Sean Roosen from Osisko Mining (now Osisko Gold Royalties) was the only one brave enough to buy the historic Canadian Malartic Mine in October 2004 from a liquidation trustee following McWatters Mining’s bankruptcy. A year earlier, Barrick sold it to McWatters, without having done any work on the proerty since taking it over from Lac Minerals in 1994.
Roosen gambled that no one would bid on what was perceived as a fully exploited brownfield play with potential liabilities. And he won the gamble of his lifetime, only paying $80,000 for the acquisition. At that time, Osisko was a junior exploration company with only 3 full-time employees and had a market capitalization of less than $5 million trading at 20 cents.
Only 7 years following the acquisition and after 750,000 m of drilling, the filing of a positive feasibility study in December 2008, governmental approval in August 2009 and successful financing of the $1 billion project, the construction and start-up of the Canadian Malartic open-pit gold mine has been completed.... Continue reading:
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