December 14, 2009 / 1:36 PM / 9 years ago

UPDATE 1-Osisko raises resource estimate

* Says raises resource estimate at its Malartic project

* Says expects to issue a new reserve estimate next month

TORONTO, Dec 14 (Reuters) - Osisko Mining (OSK.TO) said on Monday it has raised its resource estimate for its Malartic gold project in Quebec, and the Canadian exploration company plans to issue an updated reserve statement for the entire project by the end of January 2010.

Montreal, Quebec-based Osisko said its measured and indicated resource at the site is now 11.20 million ounces of gold, up 1.28 million ounces from the total of previously released resources. It also has an additional 470,000 ounces in the inferred category.

“We anticipate that over 95 percent of this resource is going to be converted into reserves for the entire project, once a new reserve estimate is calculated in January 2010,” Chief Executive Sean Roosen said in a statement.

The company said it is well-funded with C$825 million in cash resources. (Reporting by Euan Rocha, editing by Dave Zimmerman)

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