Osisko Mining Corporation
TSX : OSK
FRANKFURT : EWX

Osisko Mining Corporation

September 12, 2008 17:16 ET

Osisko Mining Corporation Announces Amendments of its Escrow Agreements

MONTREAL, QUEBEC--(Marketwire - Sept. 12, 2008) - Following the approval of all regulatory authorities, Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX) (the "Corporation") is pleased to announce that the escrow agreement dated May 19, 1983 and the escrow agreement dated June 17, 1999 between the Corporation, CIBC Trust Company and certain shareholders (the "Initial Escrow Agreements") have been replaced by the escrow agreement set out in National Policy 46-201 - Escrow for Initial Public Offerings ("NP 46-201").

Background

In 2003, the Autorite des marches financiers (Quebec) has adopted NP 46-201, which modified the escrow release provisions from performance based release conditions of Quebec Policy Statement Q-4 Distribution of Securities of a Mining Exploration and Development Company or of a Mining Exploration Limited Partnership to time release provisions, thus permitting on certain conditions the amendment of existing escrow agreements to reflect the new time release provision of NP 46-201.

The Board of Directors of the Corporation, the regulatory authorities and all parties to the Initial Escrow Agreements have approved the amendment. The amendment was approved by the shareholders of the Corporation at the annual and special meeting held June 29, 2007.

The Amendment

Under the amended escrow agreement and in accordance with NP 46-201, the present 910,680 common shares of the Corporation remaining in escrow pursuant to the amended escrow agreement will be automatically released as follows:



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Date Released Escrow Shares (in %)
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60 days after the date of this press release 25%
announcing the approval of the amendment.
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6 months after such date 25%
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12 months after such date 25%
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18 months after such date 25%
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About Osisko

Osisko Mining Corporation is currently evaluating the Canadian Malartic gold deposit and adjacent areas for a large-scale open pit, bulk-tonnage mining operation. The Company is well-funded with approximately $150 million on hand and is carrying out an aggressive definition drilling and exploration campaign on the Canadian Malartic deposit and surrounding properties.

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
    or
    Osisko Mining Corporation
    Daniel Boase
    Investor Relations
    416-742-5600
    1-866-580-8891
    www.osisko.com