UPDATE 1-Osisko sets reserves, plans for Malartic project

Wed Feb 10, 2010 8:20am EST

* Malartic to produce 7.7 mln ounces of gold over 12 years

* Says open-pit reserve at site is 8.97 mln ounces of gold

TORONTO Feb 10 (Reuters) - Osisko Mining OSK.TO expects its Malartic gold project in Quebec to produce 7.7 million ounces of gold over a 12-year period, the Canadian exploration company said on Wednesday.

The Montreal, Quebec-based company said its open-pit reserve at the site is 8.97 million ounces of gold, at an average grade of 1.13 grams per tonne.

The company expects that over a 12.2-year mine life, the average annual output from the mine will be 630,000 ounces of gold and 800,000 ounces of silver. (Reporting by Euan Rocha, editing by Maureen Bavdek)

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