007.
For the entire duration of the survey, respondents had access to a toll-free phone line to get help on how
to fill out the survey form or find out more about the project.
Resident Survey
Overall, 1,439 households were targeted for the survey of Malartic residents. Of this number,
640 residents returned the completed questionnaire. The response rate was 44% having a 3.4% margin
of error 19 times out of 20.
Table 14.12 on the next page shows the socio-economic breakdown of respondents:

Table 14.12: Socio-Economic Breakdown of Respondents
Description %
Gender of Respondent
Male 50
Female 49
No answer 1
Age of Respondent
18 to 29 years of age 6
80 years of age or more 6
No answer 2
Highest Level of Schooling Completed
Elementary (7 years or less) 16
High school not finished 21
High school diploma general or vocational training 28
College (CGEP) pre-university training, technical training, certificate (CEP),
18
attestation (ASP), proficiency diploma
University 12
No schooling 1
Dont know 0
No answer 3
Household Income in 2006
Less than $20,000 21
$20,000 to $39,999 26
$40,000 to $59,999 20
$60,000 to $79,999 10
$80,000 to $99,999 7
$100,000 or more 7
No answer 8
Note: Due to rounding of figures, numbers may not total 100%.
Resident Survey Results
The following presents a summary of survey questions and results translated into English.
Question: Among the following statements, which one best describes how you feel about
the mining project at the Canadian Malartic mine by Osisko Exploration.

Figure 14.21 shows the results from the Residents Survey.
Figure 14.21: Results from Residents Survey
Merchant Survey Results
The following presents a summary of survey questions and results translated into English.
Question: Among the following statements, which one best describes how you feel about
the mining project at the Canadian Malartic mine by Osisko.
Figure 14.22 shows the results from the Merchants Survey.
Figure 14.22: Results from Merchants Survey

Summary
In conclusion, this survey shows a high level of support. Compared to the 2006 survey, the Malartic
population still accepts the Osisko project. There is a higher rate of support since the first public meeting
in 2006.
14.11.3 Archaeological and Heritage Study
The study on archaeology and built heritage covers an area of approximately 14 km2. The archaeological
component was completed using previously known archaeological data and eco-geomorphological
criteria, which allowed for the study area to be ranked according to three classes of archaeological
potential.
The following information was identified in the EA study:
Known Archaeological Data:
o No known archaeological sites are present within the boundaries of the studied area.
Archaeological Potential:
o The studied area does not have strong archaeological potential.
o Two small zones represent a moderate archaeological potential (B). These zones are
spaces related to hunting and fishing sites. These areas also served as portage trails for
transportation purposes.
14.11.4 Study of Landscape Components
The visual impact of the project may become an important issue given the presence of residents near the
planned site. As a result, Osisko generated a study to develop a better understanding of the disturbance
to the landscape as well as the residents concerns. A sensitivity assessment is presented in the study
depicting the main conclusions of the analysis. The assessment is based on three main criteria which are
accessibility, the appeal and landscape value for the population.

The following information was revealed from the EA study:
Regional Planning:
o The MRNF, Valle-de-lOr MRC and town of Malartic share the powers related to land
planning in the study area.
o More than thirty mine tailing ponds are present in the MRC territory. The ponds
represent restrictions on land use because no activities can be authorized in these
zones, with the exception of mining activities if compatible with land planning.
Urban Perimeter:
o The town of Malartic has applied to the MRNF to expand its urban perimeter. The
proposal was approved by the Government. This expansion is necessary to allow for the
resettlement of displaced homes and other buildings, and to accommodate projected
development.
Vacant Spaces:
o The Malartic urban zone includes approximately 80 vacant lots served by the municipal
aqueduct and sewer systems. Most of these lots (60%) are in the central and northern
parts of the town. The northeastward expansion of the urban perimeter will
accommodate the new neighbourhood designed for the resettlement of residents living
in the southern part of Malartic.
Municipal Services:
o The Town of Malartic has an aqueduct and sewer network. Residues are sent to a burial
site at Val dOr. The town does, however, have an eco-centre.
14.11.5 Study on Background Noise
Original noise studies were conducted on land adjacent to the mining project site and the residential
sector near the golf course where residents will be resettled. In addition to the information in available
documents, measurements of ambient noise were taken over a 24-hour period near the closest

dwellings. The readings were taken continuously from 7:00 a.m. on June 28, 2007 to 7:00 a.m. on June
29, 2007, using fixed measurement stations, each equipped with a sonometer and wind guard. The
stations were at eight different locations.
The following information was identified in the study :
Regulations:
o There are no quantitative regulations regarding the noise generated by future

mining activities in the Malartic municipality or the territory of Lake Fouillac.
o The MSDEPs noise criteria were used, as specified under Directive 019
regarding the mining industry.
o The minimum equivalent hourly level (Leq 1h) measured between 7:00 a.m. and
7:00 p.m. ranged from 42 dBA to 51 dBA, and between 7:00 p.m. and 7:00 a.m.
measured from 21 dBA to 41 dBA.
Current Situation:
o Sound levels for the Town of Malartic (excluding the area surrounding Highway
117):
49 to 51 dBA during the day.
38 to 41 dBA at night.
o For the area including the 6ime and 7ime rangs:
42 to 48 dBA during the day.
21 to 36 dBA at night.
The current environment is disturbed by very little noise, not only in the rural sector, but also in town
since the Domtar plant closed. A buffer zone will be constructed between the pit and the southern border
of the town to reduce noise impact from the mine operation.

14.11.6 Vibrations Study
Mining will be conducted at several levels (depths) in the open pit project. Dynamiting operations will
require an average of 1 to 2 blasts per day in order to remove approximately 120,000 t of rock on a daily
basis.
This initial sector phase study on vibrations provides an overall initial assessment of the current
conditions. The second phase that measures vibrations and air overpressures will take place in the
spring or summer of 2008.
Given the information available, the specific objectives for the vibration study are:
establishing an equation depicting the vibration and air overpressure curves based on
distances from developed environments, including buildings.
creating follow-up and monitoring measures for the upcoming work.
Regulations:
o According to Directive 019 of the MSDEP, the maximum allowable vibrations and air
overpressures are 12.7 mm/s and 128 dB, respectively, for an open pit mining operation
less than 1 km away from buildings
o These vibration levels are safe for structures, but are within the detectable to unpleasant
ranges for humans.
o According to Directive 019 of the MSDEP, if the pit is located within a 1 km perimeter
from a city or town, blasting and dynamiting is not allowed between 7:00 pm and 7:00
am.
Monitoring and Follow-up:
o Future mining operations will require dynamiting, thus necessitating a rigorous

monitoring program for vibrations and air overpressures.

o Monitoring projectiles (rocks) will be necessary.
o Monitoring buildings and ground materials for structural effects recommended.
o Protective measures for citizens and structures will need to be established and
implemented.
14.11.7 Study on Ambient Air Quality
The first goal of the study on air quality is to evaluate the quality of ambient air around the future Osisko
mine, followed by modeling of the atmospheric emissions expected from future mine installations. The
latter will predict the concentrations of possible airborne pollutants at various receptor sites near the
mine.
This report covers the first part of the air quality study, that is, the characterization of ambient air (current
natural concentrations at the site).
Two representative sites were analyzed:
Site 1: In the centre of the Town of Malartic, at the edge of the future excavation site.
Site 2: In the municipal cemetery, near the new resettlement area.
For analytical purposes, a series of measurements were made on air samples from the two sites.
The results were compared to the norms and criteria for ambient air published by the MSDEP
and by Environment Canada. They were also compared to the results obtained at nearby
Environment Canada sampling stations where sampling occurred on the same days.
With respect to the targeted parameters, the results of sampling and measurements at both
stations indicate the air in Malartic is of very good quality. The results are typical of small rural
towns with few industrial activities.

The maximum concentrations for each of the studys target parameters are significantly lower
than the new ambient air norms provided by Quebecs clean air regulation (Rglement sur
lAssainissement de lAtmosphre).
Chromium (Cr) and fine particles (PM2.5) should be monitored closely once production has
started to avoid exceeding norms in the future. Breathable fine particles (PM2.5) represent
between 25% and 29% of the total suspended particles (TSP).
Results obtained for the two sites were virtually identical for the set of measured parameters. For
all practical purposes, air quality at the sites can be considered similar and homogenous.
The present report does not assess the impact of windblown dust from the old East Malartic
tailings pond; this will be the subject of another study.
14.12 Project Execution Plan
The project schedule timetable is detailed in Figure 14.23 below. Major milestones must be achieved to
deliver the Project for the end of 2010.
Project detailed engineering Start June 2008
Relocation program (house moving and institutional building) Start June 2008
Polishing pond construction Start June 2008
Site preparation Start June 2008
Measured and Indicated Resource Estimate - July 2008
Environmental impact study submission - September 2008
Feasibility study report October 2008
Project approval - End of 2008
Project financing 1st Quarter 2009
Public hearings - 1st to 2nd Quarters, 2009
Mill construction Start June 2009
Mine pre-stripping Start December 2009

Mill commissioning - End of 2010
Commercial production - 1st Quarter 2011

Figure 14.23: Project Schedule

14.13 Capital Cost Estimates
14.13.1 Capital Cost Summary
The total capital cost for the Canadian Malartic project is estimated to be $760 M. The capital cost
breakdown is in the following sections. The project capital cost summary is outlined in Table 14-13
below. The estimate is based on costs at the end of first quarter of 2008. The intended level of accuracy
of the capital cost estimate is 25% with no allowance for price escalation beyond the base estimate (1st
quarter of 2008) and no allowance has been made for fluctuations in currency exchange rates. The
capital cost is estimated in US dollars.
Other qualifications, assumptions, exclusions and basis of estimate are set out in the following sections.
The following sections also include more detailed estimates of the eight main areas of the project
estimate namely, General Administration, Community Development, Mining, Electrical & Communication,
Infrastructure, Processing, Tailings and Water Management and Indirect Costs.
Table 14.13: Capital Cost Summary
General Administration 11.0

Mining 115.1
Electrical and Communication 19.7
Infrastructure 29.2
Processing 351.0
Tailings and Water Management 27.9
Indirects 51.5
Sub Total 687.4
Contingency (15%) 72.6
Total 760.0
*A contingency of 15% is applied on all project costs, except the items protected by contractual
agreements and firm quotations amounting to a total of $200 M.
14.13.2 Basis of Estimate
The costs are estimated at the end of the first quarter, 2008 and all costs are expressed in US dollars.
The estimate excludes any escalation beyond the first quarter of 2008.

