Osisko Gold Royalties Ltd (TSX:OR) (NYSE: OR) is pleased to announce that Victoria Gold Corp. has poured first gold at its Eagle gold mine yesterday night following the recently announced completion of construction and transition to operations. Eagle is expected to produce approximately 200,000 ounces of gold annually at an all-in sustaining cost of less than US$750/oz.
Sean Roosen, Chair and CEO of Osisko stated: “Congratulations to the Victoria team, led by John McConnell, for having delivered Canada’s newest gold mine. The Eagle mine will deliver substantial benefits to the government of Yukon, the area’s First Nations communities and other stakeholders. Osisko is also pleased to have one of its accelerator company investments reach production stage.”
Osisko owns a 5% net smelter return royalty on Eagle which it acquired in April of 2018 as part of a comprehensive C$505 million project financing package that helped launch the construction of the project. The Eagle Royalty will provide Osisko with an average of 10,000 ounces of gold annually over the projected 10-year mine life of Eagle. The Dublin Gulch property also provides excellent growth potential through the addition of the Olive deposit and further exploration.
About Osisko Gold Royalties Ltd
Osisko Gold Royalties Ltd is an intermediate precious metal royalty company that holds a North American focused portfolio of over 135 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its 5% NSR royalty on the Canadian Malartic Mine, which is the largest gold mine in Canada. Osisko also owns a portfolio of publicly held resource companies, including a 32.6% interest in Barkerville Gold Mines Ltd., a 16.4% interest in Osisko Mining Inc. and a 19.9% interest in Falco Resources Ltd.
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We acknowledge the [financial] support of the Government of Canada.