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a p r i l / m a y 2 0 1 5 www.resourceworld.com 33 Sean Roosen, Chairman and CEO, reported Osisko Gold Royalties Ltd. [OR-TSX] has completed the previously announced merger with Virginia Mines Inc. Under the terms of the agreement, Osisko acquired all of the issued and outstanding common shares of Virginia. Each former Virginia shareholder is entitled to receive 0.92 of an Osisko common share for each Virginia common share held. Virginia has delisted its shares from the Toronto Stock Exchange. The common shares of Osisko issued under the merger started trading on the TSX February 17, 2015. Osisko is also pleased to announce that André Gaumond and Pierre Labbé have joined Osisko's board of directors. In addi- tion, Gaumond will be appointed as Senior Vice President, Northern Development and Exploration, seconded by Paul Archer as Vice President, Northern Exploration. Together, Gaumond and Archer will head the company's Québec exploration team. Osisko is a gold-focused royalty and mining company whose main asset is a 5% net smelter royalty (NSR) royalty on the world-class Canadian Malartic gold mine, located in Malartic, 25 km west of Val d'Or, in the Abitibi Gold Belt of northern Québec. The Canadian Malartic Mine is owned as to 50% by Yamana Gold Inc. [YRI-TSX; AUY-NYSE; YAU- London] and 50% by Agnico eagle Mines Ltd. [AEM-TSX, NYSE]. The open pit mine was built by Osisko Mining Corp. and began commercial production in May 2011. The 55,000 tpd Canadian Malartic Mine poured its millionth ounce of gold in November 2013. The mine is currently Canada's largest operating gold mine and produced 475,277 ounces of gold as well as 422,619 ounces silver in 2013. It is expected to produce some 530,000 ounces of gold in 2014, on a 100% basis. Mine life is expected to last through 2028. The mine has 8.94 million ounces of gold in proven and probable reserves. Osisko Gold Royalties also holds a 2% NSR royalty on the Upper Beaver, Kirkland Lake and Hammond Reef gold exploration projects in Northern Ontario. The company has over $170 million in cash resources, no debt and a portfolio of investments in emerging exploration companies. Virginia Mines has about 16 projects at various stages in northern Québec and some $65 million in cash and short term investments. Strengthened by the dis- covery of the Éléonore Project, Virginia also holds a 2.2% to 3.5% royalty in the Éléonore property that is 100%-owned by Goldcorp Inc. [G-TSX; GG-NYSE]. Great Bear Resources Ltd. [GBR- TSXV] recently signed an option agreement to earn a 50% interest in Osksko's Lac Pau high-grade gold property in central Québec. n MINING Great Bear Partners with Osisko on Lac Pau Gold Project, Québec TSX.V: GBR www.greatbearresources.ca Osisko Gold Royalties and Virginia Mines complete merger www.resourceworld.com