Mine equipment and process equipment are based on budget level quotes, information from recent
projects for similar equipment and escalated to Q1/2008 and on firm purchase order amounts for a large
percentage of the major equipment. Firm purchase orders have been issued or fixed price quotations
have been received for the following equipment and services:
Table 14.14: Summary of Purchase Orders Awarded and Firm Quotations for Equipment /
Services
Area Description of Equipment/Services Cost ($M)

Land purchase
Municipal Infrastructure
House relocation (purchasing
program)
Major mining equipment
Mine* 92.1
Mine support equipment
5.5
Electrical/Communication Main substation transformers
Gyratory Crusher (1)

Processing SAG Mill (1) 81.0
Ball Mills (3)
Feasibility study
Indirects 6.2
Capital spares
Total 200
* Final negotiation still on-going with the mining equipment supplier.
The above purchased equipment represents 100% of the initial mine production equipment and 44% of
the process plant equipment. This significant level of pre-purchased or fixed price equipment has
resulted in a project capital cost estimate with a reduced risk and lower allowance for contingencies.
The capital costs for the process plant earthworks concrete, structural steel, architectural works and
HVAC are based on quantity estimates with unit costs that are currently part of existing contracts on
other projects in the Abitibi region of Quebec.
Total facility costs for the process facilities is determined by applying multipliers on the total mechanical
equipment cost to cover the costs of mechanical equipment installation, piping and electrical &

instrumentation/automation costs. The multipliers/factors used for the capital cost estimate for these
items are as follows:
Mechanical Installation 10% for the grinding area and 15% for the balance
of the process plant facilities
Electrical/Instrumentation 20% for all areas of the process facilities
Piping 10% for the crusher and conveying areas and 15%
for all other areas in the process facilities
Costs related to the following are excluded from the capital cost estimate:
Land acquisition costs
Permitting and licensing costs
Project financing costs
Corporate Income Taxes and Qubec Mining Duties
14.13.3 Mine Area Capital Cost
The capital costs for the equipment were based on the suppliers fixed pricing and the assumption that
the equipment would be new when purchased. In addition, there is no salvage value assigned to the
equipment at the end of the mine life.
Mine pre-production costs were developed based on quantities derived from the mine plan using the unit
mining costs for the project.
Preliminary discussions are underway with explosive suppliers. It is assumed that all equipments are
included in the explosive product unit cost. The preliminary equipment list with their associated cost is
shown in Table 14.15 below.

Table 14.15: Mine Equipment Capital Expenditures ($M)
Equipment -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Total
Shovel (28 m3) 24,400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 24,400
Wheel Loader 3,650 0 0 3,650 0 0 0 0 0 0 0 0 0 0 0 7,300
Truck (240 t-class) 42,240 0 0 14,080 0 7,040 0 0 3,520 0 0 0 0 0 0 66,880
Production Drill (203 mm) 3,000 6,000 0 0 0 0 0 3,000 3,000 0 0 0 0 0 0 15,000
Auxiliary Drill 900 900 0 0 0 0 0 900 900 0 0 0 0 0 0 3,600
Track Dozer (580 hp) 3,600 1,200 0 0 0 0 0 1,200 1,200 0 0 0 0 0 0 7,200
Wheel Dozer (525 hp) 950 0 0 0 0 0 0 0 950 0 0 0 0 0 0 1,900
Grader (16 ft) 1,480 0 0 0 0 0 0 740 740 0 0 0 0 0 0 2,960
Water Truck 1,200 1,200 0 0 0 0 0 0 0 0 0 0 0 0 0 2,400
Total Major Equipment 81,420 9,300 0 17,730 0 7,040 0 5,840 10,310 0 0 0 0 0 0 131,640
Support Equipment 11,445 580 175 425 175 425 295 1,170 1,425 500 235 605 295 425 0 18,175
Total Mine Equipment 92,865 9,880 175 18,155 175 7,465 295 7,010 11,735 500 235 605 295 425 0 149,815

The capital cost for the mining area has been estimated at $115.1 M and is presented in Table 14.16
below.
Table 14.16: Capital Cost Estimate Mining

Mine pre-production 22.2
Mine Major Equipment 81.4
Mine Support Equipment 11.5
Subtotal 115.1
14.13.4 Process Plant Capital Cost
The process plant capital cost has been estimated based on establishing a detailed equipment list and
compiling costs for each item in the list. This list is complete and includes major process equipment as
well as all pumps, plate work, chutes, etc.
The costs for mechanical installation, plant electrical/instrumentation and piping have been factored
based on the total mechanical equipment cost. All other costs (earthwork, structural steel, concrete
works, architectural works and HVAC) have been quantified and costed on a unit price basis.
The capital cost for the process plant area has been estimated at $351 M and is presented in Table
14.17 below.

Table 14.17: Capital Cost Estimate Processing

Crushing 29.9
Ore Handling 23.7
Process Plant Building 36.7
Grinding 144.2
Leach Thickening 5.6
Leaching 30.9
Gold Recovery 30.3
Detoxification Plant 4.4
Reagent Handling and Distribution 2.9
Tailings Pumping 8.4
Mill Services 20.3
Mill Workshops 0.8
Mill Office 0.8
Mill Assay Lab 3.5
Mill Met Lab 0.8
Mill Mobile Equipment 2.5
Electrical Room 5.3
Subtotal 351.0
14.13.5 Electrical and Communication Capital Cost
All electrical and communication equipment and materials for the project except the process plant are
included in this area. The capital cost for the electrical and communication infrastructure has been
estimated at $19.7 M and is presented in Table 14.18 below.
Table 14.18: Capital Cost Estimate Electrical and Communication

Main Sub-Station 10.5
Electrical Site Distribution 0.8
Secondary Sub-Station 5.6
Emergency Generator 2.0
Communication/IT System 0.8
Subtotal 19.7

In addition to the above, the company will fund the construction of the 120 kV transmission live,
estimated at $7.0 M. This amount will be recovered through credits on monthly consumption. This
amount is included in working capital.
14.13.6 Infrastructure Capital Cost
All the site infrastructure including roads, site preparation, main warehouse, mine equipment repair shop,
fuel storage facilities an other miscellaneous facilities are estimated to cost $29.2 M and the details are
presented in Table 14.19 below.
Table 14.19: Capital Cost Infrastructure

Site Preparation 4.5
Public Road 2.0
Buffer Zone 1.0
Site Road 1.5
Main Control Gate 0.4
Administration/Warehouse Complex 5.5
Mine Offices/Truck Shop Building 12.5
Fuel Storage Facilities 1.5
Weather Station/Monitoring 0.3
Subtotal 29.2
14.13.7 Community Development Capital Cost
The capital cost estimate for the community development plan is presented in Table 14.20 below.
Table 14.20: Capital Cost Estimate Community Development

Study/Engineering 5.5
Management 4.5
Land Purchase 0.7
Golf Course 0.5
Municipal Infrastructure 11.0
25kV Line Relocation 1.0
Institutional Buildings 32.1
Apartment Building 4.0
House Relocation 20.7
South Neighborhood Demolition 2.0
Subtotal 82.0

14.13.8 General Administration Capital Cost
Included in this cost area are construction insurance, G&A and labour cost during construction and small
mobile equipment.
The capital cost estimate for the general administration is estimated at $11.0 M and the details are
presented in Table 14.21 below.
Table 14.21: Capital Cost Estimate General Administration

General Owner's Cost 7.5
Insurance 1.5
Mobile Equipment 2.0
Subtotal 11.0
14.13.9 Tailings and Water Management Capital Cost
Included in this area are the tailings disposal system and the various ponds and water pumping systems
supplying water to the process plant. The capital cost estimate for the Tailings and Water Management
area is estimated at $27.9 M and the details are presented in Table 14.22 below.
Table 14.22: Capital Cost Estimate Tailings and Water Management

Tailing Pond 2.0
Tailing pipeline 2.5
Settling pond 0.5
Settling pipeline system 2.5
Water treatment plant 5.0
Polishing pond 7.5
Reclaim pipeline system 2.5
Fresh water pond 0.5
Fresh water pipeline system 2.5
Fire protection system 1.2
Potable water 0.3
Sewage disposal 0.4
Emergency drainage pond 0.5
Subtotal 27.9

14.13.10 Indirect Costs
The indirect costs are estimated at $51.5 M and the details are presented in Table 14.23 below.
Table 14.23: Capital Cost Estimates Indirects

Construction temporary facilities 1.5
Construction equipment/tools 0.5
Construction equipment/maintenance 0.5
Feasibility study 4.2
Detailed engineering 12.5
Construction management 14.0
Freight 12.0
Training 0.5
Vendor's representation 0.3
Initial fill 2.5
Capital spares 3.0
Subtotal 51.5
14.14 Operating Cost Estimates
14.14.1 Operating Cost Summary
Operating costs are summarized in Table 14.24 below and are based on a total of 287.7 Mt of ore milled
over the mine life.
Table 14.24: Operating Cost Summary
Area Operating Cost ($/t milled)

General Services and Administration 0.60
Mining 3.28
Processing 4.55
Average Cost Life of Mine 8.43
The operating cost estimate includes labour, maintenance spares, consumables, reagents, transport, etc.
The unit prices for reagents and consumables have been obtained from reputable vendors presently
supplying to the Abitibi region.

The diesel fuel cost has been assumed at $0.85/l.
Power costs are assumed to be $0.0385/kWh. This is an average rate based on a cost for the estimated
power demand and the cost for energy consumption as prescribed by Hydro-Quebec.
Labour costs are estimated based on existing labour rates and benefits for the mining industry in the
Abitibi area. The staffing requirement summary for the project is presented in Table 14.25 below.
Table 14.25: Project Manpower Summary
Area Number of Employees

General Services and Administration 75
Mining 245
Processing 87
Average for the Life of Mine 407
14.14.2 Mining Operation
The manpower requirement for the mine operations is 245 employees. The detailed manpower
requirements are presented on an annual basis in Table 14.9 in Section 14.1, Mining Operation.
The mine operating cost is based on a life of mine cost is an average of $3.28/t milled including
rehandling cost.
The annual mine operating cost is presented in Table 14.26 on the next page.

Table 14.26: Mine Operating Costs ($M)
Year -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total
Mining Costs
Drilling 3,750 10,560 9,600 8,160 8,160 8,500 8,500 8,500 8,500 8,500 5,950 5,950 5,950 5,950 4,242 0 110,772
Blasting 5,555 15,600 13,800 12,000 12,000 12,500 12,500 12,500 12,500 12,500 8,750 8,750 8,750 8,750 6,238 0 162,693
Loading 2,400 7,680 7,680 7,680 7,680 8,000 8,000 8,000 8,000 8,000 5,600 5,600 5,600 5,600 3,992 0 99,512
Hauling 7,500 25,727 26,545 30,358 28,898 31,575 32,924 34,303 36,756 39,247 28,891 30,264 31,781 33,785 26,581 0 445,135
Ancillary 1,800 5,760 5,760 5,760 5,760 6,000 6,000 6,000 6,000 6,000 4,200 4,200 4,200 4,200 2,994 0 74,634
Engineering 450 1,440 1,440 1,440 1,440 1,500 1,500 1,500 1,500 1,500 1,050 1,050 1,050 1,050 749 0 18,659
Geology 450 1,440 1,440 1,440 1,440 1,500 1,500 1,500 1,500 1,500 1,050 1,050 1,050 1,050 749 0 18,659
Other 300 960 960 960 960 1,000 1,000 1,000 1,000 1,000 700 700 700 700 499 0 12,439
Total Mining 22,205 69,167 67,225 67,798 66,338 70,575 71,924 73,303 75,756 78,247 56,191 57,564 59,081 61,085 46,042 0 942,501
Re-handling Cost 0 0 0 2,369 1,437 1,588 1,779 531 0 180 711 138 0 0 1,360 2,659 12,752
Unit Mining Costs

Drilling 0.25 0.22 0.20 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.18
Blasting 0.37 0.33 0.29 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.26
Loading 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16
Hauling 0.50 0.54 0.55 0.63 0.60 0.63 0.66 0.69 0.74 0.78 0.83 0.86 0.91 0.97 1.07 0.72
Ancillary 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12
Engineering 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
Geology 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
Other 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
Total Cost/tonne Mined 1.48 1.44 1.40 1.41 1.38 1.41 1.44 1.47 1.52 1.56 1.61 1.64 1.69 1.75 1.85 1.52
Total Cost/tonne Milled 3.38 2.85 2.34 3.76 4.02 4.38 4.60 3.91 3.42 3.32 3.05 2.91 2.89 2.81 2.69 3.27
Rehandling unit cost 0.00 0.00 0.00 0.40 0.40 0.40 0.40 0.40 0.00 0.40 0.40 0.40 0.00 0.00 0.40 0.40
W:O Strip ratio 1.28 0.98 0.67 1.66 1.91 2.10 2.20 1.67 1.26 1.12 0.90 0.77 0.71 0.61 0.46 1.16
Ore based costs

