During a ceremony held yesterday, Sean Roosen,
President and CEO of Osisko Mining
was named Ernst & Young's 2011 Quebec Entrepreneur of the Year.
Furthermore, he is among the five individuals to be nominated for the
national honor of Canada's 2011 Entrepreneur of the Year, being
announced in Toronto on November 23.
The Quebec Entrepreneur of the Year Award is given annually to an
entrepreneur who has distinguished himself by his achievements, not
only in terms of business success, but also in terms of socio-economic
development within the community.
"I am extremely proud to receive one of Canada's most prestigious
awards", noted Sean Roosen. "I
humbly accept this award on behalf of the entire Osisko
team-now counting over 700 employees-who are the ones truly responsible
for the success of the Company."
"I especially want to share this recognition with four colleagues
in particular: fellow co-founders of Osisko,
Robert Wares and John Burzynski, as well as
Bryan Coates, Chief Financial Officer, and Luc Lessard,
Chief Operating Officer, who joined the Company early on in its
development. These four Quebec entrepreneurs merit the honor bestowed
by Ernst & Young. Osisko was a shared
vision, and together we have designed, planned and brought it to
Osisko: creating stakeholder value
The award given to Sean Roosen and his
colleagues serves to recognize the quality achievements attained by the
Company in a notably accelerated period of time.
Osisko's success began with the discovery of
a gold deposit in Malartic, Quebec-a site
that saw production between 1935 to 1983, and
which was thought to have been exhausted. By applying an innovative
model of analysis, Osisko's geologist, Robert
Wares, uncovered the deposit's tremendous potential, which was then
gradually confirmed by an exploration program, approximately worth $100
Unlike the majority of junior exploration companies, who generally sell
their discoveries to large producer mining companies, Osisko's business plan was to take an exploration
project into production and to create a new mining company. The
Canadian Malartic mine began commercial
production in May 2011.
The Quebec Entrepreneur of the Year award acknowledges not only the
quality of this achievement, but also recognizes the challenges faced
while leading the project to completion, including:
- Realizing the existence of a world class deposit at a site that was
thought to be exhausted.
- Earning the trust, respect and cooperation of Malartic's
local community-as the deposit is located on the border of the mining
town of Malartic, home to approximately 3800
- Negotiating jointly with the local municipality as well as with the
residents, in the planning of the relocation of a neighborhood-in order
to make way for the mine site.
- Recruiting a qualified and complete team needed for the development,
construction and mining of the deposit.
- Raising the funds necessary for the development and construction of
one of the most significant Canadian gold mines-$1.2 billion, during a
time when the financial market was in crisis, turmoil and uncertainty.
A company worth no more than $5.5 million in the market in 2003, Osisko now possesses a market value of
approximately $ 5.4 billion, making it one of the ten largest companies
A model citizen
Corporate citizenship is a focal criterion in determining the recipient
of the Ernst & Young Entrepreneur award. Osisko
has taken numerous actions in this respect:
- Selecting a production process which will restore one of the most
polluted and abandoned mine waste sites in Quebec. In doing so, it is
estimated that the Quebec government will save $8.5 million.
- Using the relocation of a neighborhood of Malartic
as an opportunity to improve the quality of its urban infrastructure
- Creating the Fund Essor Malartic
Osisko ("FEMO"), a sustainable
development fund for the citizens of Malartic,
worth $4.5 million even prior to the start-up of the mine.
- Establishing a procurement policy that ensures the hiring and support
of local vendors, suppliers, and workers, as well as training programs
aimed at developing the talent and know-how of local and regional
workforces. From 2008 to 2010, Osisko
invested $760 million into the Quebec economy, including $500 million
"Beyond our commercial success, we are especially proud of our
contribution made to the development of Abitibi-Temiscamingue
and Quebec", explains Sean Roosen.
"It is our goal to pursue our development and to further increase
this contribution. We hope that our Company's success will inspire and
encourage other Quebec-based mining companies to do the same."
Founded in 1998, Osisko is headquartered in
Montreal, Quebec. Devoted primarily to mineral exploration at the
onset, the Company later transitioned into a producer, with the
development of the Canadian Malartic Mine. Osisko continues exploration activities within
Quebec in the Abitibi area, Canada and elsewhere in the world.
Osisko employs more than 700 individuals.
The photo associated with this press release is available at the
following address: http://www.marketwire.com/library/20111007-osiskobig.jpg