Osisko Mining Corporation
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Osisko Mining Corporation

January 30, 2007 16:32 ET

Osisko Reports New Drill Results from Canadian Malartic

MONTREAL, QUEBEC--(CCNMatthews - Jan. 30, 2007) - Osisko Exploration Ltd. (TSX VENTURE:OSK) (Deutsche Boerse:EWX) is pleased to announce new results from the ongoing drilling program at its 100%-owned Canadian Malartic gold property, located in the Abitibi region of Quebec. Best intersections include 205.9 m averaging 1.43 g/t Au (CM06-862), 103.5m averaging 1.46 g/t Au (CM06-851), 71.0 m averaging 2.19 g/t Au (CM06-856) and 135.7 m averaging 1.10 g/t Au (CM06-858). Results from 21 new holes are listed in the three tables below.

SLADEN EXTENSION

Nine new holes from the Phase Six program in the easterly Sladen extension all produced significant mineralization. Data from drill hole CM06-852 suggests that it stopped short of the main mineralized zone, whereas drill hole CM06-859 stopped in mineralization. Both holes will be deepened as the drill program progresses.



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Hole Section From To Length Au g/t
No. (m) (m) (m)

CM06-851 4760E 84.5 188.0 103.5 1.46
including 156.5 188.0 31.5 2.31
CM06-852 4700E 230.5 252.5 22.0 1.31
CM06-856 4760E 211.5 253.0 41.5 0.84
and 298.0 369.0 71.0 2.19
including 310.5 324.0 13.5 4.81
CM06-857 4700E 285.0 384.0 99.0 0.87
CM06-858 4820E 190.8 326.5 135.7 1.10
including 274.0 294.9 20.9 2.89
CM06-859 4760E 272.5 307.0 34.5 0.63
CM06-863 4880E 213.6 264.4 50.8 0.68
and 304.0 359.0 55.0 0.71
CM06-866 4820E 85.5 121.0 35.5 0.96
CM06-869 4580E 99.8 167.0 67.2 0.65
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SOUTHERN EXTENSION

Six new holes from the Phase Seven program in the southern portion of the deposit all produced significant mineralization. This set of results confirms that the near-surface width of the deposit along sections 4277E and 4338E is at least 570 metres and that the A zone is expanding to the east.



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Hole Section From To Length Au g/t
No. (m) (m) (m)

CM06-855 4277E 54.5 233.0 178.5 0.81
CM06-860 4338E 17.5 92.5 75.0 0.89
CM06-861 4338E 6.5 134.1 127.6 0.67
CM06-864 4277E 66.7 97.1 30.4 0.93
CM06-867 4277E 20.5 68.5 48.0 0.96
CM06-868 4338E 50.5 109.5 59.0 0.57
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WESTERN INFILL

Six holes of the Phase Eight 30-metre infill program in the western portion of the deposit all produced significant results, including drill hole CM06-853 (43.8 m averaging 2.03 g/t Au) which tested remnant mineralization above underground mine workings. Holes CM06-651E and CM06-652E are extensions of earlier holes drilled during the 2005 Phase One program.

Results from drill hole CM06-862 are of particular significance as this hole was extended below the F zone and intersected new mineralization at depth: 205.9 m averaging 1.43 g/t Au, including a higher grade intercept of 31.9 m averaging 4.48 g/t Au. This deeper mineralized zone, intersected approximately 100 metres below the porphyry-hosted F zone, appears to occur at the northern contact of the porphyry. Its true width and strike are presently unknown. Drill holes CM06-651E and CM06-865 were collared approximately 30 metres and 60 metres to the south, respectively, and intersected shorter mineralized intervals, including 12.5 m averaging 2.42 g/t Au.


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Hole Section From To Length Au g/t
No. (m) (m) (m)

CM06-853 3674E 168.6 212.4 43.8 2.03
CM06-854 3674E 16.5 36.0 19.5 2.99
and 103.5 118.0 14.5 2.88
and 151.5 220.5 69.0 1.10
and 246.1 315.2 69.1 0.79
CM06-862 3320E 12.0 125.5 113.5 0.79
and 228.4 434.3 205.9 1.43
including 271.9 303.8 31.9 4.48
CM06-651E 3320E 334.5 358.0 23.5 0.58
CM06-865 3320E 7.5 32.4 24.9 0.52
and 314.5 327.0 12.5 2.42
CM06-652E 3350E 334.5 358.0 23.5 0.58
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Four drill rigs are presently active on the property and a fifth drill rig will be mobilized shortly in order to commence a condemnation drill program over a broad region to the south. A Phase Nine drill program will soon be under way (total of 6500 metres), which is designed to test the width of the deposit over an additional 150 metres to the south between sections 3975E and 4640E.

The Canadian Malartic gold deposit is being evaluated for large-scale open pit, bulk-tonnage mining potential. A preliminary NI 43-101 compliant, inferred gold resource estimation on the main deposit was recently released (see December 6, 2006 press release) and the full report has now been filed on SEDAR. Ongoing drilling will lead to an upgraded, measured/indicated resource calculation, which is slated for the second quarter of 2007.

All NQ core assays were conducted using standard 50 g fire assaying-AA finish at ALS Chemex laboratories in Val d'Or, Quebec. Reported weighted averages were calculated using a minimum of 0.40 g/t Au over successive 20 metre intervals with no upper cut-off of individual assays. Mr. Robert Wares, P. Geo. and Executive Vice-President of Osisko, is the Qualified Person responsible for the technical information reported in this news release.

Contact Information

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