Processing 0 91,341 91,341 91,341 91,341 91,341 91,341 91,341 91,341 91,341 91,341 91,341 91,341 91,341 91,341 30,244 1,309,021
General & Administration 0 12,045 12,045 12,045 12,045 12,045 12,045 12,045 12,045 12,045 12,045 12,045 12,045 12,045 12,045 3,988 172,618
Total 0 103,386 103,386 103,386 103,386 103,386 103,386 103,386 103,386 103,386 103,386 103,386 103,386 103,386 103,386 34,232 1,481,640
Cash Operating Costs 172,553 170,611 173,553 171,161 175,549 177,089 177,220 179,142 181,813 160,288 161,088 162,467 164,471 150,788 36,891 2,414,688

14.14.3 Process Plant Operating Cost
Process plant operating costs were developed using consumption information derived from testwork as
well as from best operating practice in the Abitibi area.
The total operating cost for the process plant is presented in Table 14.27 below.
Table 14.27: Process Plant Operating Costs
Total Annual Operating Cost

Item
Cost ($) ($/t milled)
Consummables and Reagents 48,936,125 2.44
Detoxification 7,390,019 0.37
Wages 7,527,273 0.38
Replacement Parts/Freight 6,524,375 0.32
Power Cost 20,933,824 1.04
Total 91,311,615 4.55
Pricing information on reagents and consumables was received from suppliers. The cost of consumables
and reagents is presented in Table 14.28 below.
Table 14.28: Process Plant Cost of Consumables and Reagents
Unit Cost Unit Consumption Total Annual Cost Operating Cost ($/t
Item
($/t) (kg/t) ($) milled)
Liners - Gyratory Crusher - 600,000 0.03
Liners - SAG Mill - 6,600,000 0.33
Liners - Pebble Crusher - 600,000 0.03
Liners - Ball Mills - 6,300,000 0.31
Grinding Media - SAG 909 0.450 8,212,500 0.41
Grinding Media - Ball Mills 864 0.750 13,003,125 0.65
Sodium Cyanide (Liquid 30%) 1,850 0.200 7,427,750 0.37
Quick Lime 169 0.486 1,649,595 0.08
Flocculent 3,182 0.020 1,277,500 0.06
Activated Carbon (Coconut) 1,980 0.030 1,192,455 0.06
Lead Nitrate 3,000 0.020 1,204,500 0.06
Caustic Soade (Liquid 50%) 582 0.040 467,200 0.02
Nitric Acid 400 0.050 401,500 0.02
Total 48,936,125 2.44

The detoxification of the tailings represents a significant cost to comply with environmental requirements.
The reagents associated with this process (SO2/Air) are presented in Table 14.29 below.
Table 14.29: Tailings Detoxification Operating Costs
Unit Cost Unit Consumption Total Annual Cost Operating Cost

Item
($/t) (kg/t) ($) ($/t milled)
Flocculent 3,189 0.03 1,916,250 0.10
Quick Lime 169 0.085 289,742 0.01
SO2 Liquid 455 0.0715 652,438 0.03
Copper Sulphate 2,550 0.04275 1,930,964 0.10
Hydrogen Peroxide 1,136 0.114 2,600,625 0.13
Total 7,390,019 0.37
Wages including salary burden and benefits for the process plant area total $7,527,273 or $0.38/t milled.
The balance of the costs including replacements parts, wear parts and overall freight charges for all
delivered items are presented in Table 14.30 below.
Table 14.30: Operating Costs for Parts and Freight Charges
Total Annual Cost Operating Cost

Item/Area
($) ($/t milled)
Crushing 602,250 0.03
Grinding 1,405,250 0.07
Leach - Carbon 803,000 0.04
Tailings - Detox 803,000 0.04
General 1,405,250 0.07
Freight 1,505,625 0.08
Total 6,524,375 0.32
Power cost for the process plant is estimated at $20,933,824 or $1.04/t milled based on a unit cost of
$0.0385/kWh.
14.14.4 General Services and Administration
The General Services and Administration cost is estimated at $0.60/t. It includes the cost of all personnel
relating to management, administration and surface support. In addition, this cost includes the purchase
of supplies needed to maintain the activities of those sectors as well as any taxes and permits.

The labour cost accounts for the 75 employees required for management, administrative and support
tasks. The majority of this workforce is related to operations support: surface support,
telecommunication, purchasing and warehousing. In general, the management and administrative staff
will work 40 hours per week during the day shift. Security and warehousing personnel will work 12-hour
shift per day to support the operations 24 hours per day. The labour cost represents close to 50% of the
General Services and Administration cost.
The Administration cost includes general management, accounting, public communication and insurance
costs.
The costs for the computers, networking and all communication systems as well as radio maintenance,
and the mine dispatch system is included in IT and telecom services.
Sustainability costs are comprised of health and safety, and environmental sectors. The various projects
are all in accordance with the ISO 14001 certification and are included in those costs.
The cost of General Services and Administration is presented in Table 14.31 below.
Table 14.31: Operating Cost for General Services and Administration
Total Annual Cost

Item
($)
Wages 6,272,727
Management 1,320,000
Insurances 1,200,000
IT and Telecom 800,000
Environment 1,420,000
Community Relations 170,000
Purchasing 120,000
Warehousing 120,000
Surface Support 120,000
Public Communication 240,000
HR P&IR 72,000
H&S 120,000
Security Supplies 24,000
Total 11,998,727
Cost per tonne milled $ 0.60

14.15 Economic Analysis
A before tax cash flow model was completed for the Canadian Malartic Project. Initial capital costs,
ongoing capital costs, pre-production costs, and mine closure costs have been estimated for the project
and are presented in Section 14.13 in this report. A working capital requirement has also been estimated
for accounts payable, accounts receivable, production inventory and supplies inventory. Operating costs
were estimated on the basis of a CAD/USD exchange rate of 1.10 and a fuel price $0.85/litre derived
from a crude price of $83/bbl. Power cost is $0.0385/kWh. Details of operating costs are presented in
Section 14.14.
The economic analysis is based on 100% equity financing excludes financing (zero debt) in order to
present a base cash flow analysis on total investment. The Base Case gold price used for the financial
economic analysis is $775/oz Au. However, the production plan and the cut-off grade as described in
Section 14.1 in Mining was conservatively developed on the basis of a $650/oz gold price, as described
in the mining section.
The Base Case general economic model assumptions and economic results are summarized in Table
14.32 below. The analysis is based on constant Q1 2008 dollars.

Table 14.32: Financial Analysis Assumptions and Results
Project Data Estimated Value

Life of Mine (years) 14.3
Total Gold Produced (M oz) 6.55
In-Pit Resources (Mt) 288
Total Material Mined (Mt) 622
Open Pit Stripping Ratio (Waste:Ore) 1.16:1
Gold Recovery (%) 84
Initial Project Capital Cost ($M) 760
Initial Working Capital ($M) 30
Ongoing Capital Cost ($M) 59
Closure Cost ($M) 52
Cash Cost ($/oz Au) 369
Base Case Gold Price ($/oz Au) 775
Pretax NPV @ 0% ($M) 1,711
Pretax NPV @ 5% ($M) 952
Pretax IRR % 22.2%
Payback Period (years) 3.2
A summary of the production schedule, cash flows, IRR, as well as project payback period for the Base
Case is presented in Table 14.33

Table 14.33: Canadian Malartic Financial Summary
Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Total
Production Summary
Total tonnes mined (kt) - 15,000 48,000 48,000 48,000 48,000 50,000 50,000 50,000 50,000 50,000 35,000 35,000 35,000 35,000 24,950 - - - 621,950
Total tonnes milled (kt) - - 20,075 20,075 20,075 20,075 20,075 20,075 20,075 20,075 20,075 20,075 20,075 20,075 20,075 20,075 6,647 - - 287,697
Ore grade milled (g Au/ t) - - 1.02 1.13 1.00 0.82 0.74 0.65 0.76 0.83 0.90 0.76 0.76 0.81 0.87 0.87 0.39 - - 0.84
Gold Production (k ozs) - - 556 615 544 447 403 354 414 450 486 411 413 438 474 473 70 - - 6,547
Operating Cash Flow
Gold Price (US$/ oz) 775 775 775 775 775 775 775 775 775 775 775 775 775 775 775 - -
Gold Revenue (k US$) - - 430,575 476,893 421,658 346,519 311,985 274,415 320,838 348,529 376,910 318,892 319,750 339,131 367,094 366,738 53,916 - - 5,073,841
Cash Operating Cost (k US$) - - (172,554) (170,612) (173,554) (171,162) (175,550) (177,090) (177,221) (179,143) (181,814) (160,289) (161,089) (162,468) (164,472) (150,789) (36,891) - - (2,414,701)
Cash Operating Cost (US$/ oz) - - 311 277 319 383 436 500 428 398 374 390 390 371 347 319 530 - - 369
Operating Income (k US$) - - 258,020 306,281 248,104 175,357 136,435 97,325 143,617 169,385 195,096 158,602 158,661 176,663 202,621 215,949 17,025 - - 2,659,141
Royaltiy (k US$) - - (7,959) (7,153) (6,325) (5,198) (4,680) (4,116) (4,813) (5,228) (5,654) (4,783) (4,796) (5,087) (5,506) (5,501) (809) - - (77,608)
Income After Royalty - - 250,062 299,127 241,779 170,159 131,755 93,209 138,804 164,158 189,442 153,819 153,864 171,576 197,115 210,448 16,216 - - 2,581,533
Capital Costs
Pre-production Costs (k US$) - (22,205) - - - - - - - - - - - - - - - - - (22,205)
Plant & Infrastructure (k US$) (200,000) (444,930) - - - - - - - - - - - - - - - - - (644,930)
Mining Equipment (k US$) (50,000) (42,865) - - - - - - - - - - - - - - - - - (92,865)
Total Initial Capex (k US$) (250,000) (510,000) - - - - - - - - - - - - - - - - - (760,000)
Sustaining Capex (k US$) - - (9,880) (175) (20,025) (175) (7,425) (295) (7,010) (11,715) (500) (235) (605) (295) (425) - - - - (58,760)
Closure Cost (k US$) - - - - - (1,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (3,000) (9,000) (10,000) (11,000) (52,000)
Working Capital (k US$) - - (30,144) (462) 483 1,134 (128) 82 (327) (455) (572) 2,784 (90) (334) (512) 1,376 13,814 13,353 - -
Before Tax Cash Flow (250,000) (510,000) 210,037 298,490 222,237 170,118 122,202 90,996 129,467 149,988 186,370 154,368 151,169 168,947 194,178 208,823 21,030 3,353 (11,000) 1,710,773
Before Tax Cumulative Cash Flow (250,000) (760,000) (549,963) (251,473) (29,235) 140,883 263,085 354,080 483,547 633,535 819,905 974,273 1,125,442 1,294,388 1,488,566 1,697,389 1,718,420 1,721,773 1,710,773
Discount Rate 5.0%
Net Present Value (NPV) (250,000) (485,714) 190,510 257,847 182,835 133,292 91,189 64,669 87,628 96,683 114,415 90,256 84,177 89,596 98,073 100,448 9,634 1,463 (4,571) 952,430
Cumulative NPV (250,000) (735,714) (545,204) (287,358) (104,522) 28,770 119,959 184,628 272,256 368,940 483,354 573,610 657,787 747,383 845,456 945,903 955,537 957,000 952,430
IRR 22.2%
Payback Period (Years) 3.2

