Osisko Mining Corporation
TSX : OSK
FRANKFURT : EWX

Osisko Mining Corporation

June 19, 2009 10:42 ET

Osisko Announces $10.6 Million Flow-Through Financing

MONTREAL, QUEBEC--(Marketwire - June 19, 2009) - Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX) is pleased to announce that it has entered into non-brokered financing agreements to issue up to C$10,640,000 in flow-through shares. The private placement will consist of a maximum of 1,216,000 flow-through shares issued at a price of $8.75 per share.

The private placement is expected to close before June 30, 2009, and is subject to regulatory approvals. The securities issued under this private placement are subject to a four month hold period from the closing date.

Commenting on the transaction, Sean Roosen President and CEO of Osisko stated: "These funds will allow us to pursue aggressively our exploration programs with the objective of increasing our reserve and resource base."

Osisko Mining Corp. is currently developing the Canadian Malartic gold deposit and adjacent mineralized zones into a large-scale open pit, bulk-tonnage mining operation. The Company is well-funded with $440 M in working capital and is carrying out an aggressive mine development, reserve definition and exploration campaign.

Forward Looking Statements

Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Corporation expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that all technical, economical and financial conditions will be met in order to put the Canadian Malartic Project into commercial production, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development and mill production personnel, results of exploration and development activities, the Corporation's limited experience with production and development stage mining operations, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in the Corporation's most recent Annual Information Form filed on SEDAR, which also provides additional general assumptions in connection with these statements. The Corporation cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Corporation's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.

Contact Information

  • Osisko Mining Corporation
    John Burzynski
    Vice-President Corporate Development
    514-735-7131
    www.osisko.com
    or
    Daniel Boase
    Investor Relations
    416-742-5600
    Toll Free: 1-866-580-8891