Page 18 results W e continue our progress at Canadian Malartic with improved mill throughput and strong gold pro duction Despite challengin g gold markets we were able to generate operating cash fows of 559 million and free cash fows of 151 million during the period Our team is focused on further improving these results Q2 Highlights Gold production of 1 1 1701 ounces Earnings from Canadian Malartic of 426 million Operating cash fows of 559 mil lion Free cash fows of 151 million Impai rment char ge of 4878 mil lion on the Hammond Reef gold proj ect net of tax Net loss of 4928 million or 113 per share Adjusted net earnings1 of 251 mil lion Investment of 599 million in min ing assets and projects Reduction of over 80 million in capital budget for 2013 Since its arriva l at Malartic in 2006 Osisko has contributed to the quality of life in its host community by cre ating a lasting legacy In addition to constructing a new neighbourhood Osisko also built new infrastructure using cuttingedge green technology the Ecole des Explorateurs elementa ry school the Le T raitdUnion adult education centre the Bambin et Calin daycare the GermainPaquette non proft community housing the Saint Martin residential and longterm care centre and the Le T remplin cultural and recreational centre Meglab The atre Osisko continues to collaborate with the Malartic municipal authorities to improve the town most recently un veiling six public artworks along the bike traillinea r park and opening the new Belvedere Park which includes a softball feld a volleyball court a skateboard park exercise modules for seniors a playground with swings and water sprinkler s for kids and a public fountain Since the gold was under part of the town and the company planned to cre ate Canada s lar gest open pit opera tion it saw to the redevelop ment of the community 250 homes in the new neighborhood including 140 existing ones that were moved Relocation cost 170 million includ ing 65 million toward the institu tions Construction of six rental buildings consisting of 24 apartments in order to relocate tenants Construction of 20 new homes in the new district to compensate for the de molition of nonmovable homes Osisko acquired the Hammond Reef gold project located near Atikokan in Northwestern Ontario through the acquisition of publicly traded Brett Resources Inc in mid 2010 for 375 million Hammond Reef is a lar ge and growing development project with potential to become a substantial openpit mine Based on preliminary feasibility re sults and current market conditions in the gold sector the company un dertook a review of its project The Contd from pg 16 S epte mber 10th 11th 201 4 N or th A me ri ca s M us t At te nd M in in g Ev en t F ac e to F ac e m ar ke ti ng t ha t wo rk s 70 Booked R es er ve y ou r loca ti on no w A void being pla c ed on the waiting list S ee Live onsite D e mos wwwnor thamercamininge xpo c om company conducted impairm ent test ing of Hammond Reef in conformity with IFRS practices and determined that an impairment char ge of 4878 million net of a deferred tax recovery of 431 millio n was necessary Ac cordingly the project value recorded on the company s books was reduced to nil The company will continue to pursue lowcost permitting activities in the near term and will continue to moni tor market conditions Str ong Gold Pr oduction at Canadian Malartic