A financial sensitivity of the IRR and NPV to the variables of gold price, capital cost, operating costs and
recovery is presented in Table 14.34 and graphically illustrated in Figures 14.24 and 14.25. The cash
flow model is before tax and before financing (zero debt) with no allowance for inflation.
Table 14.34: Sensitivity Analysis
Gold Price NPV NPV Process NPV NPV

IRR IRR
($/oz) 5% 0% Recovery 5% 0%
84% 650 13.0% 394.5 904.7 95% 80% 19.6% 771.3 1,472.8
100% 775 22.2% 952.4 1,710.8 98% 82% 20.9% 850.3 1,591.8
116% 900 30.5% 1,464.1 2,516.9 100% 84% 22.2% 952.4 1,710.8
129% 1000 36.8% 1,891.9 3,161.7 102% 86% 23.5% 1,008.3 1,829.8
Direct Cash NPV NPV Initial Capex NPV NPV

IRR IRR
Costs ($/oz) 5% 0% (M$) 5% 0%
115% 424 18.3% 690.0 1,348.6 115% 874 18.5% 821.6 1,596.8
110% 406 19.6% 769.8 1,469.3 110% 836 19.7% 857.5 1,634.8
100% 369 22.2% 952.4 1,710.8 100% 760 22.2% 952.4 1,710.8
90% 332 24.7% 1,088.8 1,952.2 90% 684 25.2% 1,001.0 1,786.8
85% 314 25.9% 1,168.6 2,073.0 85% 646 26.9% 1,037.0 1,824.8
The Project net present value was found to be most sensitive to changes in the gold price and
metallurgical recovery, followed by direct cash costs and the initial capital cost.
The breakeven price of gold, defined as the price that yields a zero cash flow, is $510/oz.

Figure 14.24: Internal Rate of Return Sensitivity

Figure 14.25: NPV @ 5% Sensitivity

15. INTERPRETATION AND CONCLUSION
The preliminary pit design optimized from an inferred resource generated by RSG for a conservative gold
price of $650/oz, contains 7.79 Moz of gold in-situ, based on 55 inter-ramp angle (recommended by
Golder following a preliminary geotechnical investigation). Given the important quantities of low grade
mineralization and a very favorable waste to ore strip ratio (1.16:1), it was determined that a high
production rate of 55,000 tpd milled provides the best return on the investment.
The initial capital cost of the project is estimated at $760 M including mining equipment and
contingencies. Presently, at least 25% of the project capital cost estimate is protected by long-lead
equipment contract agreements or firm quotations.
All grinding mills (one SAG mill and three ball mills), primary gyratory crusher and main substation
transformers are in fabrication, will be delivered in 2009 and early 2010.
The overall operating cost is $8.43/t milled and is comparable to other low grade and high tonnage gold
projects.
The 55,000 tpd process plant flow sheet is based on the grinding equipment maximum throughput from
the grinding area. The balance of the circuit is typical leaching, carbon stripping and in solution gold
recovery.
The project financial analysis indicates that at base case conditions using a gold price of $775/oz Au, the
net cash flow before taxes is $1.7 billion and the discounted cash flow at a rate of 5% is $952 M. The
internal rate of return (IRR) of 22.2% and a payback period of 3.2 years. The cash flow includes royalties,
sustaining capital and mine closure costs.

16. RECOMMENDATIONS
The results of the Preliminary Assessment indicate that the Canadian Malartic Gold Project warrants
further development. It does not present significant technical difficulties, and economic indicators
resulting from this study are encouraging. Preliminary estimates indicate a capital investment of $760 M
and an Internal Rate of Return of 22.2% based on a gold price of $775/oz. BBA concludes that Osisko
should advance the project to the next stage with a Feasibility Study including the following
recommendations:
To review the SMU block size with respect to the projected mining rate of 55,000 tpd ROM.
To complete the 30 m x 30 m of in-fill drilling program to improve the inferred resources to

measured and / or Indicated categories.
To re-optimize the pit design and mine plans based on the in-fill drilling results.
To maintain good relationship with provincial and municipal authorities and with the local
community.
To conclude the Environmental Impact Study and submit it to concerned Government agencies.
To continue the acquisition of long-lead delivery items.
To initiate preparatory works on the site.
To continue relocation works for houses and institutional buildings in 2008.
To continue process optimization with specific metallurgical test works.
To obtain the approval of the environment impact study from the Government.
To prepare the public hearing.
To pursue preliminary discussions to secure the project financing.
To initiate business relation with local contractors to ensure construction labor.
To obtain final agreement with the Government to close the old abandoned East Malartic orphan
tailings pond site.
To start East Malartic tailings pond closure project (polishing pond work).
To complete the environmental test work program.
To initiate project detailed engineering.
To recruit key personnel for the operations.

To complete tailings and water management design (hydrogeology).

17. REFERENCES
Drop Weight Test Report on Two Samples from Osisko. Submitted to Hazen Research Golden, Co.
Contract Support Services, Inc., December 2006.
Gossage, B. and Slater, D. (2007) Technical Report for the Canadian Malartic Gold Project, Canada.
Prepared by RSG Global on behalf of Osisko Exploration Ltd. RSG Global, August 2007.
Malhotra, D. (2007) Metallurgical Testwork Program, Results Analysis, and Process Design Implications.
Prepared By: Resource Development Inc. RDI, June 2007.
Malhotra, D. and Bentzen, E. (2007) Metallurgical Testwork Program Results Analysis and Process
Design Implications. Prepared by Resources Development Inc. RDI, June 2007.
One (1) 38 x 23 F/F (21 EGL) Wet Grate Discharge SAG Mill. Two (2) 24 x 37 F/F (36.5 EGL) Wet
Overflow Discharge Ball Mills. Proposal No. 5114-2. Osisko Exploration Ltd., Canadian Malartic
Gold Project, Quebec. Metso Minerals, February 2007.
Pennstrom, W. J. (2007) Metallurgical Investigation and Process Development. Canadian Malartic

Project, Osisko Exploration Ltd. WJP Pennstrom Consulting, June 2007.
SMC Test Report on Four Samples from Osisko Exploration. Tested at JKTech Pty Ltd, Brisbane,
Queensland for Osisko. JKTech Pty Ltd, November 2007.
Suarez, D., Pena, F. and Knorr, B. (2007) Osisko Project. SAG and BALL Mill Sizing. Metso Minerals,
January 2007.
Wang, D. (2007) A Deportment Study of Gold in CPO-2007-1, SPO-2007-2, CGR-2007-3 and SGR-
2007-4 Composite Samples. Prepared for Osisko Exploration Ltd. SGS Lakefield Research Ltd.,
November 2007.

18. CERTIFICATES

19. APPENDICES
Appendix 1 Metallurgical Test Program
Appendix 2 Flowsheets
Appendix 3 Process Plant Equipment List
Appendix 4 Fuel Requirements - Mine
43-101 Technical Report

Appendix 1 Metallurgical Test Program
Canadian Malartic Gold Project June 2008
Table I: Flotation results by lithology.
Technical Report 43-101 Appendix 1 1

Table II: Flotation PO composites.

Table II: Flotation PO composites (cont.).

Table II: Flotation PO composites (cont.).

Table III: Flotation GR composites.

Table IV: Overall composite.
Conditions 25 Minutes
Composite
Recovery
Test
% Grade
wt Au g/t Au
PAX (125 g/t)
3418A (100 g/t)
25A OA 20.4 86.2 4.6
P80 = 97
(microns)
PAX (125 g/t)
3418A (100 g/t)
25B OA 21.4 87.2 4.7
P80 = 97
(microns)
PAX (125 g/t)
3418A (100 g/t)
25C OA 19.8 84.3 4.8
P80 = 97
(microns)
Table V: Leaching of flotation concentrate
PO GR
Leach parameters Grind size P80 (microns) Grind size P80 (microns)
17 16 12 12 16 13
Extraction % Au
24 h 87.0 87.8 83.3 78.9 81.8 79.0
48 h 85.6 87.9 85.0 84.4 85.1 83.2
72 h 92.0 93.5 92.6 89.2 90.6 90.6
Residue, g/t Au 0.54 0.33 0.46 0.47 0.37 0.42
Calc. Head, g/t Au 6.73 5.08 6.17 4.31 3.86 4.44
Reagent consumption,
kg/t of feed
NaCN 0.64 1.80 1.98 1.52 1.75 2.16

Lime 2.08 1.59 1.91 1.50 1.50 1.55

Table VI: Leaching of flotation tails.
PO GR
Leach parameters Grind size P80 (microns) Grind size P80 (microns)
116 116 84 109 109 76
Extraction % Au
24 h 53.0 45.0 49.0 47.0 49.0 52.0
48 h 53.0 53.0 47.0 48.0 51.0 51.0
72 h 52.9 52.8 52.5 52.4 52.5 52.7
Residue, g/t Au 0.04 0.06 0.05 0.07 0.06 0.05
Calc. Head, g/t Au 0.22 0.21 0.22 0.33 0.33 0.33
Reagent consumption,
kg/t of feed
NaCN <0.01 <0.01 <0.01 <0.01 <0.01 <0.01

Lime 0.38 0.41 0.43 0.40 0.42 0.40
.
Table VII: Effect of grinding in leaching, GR composite.
Grind size P80 (microns)

38 55 72 94
Leach parameters
Extraction % Au
24 h 85.7 84.3 82.1 83.6
30 h 83.2 83.2 83.9 83.3
48 h 86.4 84.8 84.2 81.2
Residue, g/t Au 0.15 0.16 0.17 0.21
Calc. Head, g/t Au 1.08 1.08 1.08 1.12
Reagent consumption, kg/t of

feed
NaCN 0.58 0.51 0.41 0.14

Lime 0.46 0.42 0.40 0.74

Table VIII: Effect of preaeration and pH on gold extraction
Lithologies
CPO SPO CGR SGR
Leach P80 P80
parameters (microns) P80 (microns) P80 (microns) (microns)
78 80 70 73
No P. P No P. P No P. P No P. P
Extraction %
Au
24 h 86.6 85.6 86.9 85.2 83.7 81.8 82.5 80.7
Residue, g/t Au 0.16 0.16 0.16 0.19 0.18 0.19 0.21 0.23
Calc. Head, g/t
Au 1.16 1.11 1.19 1.25 1.08 1.04 1.20 1.17
Direct Head, g/t
Au 1.10 1.10 1.10 1.10 1.13 1.13 1.08 1.08
10.5- 11.5- 10.5- 11.5- 10.5- 11.5- 10.5- 11.5-
pH 11 11.8 11 11.8 11 11.8 11 11.8
Reagent
consumption,
kg/t of feed
NaCN 0.05 0.01 0.02 0.01 0.06 0.01 0.02 0.01

Lime 0.40 0.85 0.41 0.85 0.44 0.87 0.45 0.87
Note: No P. No preaeration and P.: Preaeration

