This area is a hot bed

The Financial Post reports in its Tuesday edition the takeover rumours surrounding Osisko Mining escalated Monday after the junior gold miner unveiled a shareholder right's plan that would give it time to defend itself from any hostile bid. The Post's Peter Koven writes the move comes amid speculation that Osisko is a target. Osisko is about halfway through construction of the Canadian Malartic mine in Quebec, which will be the biggest gold mine in Canada. With expected annual production of 730,000 ounces a year and low costs, Osisko is an appealing target for large gold miners desperate to increase their production. That interest was confirmed last summer, when Goldcorp revealed that it owns a minority stake in Osisko. Goldcorp now controls 38.6 million shares, or about 11.5 per cent of the total, according to publicly available data. Osisko chief executive officer Sean Roosen has shrugged off all the takeover speculation so far. At the Canadian Malartic project, the company has pushed ahead with an aggressive timetable to production, which included a complicated relocation of residents. Osisko also cut a $382-million deal to acquire Brett Resources. Osisko shares closed down 33 cents to $10.51

Do you think someone is buying us up now?