Page 6 T immins Mayor T om Laughren By Gregory Reynolds The historic Kirkland Lake Gold Camp could soon have fve new pro ducing gold mines On Dec 28 2012 Osisko Mining Corporation completed the acquisi tion of Queenston Mining Inc As part of the transaction Osisko acquired the Upper Beaver Project and a pack age of lands covering 230 square km in the rich Gold Camp which has pro duced over 40 million ounces in past years Queenston Mining Inc changed its name to Osisko Mining Ltd on Jan 16 2013 The primary focus is in Gauthier T ownship where the company is ad vancing fve of its 100 owned gold properties Upper Beaver McBean Anoki Bidgood and Upper Canada towards production The goal is to outline a mine ral resource of eight million ounces of gold to feed a cen tral mil ling facility to be constructed on the Upper Canada site The Queenston transaction also pro vides Osisko with a major foothold in a prolifc Gold Camp Queenston had consolidated the land package over the past 20 years T o date there have been several satellite deposits identi fed that could feed a regional mill Osisko through the acquisition of Queenston maintains the lar gest land holdings in the Kirkland Lake Mining District of over 30 properties most of which are contiguous covering an area approximately 240 square kilo meters The properties host 10 gold deposits that contain current and his toric mineral resources The work at Upper Beaver is focused on drill ing deep holes to test exten sions of known zones The company has completed approximately 34795 metres of drilling since Jan 1 2013 W ork is currently limited to comple tion of current holes and compiling in formation generated during the drill ing phase to date The Upper Beaver Kirkland Lake Project global MI resources are 129 Mt 50 gt Au for 21 Moz Au and global Inferred resources are 129 Mt 44 gt Au for 18 Moz The shaft collar work was completed Construction of the head frame and surface facilities has been delayed as well as the shaft sinking The pause in the project execution plan allows for the review of the construction and de velopment approach with the aim of reducing the capital outlays This re assessment period will result in a de ferral of approximately 50 million of the planned Upper Beaver outlays of 70 million for 2013 The company has completed 68076 metres on various regional tar gets in the Kirkland Lake Larder Camp in cluding 15912 metres in the second quarter of 2013 Drilling activities have been reduced to focus on com pilation and assessment of the results The exploration expenditures at Kirk land Lake for 2013 are estimated at the original budget of 20 million Prior to mid 2009 Osisko s ef forts were focused solely on the develop ment of its fagship asset the Canadi an Malartic Mine Following the se curing of the fnancing the necessary authorizations and the construction release the company began to seek other opportunities to complement the Malartic Mine The overall objective is for Osisko to achieve the status of a leading inter mediate gold producer with annual production of one million ounces The principle strategy is to create value through the identifcat ion and development of gold reserves and re sources T o build on its gold mining asset base the company has acquired advanced exploration projects has ente red into exploration agreements has staked ground and has invested in various public and private exploratio n com panies with promising gold projects Osisko continues to focus its ef forts on its new Kirkland Lake area prop erties and in Mexico Osisko enjoys fexibility on its major projects a beneft of being the sole owner and thus can select the rate of execution of its investment programs without conce rn for compromising ownership rights T e c hnic a l R e po r t o n th e U p p e r B e a v e r G o l d C o p p e r Project O n t a r i o C an ad a R e p o rt P re p a re d fo r Queenston Mining Inc R e p o rt P re p a re d b y S R K Cons ul t i ng C anada Inc 5C Q001001 N ovem ber 5 2012 Osisko plans to develop 5 new mines in historic Kirkland Lake Gold Camp