Osisko Mining Reports Decrease in Gold Reserves; Indian Silver Collapses 4.1%

Osisko Mining Corp. has reported that “proven and probable gold reserves now stand at 9.37 million ounces, a slight little lower due to the company using a lower gold price,” reports Kitco.

“’Using a 12% lower gold price (US$1300 versus US$1475), the net difference from the 2013 estimate of 10.1 million ounces is only 235,000 fewer ounces (2%), once 2013 production (before recovery) is taken into account,’ says Sean Roosen, president and chief executive officer of Osisko. ‘We’ve always contended that Canadian Malartic is a superior, world class deposit, and these numbers once again prove our point. Even in a challenging gold price environment, the mine maintains its strong economics.'”

“The company expects to stabilize mill throughput in 2014 at around 55,000 metric tons per day, which is expected to lead to an increase in gold production in 2014, between 525,000 and 575,000 ounces of gold. The company achieved record production in 2013 with 475,277 ounces of gold.”

In metal price news for precious metals…

On Tuesday, March 11, the day’s biggest mover was Indian silver, which saw a 4.1 percent decline. After improving for two days, the price of Japanese silver declined 3.7 percent. US silver ended the day at $20.84 per ounce, after the 0.4 percent drop yesterday. Chinese silver stayed flat.

Following a couple days of improvement, the price of Japanese gold bullion weakened by 1.1 percent. Chinese gold bullion prices inched up 0.6 percent. Indian gold bullion fell 0.5 percent yesterday. The price of US gold bullion declined 0.1 percent.

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The price of Japanese platinum bar closed. Following a couple days of improvement, the metal’s price weakened by 1.0 percent. The price of Chinese platinum bar finished the market day up 0.3 percent per gram. US platinum bar saw little change in its price yesterday.

Following two days of rising prices, the price of Japanese palladium bar dropped 0.6 percent. The price of Chinese palladium bar fell 0.6 percent. US palladium bar closed 0.1 percent lower.