Table IX: Effect of grinding size and carbon addition on gold extraction (CPO and SPO samples)
Lithologies
Leach CPO SPO
parameters Sample CPO-2007-1 Sample SPO-2007-1
CN20 CN4 CN12 CN55 CN16 CN32 CN21 CN5 CN13 CN56 CN17 CN33
pH range 11.7-11.0 11.8-11.1 11.7-11.2 11.8-11.5 11.7-11.0 11.5-11.3 11.8-11.0 11.8-11.1 11.8-11.2 11.7-11.4 11.7-11.0 11.5-11.1
P80 (microns) 91 78 78 52 52 80 80 53 53
Carbon (g/l) 0 0 10 0 10 0 0 0 10 0 10 0
Extraction %
Au
24 h 82.0 87.0 89.0 90.0 84.0 86.0 87.0 89.0
30 h 89.0 89.0 88.0 90.0
48 h 83.1 86.7 87.6 89.9 90.7 90.0 85.1 86.2 86.6 88.4 90.9 89.5
Residue, g/t
Au 0.22 0.13 0.13 0.13 0.10 0.11 0.17 0.14 0.15 0.13 0.11 0.12
Calc. Head, g/t
Au 1.27 0.98 1.05 1.24 1.08 1.10 1.14 1.01 1.12 1.13 1.20 1.09
Direct Head,
g/t Au 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10
Reagent
consumption,
kg/t of feed
NaCN 0.02 0.04 0.48 0.03 0.52 0.08 0.01 <0.01 0.49 0.03 0.50 0.12
Lime 0.78 0.71 1.08 0.76 2.02 0.94 0.75 0.66 1.08 0.64 1.95 0.54

Table X: Effect of grinding size and carbon addition on gold extraction (CGR and SGR samples)
Lithologies
Leach CGR SGR
parameters
Sample CGR-2007-1 Sample SGR-2007-4
CN22 CN6 CN14 CN57 CN18 CN34 CN23 CN7 CN15 CN58 CN19 CN35 CN59
pH range 11.8-11.6 11.7-11.2 11.8-11.2 11.7-11.3 11.7-11.1 11.5-11.3 11.8-11.1 11.8-11.2 11.8-11.2 11.7-11.3 11.8-11.0 11.5-11.2 11.6-11.2
P80 (microns) 70 70 45 45 91 73 73 47 47 47
Carbon (g/l) 0 0 10 0 10 0 0 0 10 0 10 0 0
Extraction %
Au
24 h 79.0 84.0 84.0 81.0 77.0 82.0 80.0 85.0 84.0
30 h 84.0 85.0 80.0 85.0 84.0
48 h 81.5 83.9 84.6 85.1 87.9 86.3 77.2 81.5 82.8 81.7 85.8 85.7 85.6
Residue, g/t
Au 0.22 0.17 0.17 0.17 0.13 0.15 0.27 0.20 0.20 0.22 0.16 0.16 0.17
Calc. Head,
g/t Au 1.19 1.06 1.10 1.11 1.08 1.10 1.19 1.08 1.16 1.17 1.13 1.12 1.14
Direct Head,
g/t Au 1.13 1.13 1.13 1.13 1.13 1.13 1.08 1.08 1.08 1.08 1.08 1.08 1.08
Reagent
consumption,
kg/t of feed
NaCN 0.09 0.07 0.52 0.15 0.75 0.14 0.03 0.10 0.54 0.11 0.52 0.38 0.3
Lime 0.68 0.78 1.15 0.62 1.79 0.58 0.80 0.75 1.12 0.62 1.96 0.45 0.72

Appendix 2 Flowsheets
Appendix 3 Process Plant Equipment List
HP HP
EQUIPMENT NO. FLOWSHEET Rev EQUIPMENT NAME kW Voltage DESCRIPTION
installed operating
604 PRIMARY CRUSHING (604-D-0101)

604 100 001 604-D-0101 AC Conveyor #1- Stacking conveyor 2600 2600 1676 mmW x 1200 mLG
604 104 001 604-D-0101 AC Belt Scale -1 Idler
604 105 001 604-D-0101 AC Scale Calibration Chain and Reel 2 0
604 130 001 604-D-0101 AC Apron Feeder 150 1830 mm W x 6125 mm LG,
604 180 001 604-D-0101 AC Gyratory Crusher Area Bridge Crane 60 75 / 10 t capacity
604 182 001 604-D-0101 AC Monorail Hoist - Hoist Well (electric) 10kW 10t
604 182 002 604-D-0101 AC Monorail Hoist - Crusher Motor (manual) - 5t
604 182 003 604-D-0101 AC Monorail Hoist - Feeder Head Pulley (manual) - 5t
604 182 004 604-D-0101 AC Monorail Hoist - Feeder Motor (manual) - 5t
604 182 005 604-D-0101 AC Monorail Hoist - Sump Pumps (manual) - 5t
604 182 006 604-D-0101 AC Monorail Hoist - Conveyor Tail Pulley (manual) - 5t
604 182 007 604-D-0101 AC Monorail Hoist - HVAC Room (manual) - 5t
604 182 009 604-D-0101 AC Monorail Hoist - Conveyor Motor/Head Pulley (manual) 10kW - 5t
604 182 010 604-D-0101 AC Monorail Hoist - Feeder Pans (manual)
604 201 001 604-D-0101 AC Hydraulic Rock Breaker 150 150 HP, 600V, c/w hydraulic unit
604 205 001 604-D-0101 AC Gyratory Crusher 800 1524 mm x 2260 mm (60" x 89"), FFE
604 206 001 604-D-0101 AC Crusher Primary Lube Pump 7.5 7.5
604 206 002 604-D-0101 AC Crusher Primary Lube Pump 7.5 0
604 206 003 604-D-0101 AC Crusher Hydroset Hydraulic Pump 5 5
604 206 004 604-D-0101 AC Crusher Lube System Cooling Fan 20 20
604 206 005 604-D-0101 AC Crusher Lube System Cooling Fan 20 20
604 206 006 604-D-0101 AC Spider Lube HPU Pump 2 2
604 206 007 604-D-0101 AC Crusher Lube System Immersion Heater 2
604 206 010 604-D-0101 AC Mainshaft Support Frame -
604 206 011 604-D-0101 AC Mainshaft Support Frame
604 206 012 604-D-0101 AC Eccentric Removal Cart -
604 206 013 604-D-0101 AC Spare Mantle
604 560 001 604-D-0101 AC Wet Scrubber Exhaust Fan 100 100
604 415 001 604-D-0101 AC Elect. and Control Rooms Air Cond. Unit 40
604 440 001 604-D-0101 AC Air Make-Up Unit 50 50
604 575 001 604-D-0101 AC Wet Scrubber 11500 cfm
604 500 001 604-D-0101 AC Service Air Compressor 75 75 240 cfm
604 500 002 604-D-0101 AC Air Blower - Pinion Seals 15 15
604 503 001 604-D-0101 AC Air Receiver - Service Air -
604 522 001 604-D-0101 AC Gyratory Crusher Area - Sump Pump 30 30 150 mm
604 620 001 604-D-0101 AC Ore Pocket Discharge Chute
604 620 002 604-D-0101 AC Apron Feeder Feed Chute -
604 620 003 604-D-0101 AC Fines Discharge Chute
604 620 004 604-D-0101 AC Feeder Head Chute -
604 620 006 604-D-0101 AC Conveyor #1 Discharge Chute -
605 ORE HANDLING (605-D-0101)

605 100 001 605-D-0101 AC Belt Conveyor #2 - SAG Mill Feed 600 600 1829 mmW x 315 mLG
605 104 001 605-D-0101 AC Belt Scale - 3 Idler
605 130 001 605-D-0101 AC Apron Feeder #1 125 125 1830 mm x 6125 mm
605 105 001 605-D-0101 AC Scale Calibration Chain and Reel 2
605 182 001 605-D-0101 AC Monorail Hoist - Apron Feeder #1 Tail Pulley (manual) 0.5t
605 182 004 605-D-0101 AC Monorail Hoist - Apron Feeder #1 Head Pulley (manual) 5t
605 182 010 605-D-0101 AC Monorail Hoist - Apron Feeder Motors (manual) 5t
605 182 011 605-D-0101 AC Monorail Hoist - Conveyor #3 Tail Pulley (manual) 0.5t
605 182 012 605-D-0101 AC Monorail Hoist - Sump Pumps (manual) - 3t
605 182 007 605-D-0101 AC Monorail Hoist - Apron Feeder #1 Pans (manual) 5t
605 440 001 605-D-0101 AC Air Make-Up Unit 20 20
605 560 001 605-D-0101 AC Wet Scrubber Exhaust Fan 100 100
Technical Report 43-101 Amended Preliminary Assessment of the Canadian Malartic Gold Project Appendix 3: Page 1/10
HP HP
installed operating
605 575 001 605-D-0101 AC Wet Scrubber 11500 cfm

605 522 001 605-D-0101 AC Reclaim Tunnel Area - Sump Pump 40 40 150 mm
605 522 002 605-D-0101 AC Reclaim Tunnel Area - Sump Pump 40
605 620 001 605-D-0101 AC Discharge Collar #1
605 620 004 605-D-0101 AC Apron Feeder #1 Feed Chute
605 620 007 605-D-0101 AC Apron Feeder #1 Fines Discharge Chute
605 620 010 605-D-0101 AC Apron Feeder #1 Head Chute
610 GRINDING CIRCUIT (610-D-0101, 0102, 0103)

610 100 001 610-D-0101 AC Belt Conveyor #3 - Scalping Screen Oversize Collection 50 50 914mmWx30mLG
610 100 002 610-D-0101 AC Belt Conveyor #4 - Intermediate Transfer 50 50 914 mmWx45mLG
610 100 003 610-D-0101 AC Shuttle Conveyor - Pebble Crusher Feed 10 10 1220 mmWx3mLG
610 100 004 610-D-0101 AC Belt Conveyor #5 - Pebble Crusher Discharge 75 75 915 mmWx68mLG
610 104 001 610-D-0101 AC Belt Scale - 1 Idler, Conveyor #3
610 105 001 610-D-0101 AC Scale Calibration Chain & Reel 1 1
610 150 001 610-D-0101 AC Self Cleaning Belt Magnet - Conveyor #3
610 150 002 610-D-0101 AC Self Cleaning Belt Magnet - Conveyor #4
610 150 003 610-D-0102 AC Ball Magnet
610 152 001 610-D-0101 AC Metal Detector - Conveyor #4
610 154 001 610-D-0101 AC Belt Wash System - SAG Mill Feed Conveyor
610 180 001 610-D-0101 AC Grinding Area Bridge Crane 40 40 110 tonne / 10tonne
610 180 002 610-D-0102 AC Ball Storage Pit Bridge Crane
610 180 003 610-D-0101 AC Ball & Regrind Mill Bridge Crane 50 tonne / 10tonne
610 180 004 610-D-0102 AC Cyclone Area Overhead Crane 5 tonnes
610 184 001 610-D-0101 AC SAG Mill Liner Handler 75
610 184 002 610-D-0102 AC Ball Mill Liner Handler 75
610 205 001 610-D-0101 AC Pebble Crusher 1100 1100 FLS Raptor 1100, c/w motor, cooling
Metso, 38' dia. x 23' F/F (21' EGL), wrap-
610 209 001 610-D-0101 AC SAG Mill 26,000 26000
around motor
610 210 001 610-D-0101 AC SAG Mill Lube System - LP Lube Pump #1 30 30 575
610 210 002 610-D-0101 AC SAG Mill Lube System - LP Lube Pump #2 30 0 575
610 210 003 610-D-0101 AC SAG Mill Lube System - HP Lube Pump #1 125 125 575
610 210 006 610-D-0101 AC SAG Mill Lube System - Thrust Pump #1 7.5 7.5 575
610 210 007 610-D-0101 AC SAG Mill Lube System - Thrust Pump #2 7.5 0 575
610 210 008 610-D-0101 AC SAG Mill Lube System - Piston Pump #1 5 5 575
610 210 009 610-D-0101 AC SAG Mill Lube System - Piston Pump #2 5 5 575
610 210 010 610-D-0101 AC SAG Mill Lube System - Accumulator Pump #1 30 30 575
610 210 011 610-D-0101 AC SAG Mill Lube System - Accumulator Pump #2 30 0 575
610 210 012 610-D-0101 AC SAG Mill Lube System - Hydraulic Brake Pump 11 15 15 575
610 210 013 610-D-0101 AC SAG Mill Lube System - Feed Chute Drive System Hydraulic Pump To come
610 210 014 610-D-0101 AC SAG Mill Lube System - Clean Oil Reservoir Heater HE-1 2 575
610 210 015 610-D-0101 AC SAG Mill Lube System - Clean Oil Reservoir Heater HE-2 2 575
610 210 016 610-D-0101 AC SAG Mill Lube System - Return Oil Reservoir Heater HE-3 2 575
610 210 019 610-D-0101 AC SAG Mill Brake Reservoir - Immersion Heater HE-6 0.5 120, 1ph
610 210 034 610-D-0101 AC SAG Mill Motor Cooling Box #1 - Fan xxx
610 210 037 610-D-0101 AC SAG Mill Motor Cooling Box #2 - Fan
610 210 040 610-D-0101 AC SAG Mill Jacking Cradle and Jacks
610 210 041 610-D-0101 AC SAG Mill Hydraulic Jacking Unit
610 210 042 610-D-0101 AC SAG Mill Ball Bucket, 4t capacity
610 210 043 610-D-0101 AC SAG Mill Liner Bolt Remover
HP HP
installed operating
Metso, 24' dia x 37' F/F (36.5 EGL); 2 x 8000

610 213 001 610-D-0102 AC Ball Mill # 1 16000 16000
HP per mill
610 213 002 610-D-0102 AC Ball Mill # 2 16000 16000
HP per mill
610 213 003 610-D-0103 AC Ball Mill # 3 16000 16000
HP per mill
610 214 001 610-D-0102 AC Ball Mill #1 & 2 Jacking Cradle and Jacks
610 214 002 610-D-0102 AC Ball Mill #1 & 2 Jacking Cradle and Jacks
610 214 003 610-D-0102 AC Ball Mill #1 & 2 Hydraulic Jacking Unit
610 214 004 610-D-0102 AC Ball Mill #1 & 2 Hydraulic Jacking Unit
610 214 005 610-D-0102 AC Ball Mill Portable Inching Drive #1 200 0 575
610 214 006 610-D-0102 AC Ball Mill Portable Inching Drive #2 200 0 575
610 214 007 610-D-0102 AC Ball Mill Liner Bolt Remover
610 214 008 610-D-0103 AC Ball Mill #3 Jacking Cradle and Jacks
610 214 009 610-D-0103 AC Ball Mill #3 Hydraulic Jacking Unit
610 214 010 610-D-0102 AC Ball Mill Ball Bucket, 4t capacity
610 214 101 610-D-0102 AC Ball Mill #1 Lube System - Low Pressure Pump 20 20
610 214 103 610-D-0102 AC Ball Mill #1 Lube System - High Pressure Pump 60 60
610 214 106 610-D-0102 AC Ball Mill #1 Lube System - L.P. Pinion Pump 3 3
610 214 131 610-D-0102 AC Ball Mill #1 Gear Guard - Heater 1 4.3 575
610 214 137 610-D-0102 AC Ball Mill #1 Lube System - Reservoir Immersion Heater HE-1 2
610 214 140 610-D-0102 AC Ball Mill #1 Gear Spray Drum Heater 1 120, 1ph
610 214 124 610-D-0102 AC Ball Mill #1 Gear Spray Unit Pneumatic
610 214 125 610-D-0102 AC Ball Mill #1 Clutch Pneumatic
610 214 240 610-D-0102 AC Ball Mill #2 Gear Spray Drum Heater 1 120, 1ph
610 214 224 610-D-0102 AC Ball Mill #2 Gear Spray Unit Pneumatic
HP HP
installed operating
610 214 324 610-D-0103 AC Ball mill #3 Gear Spray Unit Pneumatic
610 221 001 610-D-0101 AC SAG Mill Discharge Screen 75 75 Horizontal, 3660 mm x 7315 mm (12' x 24')
610 221 002 610-D-0101 AC SAG Mill Discharge Screen 75 75 Horizontal, 3660 mm x 7315 mm (12' x 24')
22 x 660 mm (17 operating + 5 spare + 2
610 229 001 610-D-0102 AC Ball Mill #1 Cyclone Cluster
blank)
610 229 002 610-D-0102 AC Ball Mill #2 Cyclone Cluster
blank)
610 229 003 610-D-0103 AC Ball Mill #3 Cyclone Cluster "A"
blank)
610 229 004 610-D-0103 AC Ball Mill #3 Cyclone Cluster "B"
blank)
610 249 001 610-D-0103 AC PSM - Primary In-line Sampler
610 249 002 610-D-0103 AC PSM - Reverse Flow Sample Box
610 503 101 610-D-0102 AC Ball Mill #1 Clutch Air Receiver
610 521 001 610-D-0101 AC Sag & Ball Mill Discharge pump 1750 1750 550 MCR, 1750HP, 4.16KV, Fluid coupling
610 521 002 610-D-0101 AC Sag & Ball Mill Discharge pump 1750 550 MCR, 1750HP, 4.16KV, Fluid coupling
610 521 003 610-D-0101 AC Sag & Ball Mill Discharge pump 1750 1750 550 MCR, 1750HP, 4.16KV, Fluid coupling
610 521 004 610-D-0101 AC Sag & Ball Mill Discharge pump 1750 550 MCR, 1750HP, 4.16KV, Fluid coupling
610 521 005 610-D-0103 AC Tertiary Mill Discharge Pump 1250 1250 20/18 AH, 1250HP, 4.16KV, Fluid coupling
610 521 006 610-D-0103 AC Tertiary Mill Discharge Pump 1250 20/18 AH, 1250HP, 4.16KV, Fluid coupling
610 521 007 610-D-0103 AC Tertiary Mill Discharge Pump 1250 1250 20/18 AH, 1250HP, 4.16KV, Fluid coupling
610 521 008 610-D-0103 AC Tertiary Mill Discharge Pump 1250 20/18 AH, 1250HP, 4.16KV, Fluid coupling
610 522 001 610-D-0101 AC SAG Mill Area Sump Pump 25 150 mm
610 522 002 610-D-0101 AC SAG Mill Area Sump Pump 25 150 mm
610 522 003 610-D-0102 AC Ball Mill Area Sump Pump 50 150 mm
610 522 006 610-D-0102 AC Ball Pit Sump Pump 7.5 50 mm
610 600 001 610-D-0101 AC SAG Mill Ball Feed Hopper
610 600 002 610-D-0101 AC Conveyor #4 Magnet Trash Bin
610 600 003 610-D-0101 AC Conveyor #5 Magnet Trash Bin
610 600 004 610-D-0102 AC Ball Mill #1 Ball Feed Hopper
610 600 006 610-D-0102 AC Ball Mill #1 Discharge Trash Bin
610 610 001 610-D-0101 AC SAG Mill Discharge Pump Box
610 610 002 610-D-0103 AC Ball Mill #3 Discharge Pump Box
610 620 001 610-D-0101 AC SAG Mill Ball Feed Chute
610 620 002 610-D-0101 AC SAG Mill Chute
610 620 003 610-D-0101 AC SAG Mill Retractable Feed Chute xx
610 620 005 610-D-0101 AC Screen O/size Chute
610 620 006 610-D-0101 AC Screen O/size Chute
610 620 007 610-D-0101 AC Conveyor #3 Discharge Chute
610 620 009 610-D-0101 AC Shuttle Conveyor Bypass Chute
610 620 010 610-D-0101 AC Pebble Crusher Feed Chute
610 620 011 610-D-0101 AC Pebble Crusher Discharge Chute
610 620 016 610-D-0101 AC Conveyor #3 Magnet Discharge Chute
610 620 017 610-D-0101 AC Conveyor #4 Magnet Discharge Chute
610 620 018 610-D-0102 AC Ball Mill #1 Feed Chute
610 620 019 610-D-0102 AC Ball Mill #1 Discharge Chute
610 625 001 610-D-0101 AC SAG Mill Discharge Launder /Splitter Box
610 825 001 SAG Mill E-House Transformer Protection Panel
610 844 001 SAG Mill E-House 120Vac Distribution Panel
610 853 001 SAG Mill E-House UPS
HP HP
installed operating
610 861 001 SAG Mill E-House 600v MCC

610 863 001 SAG Mill E-House CycloConverter Power CA
610 863 002 SAG Mill E-House CycloConverter Power CB
610 863 003 SAG Mill E-House CycloConverter Power CC
610 881 001 SAG Mill E-House Fire Protction System
615 LEACH FEED THICKENER (615-D-0101)

615 221 001 615-D-0101 AC Thickener Feed Linear Trash Screen 15 15 30 m2, 710 m
615 221 002 615-D-0101 AC Thickener Feed Linear Trash Screen 15 15 30 m2, 710 m
615 261 001 615-D-0101 AC Leach Feed Thickener - Rake Raise / Lower Mechanism 3 3 3 HP
615 261 002 615-D-0101 AC Leach Feed Thickener Rake Drive 12 12 4 x 3 HP
615 261 003 615-D-0101 AC Leach Feed Thickener Rake 80m diameter
615 521 001 615-D-0101 AC Leach Feed Thickener Underflow Pump 1000 1000 20 x 18 AH, 800HP
615 521 002 615-D-0101 AC Leach Feed Thickener Underflow Pump 1000 0 20 x 18 AH, 800HP
615 521 003 615-D-0101 AC Screen Trash Pump
615 521 004 645-D-0102 AC Leach Process Water Pump 600 4457 m3/hr
615 521 005 645-D-0102 AC Leach Process Water Pump 600 standby 4457m3/hr
615 610 001 615-D-0101 AC Leach Feed Thickener Feed Box 2500 mm dia. x 4500 mm
615 610 002 615-D-0101 AC Screen Trash Pump Box
615 620 001 615-D-0101 AC Linear Screen Feed Transition Piece
615 620 002 615-D-0101 AC Linear Screen U/S Discharge Transition Piece
615 620 003 615-D-0101 AC Linear Screen O/S Discharge Transition Piece
620 LEACHING (620-D-0101)

620 180 001 620-D-0101 Leach Tank Gantry Crane
620 180 002 620-D-0101 Leach Tank Gantry Crane
620 232 001 620-D-0101 AC Leach Feed Distributor
620 249 001 620-D-0101 AC Leach Circuit Feed Primary Sampler In-line
620 249 002 620-D-0101 AC Leach Circuit Feed Secondary Sampler
620 253 101 620-D-0101 AC Leach Tank Agitator - Line #1 225 225
620 605 101 620-D-0101 AC Leach Tank - Line #1 18 000 mm dia. x 24 000 mm
HP HP
installed operating
625 GOLD RECOVERY - PUMPCELL CIRCUITS (625-D-0101)

625 180 003 625-D-0101 Pumpcell Overhead Crane
625 221 003 625-D-0101 AC Loaded Carbon Recovery Screen 50 2000 mm W x 3000 mm LG
625 221 004 625-D-0101 AC Horizontal Carbon Sizing Screen 2.5
625 221 005 625-D-0101 AC Horizontal Carbon Sizing Screen 2.5
625 253 501 625-D-0101 AC Pumpcell Tank Mechanism - Line #1
625 521 020 625-D-0101 AC Loaded Carbon Recovery Screen Feed Pump
625 521 019 625-D-0101 AC Loaded Carbon Recovery Screen Feed Pump
625 521 018 625-D-0101 AC Loaded Carbon Transfer Pump 15 100 mm x 75 mm, Hidrostal
625 521 017 625-D-0101 AC Sized Carbon Transfer Pump
625 522 001 625-D-0101 AC Pumpcell Area Sump Pump
625 522 002 625-D-0101 AC Pumpcell Area Sump Pump
625 600 005 625-D-0101 AC Loaded Carbon Bin
625 600 006 625-D-0101 AC Sized Carbon Storage Bin
625 600 004 625-D-0101 AC Screen Basket
3
625 605 501 625-D-0101 AC Pumpcell Tank - Line #1 6 750 mm dia. x 11 200 mm, 300 m effective
3
625 605 503 625-D-0101 AC Pumpcell Tank - Line #1 6 750 mm dia. x 11 200 mm, 300 m3 effective
3
3
3
625 620 607 625-D-0101 AC Loaded Carbon Recovery Screen U/S Chute
625 620 608 625-D-0101 AC Loaded Carbon Recovery Screen O/S Chute
GOLD RECOVERY - CARBON STRIPPING & REACTIVATION (625-D-0102,

625
625-D-0103)
625 130 001 625-D-0103 AC Kiln Screw Feeder 10
625 130 002 625-D-0103 AC Kiln Screw Feeder
625 180 001 625-D-0103 AC New Carbon- Hoist Beam and Hoist 5
HP HP
installed operating
625 221 001 625-D-0103 AC Carbon Drain Screen 3.3 16 MESH CLOTH
625 221 002 625-D-0103 AC Carbon Drain Screen 3.3 16 MESH CLOTH
625 249 005 625-D-0102 AC E/W Cell Feed Solution - Wire Sampler
625 253 001 625-D-0103 AC Carbon Attrition - Agitator 5
625 254 001 625-D-0102 AC Acid Wash Vessel 6 tonnes capacity
625 254 002 625-D-0102 AC Carbon Strip Vessel #1 10 tonnes capacity
625 254 003 625-D-0102 AC Carbon Strip Vessel #2 10 tonnes capacity
625 269 001 625-D-0103 AC Horizontal Natural Gas Fired Reactivation Kiln 5
625 269 002 625-D-0103 AC Horizontal Natural Gas Fired Reactivation Kiln 5
625 405 001 625-D-0102 AC Strip solution Feed - Heat exchanger plate & frame
625 410 001 625-D-0102 AC Acid Tank - Vent Fan 20
625 410 002 625-D-0103 AC Kiln Exhaust Fan 2.5
625 410 003 625-D-0103 AC Kiln Exhaust Fan 2.5
625 410 006 625-D-0103 AC Combustion Air Fan 7.5
625 410 007 625-D-0103 AC Combustion Air Fan 7.5
625 430 001 625-D-0102 AC Strip Solution Feed - Natural Gas Fired Boiler
625 430 002 625-D-0102 AC Strip Solution Feed - Natural Gas Fired Boiler
625 521 001 625-D-0102 AC Hydrochloric Acid Transfer Pump
625 521 003 625-D-0102 AC Acid Feed Pump 3 FRP
625 521 004 625-D-0102 AC Barren Strip Solution Antiscalant Metering Pump 0.125
625 521 005 625-D-0102 AC Barren Strip Solution Feed Pump 20
625 521 006 625-D-0102 AC Barren Strip Solution Feed Pump 20
625 521 008 625-D-0102 AC E/W Cell Feed Pump
625 521 009 625-D-0103 AC Carbon Fines Sludge Pump 20
625 521 010 625-D-0103 AC Carbon Transfer Water Pump 40
625 521 011 625-D-0103 AC Carbon Transfer Water Pump 40
625 521 012 625-D-0103 AC Attrition Discharge Transfer Pump 15
625 521 024 625-D-0102 AC Acid Washed Carbon Transfer Pump Hidrostal 7.5
625 521 025 625-D-0102 AC Stripped Carbon Transfer Pump Hidrostal 15
625 521 026 625-D-0102 AC Stripped Carbon Transfer Pump Hidrostal 15
625 521 028 625-D-0103 AC Quenched Carbon Transfer Pump 15
625 521 029 625-D-0103 AC Quenched Carbon Transfer Pump 15
625 521 032 625-D-0102 AC Boiler Water Recirculating Pump 1
625 521 033 625-D-0102 AC Boiler Water Recirculating Pump 1
625 521 034 625-D-0103 AC Carbon Transfer Pump - Reactivated Carbon Surge Tank 15
625 522 003 625-D-0102 AC Acid/Wash Containment Area Sump Pump
625 522 004 625-D-0102 AC Stripping Area Sump Pump 10
625 522 005 625-D-0103 AC Reactivation Area Sump Pump 10
625 600 001 625-D-0103 AC Kiln Feed Hopper
625 600 002 625-D-0103 AC Kiln Feed Hopper
625 600 003 625-D-0103 AC Carbon Loading Hopper
625 605 001 625-D-0102 AC Barren Strip Solution Tank
625 605 002 625-D-0102 AC Pregnant Strip Solution Tank
625 605 003 625-D-0102 AC Hydrochloric Acid Mixing Tank FRP
625 605 004 625-D-0103 AC Carbon Quench Tank
625 605 005 625-D-0103 AC Carbon Quench Tank
625 605 006 625-D-0103 AC Reactivated Carbon Surge Tank
625 605 007 625-D-0103 AC Carbon Attrition Tank
625 605 008 625-D-0103 AC Carbon Transport Water Recovery Tank
625 605 010 625-D-0102 AC Hydrochloric Acid Storage Tank
625 605 011 625-D-0102 AC Acid Neutralisation Tank
625 620 001 625-D-0103 AC Kiln Screw Feeder - Chute
625 620 002 625-D-0103 AC Kiln Screw Feeder - Chute
625 620 003 625-D-0103 AC Carbon Quench Tank - Feed Chute
625 620 004 625-D-0103 AC Carbon Quench Tank - Feed Chute
625 GOLD RECOVERY - ELECTROWINNING & REFINING (625-D-0104)

625 106 001 625-D-0104 AC Hoist Scale
625 180 002 625-D-0104 AC Refinery Area Bridge Crane 7.5
625 249 001 625-D-0104 AC E/W Cell Discharge Solution - Wire Sampler
625 265 001 625-D-0104 AC Filter Press 15 plates
625 269 003 625-D-0104 AC Calcination Oven 33
625 269 004 625-D-0104 AC Induction Furnace 180 kg
625 273 001 625-D-0104 AC Electrowinning Cell #1
HP HP
installed operating

625 410 012 625-D-0104 AC Electrowinning Cells - Exhaust Fan 20
625 410 004 625-D-0104 AC Wet Scrubber - Exhaust Fan 15
3
625 410 005 625-D-0104 AC Refinery Area Exhaust Fan 0.3 1.5 m /s
625 410 008 625-D-0104 AC Refinery Area Supply Fan 0.75 4m3/s
625 410 009 625-D-0104 AC Electrowinning Area Exhaust Fan 20
625 410 010 625-D-0104 AC Calcination Oven Recirculation Fan 1
625 410 011 625-D-0104 AC Calcination Oven Exhaust Fan 0.5
625 521 014 625-D-0104 AC Electrowinning - Cell Discharge Pump 6.7 75 mm x38 mm
625 521 015 625-D-0104 AC Filter Feed Pump 20
625 521 016 625-D-0104 AC Induction - Furnace Hydraulic Tilting Pump
625 521 031 625-D-0104 AC Electrowinning Cell #1 Sludge Pump
625 522 006 625-D-0104 AC Refinery Area Sump Pump 5
625 575 001 625-D-0104 AC Furnace Exhaust Wet Scrubber
625 610 001 625-D-0104 AC Electrowinning Cells Discharge Pump Box 940 mm x 560 mmH
625 720 001 625-D-0104 AC Cell Cleaning - Wet Vacuum
625 720 002 625-D-0104 AC Steam Generator for Parts Cleaning 2
625 720 003 625-D-0104 AC High Pressure Washer 10
625 835 001 625-D-0104 AC E/W Cell Rectifier 35
625 835 005 625-D-0104 AC Induction Furnace Power Pack 125
625 000 006 625-D-0104 AC Gold Room Accessories:
625 No number 625-D-0104 AC Plate Tray
625 No number 625-D-0104 AC Slag Pot
625 No number 625-D-0104 AC Bullion Scale
625 No number 625-D-0104 AC Charge Weight Scale
625 No number 625-D-0104 AC Slag Pot Carrier
625 No number 625-D-0104 AC Pallet Truck
625 No number 625-D-0104 AC Slag Bin
625 No number 625-D-0104 AC Mould Stand
625 No number 625-D-0104 AC Water Bath
630 640-D-0101 AC DETOX PLANT

CombinOx
635 REAGENT PREPARATION (635-D-0101)

635 180 001 635-D-0101 AC Cyanide Area - Hoist Beam and Hoist 7.5 3t
635 180 002 635-D-0101 AC Flocculant Hoist Beam and Hoist 2t capacity
635 253 001 635-D-0101 AC Flocculant Mixing Tank - Agitator 7.5
635 253 002 635-D-0101 AC Caustic Mixing Tank - Agitator 3
635 253 003 635-D-0101 AC Cyanide Mixing Tank - Agitator 3
635 277 001 635-D-0101 AC Dry Polymer Wetting System - Packaged System 3 Hopper, feeder blower all skid mounted
635 410 001 635-D-0101 AC Cyanide Tank - Vent Fan 0.5
635 521 001 635-D-0101 AC Flocculant Transfer Pump 10
635 521 002 635-D-0101 AC Flocculant Metering Pump 7.5
635 521 003 635-D-0101 AC Flocculant Metering Pump 7.5
635 521 004 635-D-0101 AC Caustic Distribution Pump 6.7 38 mm x 25 mm
635 521 005 635-D-0101 AC Cyanide Mixing Tank Transfer Pump 3 75 mm x 50 mm
635 521 006 635-D-0101 AC Cyanide Addition Pump - Leach Circulation Pumps 7.5 38 mm x 25 mm
635 521 007 635-D-0101 AC Cyanide Addition Pump - SAG Mill 7.5
635 521 008 635-D-0101 AC Cyanide Addition Pump - Leach/CIL Tanks 7.5
635 521 010 635-D-0101 AC Cyanide Storage Tank Transfer Pump 2 x 15 HP
635 522 002 635-D-0101 AC Reagent Area Sump Pump 20
HP HP
installed operating
635 600 001 635-D-0101 AC Caustic Mixing Tank - Feed Hopper 0.75
635 605 001 635-D-0101 AC Flocculant Mixing Tank 2800 mm x 3050 mmH
635 605 002 635-D-0101 AC Flocculant Holding Tank 3750 mm x 3800 mmh
635 605 003 635-D-0101 AC Caustic Mixing Tank 2800 mm x 3050 mmH
635 605 004 635-D-0101 AC Cyanide Mixing Tank 2800 mm x 3050 mmH
635 605 005 635-D-0101 AC Cyanide Distribution Tank
635 605 007 635-D-0101 AC Cyanide Storage Tank
635 130 001 610-D-0101 AC Lime Addition Screw Conveyor
635 140 001 610-D-0101 AC Bin Activator - Lime Storage Bin
635 140 002 610-D-0101 AC Bin Activator - Lime Storage Bin
635 575 001 610-D-0101 AC Bin Vent Dust Collector 3
635 600 010 610-D-0101 AC Lime Storage Bin
635 620 024 610-D-0101 AC Lime Addition Screw Conveyor Discharge Chute
640 TAILINGS PUMPING (640-D-0101)

640 221 001 640-D-0101 AC Pumpcell Tailings - Linear Safety Screen 7.5
640 221 003 640-D-0101 AC Pumpcell Tailings - Linear Safety Screen 7.5
640 221 002 640-D-0101 AC Tailings Carbon Catch Screen 2 x 1HP 1000 mm x 1500 mm
640 249 001 640-D-0101 AC Tailings Primary Sampler
640 249 002 640-D-0101 AC Tailings Secondary Sampler 0.25
640 261 001 640-D-0101 AC Tailings Thickener Rake Raise-Lower Mechanism
640 261 002 640-D-0101 AC Tailings Thickener Rake Drive
640 261 003 640-D-0101 AC Tailings Thickener Rake
640 521 005 640-D-0101 AC Tailings Thickener Underflow Pump
640 521 006 640-D-0101 AC Tailings Thickener Underflow Pump
640 521 007 640-D-0101 AC Tailings Pump 16 x 14 TUAH
640 521 008 640-D-0101 AC Tailings Pump 16 x 14 TUAH
640 521 009 645-D-0102 AC Tailings Process Water Pump 600
640 521 010 645-D-0102 AC Tailings Process Water Pump 600
640 522 001 640-D-0101 AC Tailings Pumping Area Sump Pump 30
640 605 001 640-D-0101 AC Coarse Spent Carbon Settling Tank 2000mmx2500mmH x 60Cone
640 610 002 640-D-0101 AC Tailings Pump Box
640 620 001 640-D-0101 AC Tailings Carbon Catch Screen U/S Chute
640 620 002 640-D-0101 AC Tailings Carbon Catch Screen O/S Chute
640 521 005 625-D-0101 AC Tailings Transfer Pump 700 700 508 mm x 457 mm
640 521 006 625-D-0101 AC Tailings Transfer Pump 700 0 508 mm x 457 mm
640 610 001 625-D-0101 AC Tailings Transfer Pump Box
640 610 003 640-D-0101 AC Tailings Thickener Feed Pump Box
645 COMPRESSED AIR SYSTEM (645-D-0101)

645 500 004 645-D-0101 AC Service Air Compressor #1 1000 scfm
645 500 005 645-D-0101 AC Service Air Compressor #2 1000 scfm
645 500 007 645-D-0101 AC Process Air Compressor #1 3500 scfm
645 503 001 645-D-0101 AC Instrument Air Receiver 1000 scfm
645 503 002 645-D-0101 AC Service Air Receiver 1000 scfm
645 506 001 645-D-0101 AC Service Air Dryer 1000 scfm
645 AUXILIARY COOLING CIRCUIT

645 270 001 625-D-0104 AC Furnace Cooling Water System - Recirculation Pump Fans 5
645 270 002 625-D-0104 AC Furnace Cooling Water System - Air/Water Heat Exchanger 1.5
645 270 003 625-D-0104 AC Furnace Cooling Water System - Cooling Water Make-up Tank
645 270 004 625-D-0104 AC Furnace Cooling Water System - Cooling Water Make-up Pump 0.5
645 FRESH, SERVICE & GLAND WATER (645-D-0102)

645 521 001 645-D-0102 AC Horizontal Fire Water Pump
HP HP
installed operating

645 521 007 645-D-0102 AC Service Water Pump 250
645 521 008 645-D-0102 AC Service Water Pump 250
645 521 009 645-D-0102 AC LP Gland Water Pump 100
645 521 012 645-D-0102 AC Antiscalant Metering Pump 1/8 HP
645 521 013 645-D-0102 AC Fresh Water Distribution Pump 1760 usgpm, 125HP, 8''x10''
645 521 014 645-D-0102 AC Fresh Water Distribution Pump 1760 usgpm, 125HP, 8''x10''
645 605 015 645-D-0102 AC Service Water Tank 6000 mm x 6750 mmH
645 605 016 645-D-0102 AC Gland Water Surge Tank 2250 mm x 3000 H
645 605 017 645-D-0102 AC Fresh Water Tank
Appendix 4 - Fuel Requirements - Mine
PROJECT CANADIAN MALARTIC FUEL CONSUMPTION
Tonnage Mined 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Ore Production (k Tonnes) 24,193 28,716 18,070 16,482 16,104 15,627 18,747 22,116 23,541 18,446 19,731 20,501 21,792 17,062 281,128
Wst Production (k Tonnes) 23,807 19,284 29,930 31,518 33,896 34,373 31,253 27,884 26,459 16,554 15,269 14,499 13,208 7,888 325,822
Tot Production (k Tonnes) 48,000 48,000 48,000 48,000 50,000 50,000 50,000 50,000 50,000 35,000 35,000 35,000 35,000 24,950 606,950
W:O Ratio 0.98 0.67 1.66 1.91 2.10 2.20 1.67 1.26 1.12 0.90 0.77 0.71 0.61 0.46 1.16
Gold Production (k ozs) 556 615 544 447 403 354 414 450 486 411 413 438 474 473 6,478
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Units
Shovel (28m3) 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Wheel loader 1 1 2 2 2 2 2 2 2 1 1 1 1 1
Truck (240t-class) 12 12 16 16 18 18 18 19 19 16 16 17 18 18
Production drill (203mm) 6 6 6 6 6 6 6 6 6 4 4 4 4 4
Auxiliary drill 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Track dozer (580hp) 4 4 4 4 4 4 4 4 4 2 2 2 2 2
Wheel dozer (525hp) 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Grader (16) 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Water truck 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Fuel Consumption 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Shovel (28m3)
Wheel loader 390,000 390,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 390,000 390,000 390,000 390,000 390,000 8,190,000
Truck (240t-class) 12,471,874 14,933,514 19,098,595 21,557,894 24,720,674 22,104,817 24,272,277 25,965,099 29,080,762 21,583,338 22,920,033 25,729,999 29,334,112 20,831,286 314,604,273
Production drill (203mm) 2,875,200 2,875,200 2,875,200 2,875,200 2,875,200 2,875,200 2,875,200 2,875,200 2,875,200 1,916,800 1,916,800 1,916,800 1,916,800 1,916,800 35,460,800
Auxiliary drill 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 4,200,000
Track dozer (580hp) 1,677,200 1,677,200 1,677,200 1,677,200 1,677,200 1,677,200 1,677,200 1,677,200 1,677,200 838,600 838,600 838,600 838,600 838,600 19,287,800
Wheel dozer (525hp) 257,570 257,570 257,570 257,570 257,570 257,570 257,570 257,570 257,570 257,570 257,570 257,570 257,570 257,570 3,605,980
Grader (16) 383,360 383,360 383,360 383,360 383,360 383,360 383,360 383,360 383,360 383,360 383,360 383,360 383,360 383,360 5,367,040
Water truck 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 3,780,000
Total Major Equipment 18,625,204 21,086,844 25,641,925 28,101,224 31,264,004 28,648,147 30,815,607 32,508,429 35,624,092 25,939,668 27,276,363 30,086,329 33,690,442 25,187,616 394,495,893
Liters/tonne mined 0.39 0.44 0.53 0.59 0.63 0.57 0.62 0.65 0.71 0.74 0.78 0.86 0.96 1.01 0.65
Fuel Cost/tonne mined $0.33 $0.37 $0.45 $0.50 $0.53 $0.49 $0.52 $0.55 $0.61 $0.63 $0.66 $0.73 $0.82 $0.86 $0.55
Unit Mining Costs $1.44 $1.40 $1.41 $1.38 $1.41 $1.44 $1.47 $1.52 $1.56 $1.61 $1.64 $1.69 $1.75 $1.85 $1.52
Fuel Cost % over mining 23% 27% 32% 36% 38% 34% 36% 36% 39% 39% 40% 43% 47% 46% 36%
Total Operating Costs (k $) 167,536 165,594 168,536 166,143 170,531 172,071 172,202 174,124 176,795 155,270 156,070 157,449 159,453 145,770 2,307,544
Fuel Cost % over Oper. Costs 9% 11% 13% 14% 16% 14% 15% 16% 17% 14% 15% 16% 18% 15% 15%
Cost/oz allocated to fuel $28 $29 $40 $53 $66 $69 $63 $61 $62 $54 $56 $58 $60 $45 $52
Technical Report 43-101 Amended Preliminary Assessment of the Canadian Malartic Gold Project Appendix 4

Technical Report NI 43 101 Canadian Malartic Gold Project

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Technical Report NI 43 101 Canadian Malartic Gold Project

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Technical Report NI 43-101

Amended Preliminary Assessment of the

March 31, 2008

June 27, 2008

Prepared By: In Collaboration With:

1. Summary ................................................................................................................................... 1-11

4. Property Description and Location ............................................................................................ 4-37

43-101 Technical Report 1-2

6.5 Post Production Resource and Reserve History................................................................... 6-50

11. Mineral Process and Metallurgical Testings............................................................................ 11-70

43-101 Technical Report 1-3

11.2 Plant Design........................................................................................................................ 11-84

14. Additional Requirements for Developing or Producing Properties........................................ 14-127

43-101 Technical Report 1-4

14.1.9 Pit Design Results ........................................................................................................ 14-133

43-101 Technical Report 1-5

14.11.4 Study of Landscape Components ................................................................................ 14-185

16. Recommendations................................................................................................................. 16-214

17. References ............................................................................................................................ 17-216

18. certificates ............................................................................................................................. 18-217

19. Appendices............................................................................................................................ 19-218

43-101 Technical Report 1-6

Figure 1.1: Project Geology Plan ........................................................................................................... 1-13

43-101 Technical Report 1-7

Figure 14.24: Internal Rate of Return Sensitivity ............................................................................... 14-211

43-101 Technical Report 1-8

43-101 Technical Report 1-9

Table 14.24: Operating Cost Summary.............................................................................................. 14-201

43-101 Technical Report 1-10

1.1.1 Property Description and Location

43-101 Technical Report 1-11

1.2 Mineral Resources and Mineral Reserves

1.2.1 Geology, Exploration and Mineral Resource Estimation

43-101 Technical Report 1-12

Figure 1.1: Project Geology Plan

43-101 Technical Report 1-13

43-101 Technical Report 1-14

1.2.2 Resource and Reserve Estimation and Classification

43-101 Technical Report 1-15

Blocks estimated with estimation pass 1 or 2 (100 m maximum search).

Geostatistical Method M Tonnes (Mt) Grade (g/t Au) Au (Moz)

43-101 Technical Report 1-16

Table 1.2: Summary of Pit Optimization Variables

Parameters Units Value

43-101 Technical Report 1-17

Table 1.3: Pit Design Results (March 2008)

The main highlights of this schedule are the following:

Total amount of 622 Mt mined from the pit

287.7 Mt milled @ 0.843 g/t Au

In-situ gold content of 7.79 Moz

Average waste to ore stripping ratio of 1.16:1

Average recovery of 84%

Mine life of 14.3 years

Total gold production of 6.55 Moz

Average annual gold production of 428 koz

43-101 Technical Report 1-18

1.4 Mineral Processing and Metallurgy

43-101 Technical Report 1-19

43-101 Technical Report 1-20

1.4.1 Plant Design

43-101 Technical Report 1-21

1.5 Environmental and Permitting

June 2007 to February 2008 - Environmental baseline data collection

February 2008 to September 2008 - Environmental Impact Assessment*