Osisko Mining Corporation

Osisko Mining Corporation

June 12, 2006 08:58 ET

Osisko Acquires New Property and Begins Large-Scale Exploration Program at Canadian Malartic

MONTREAL, QUEBEC--(CCNMatthews - June 12, 2006) - Osisko Exploration Ltd. (TSX VENTURE:OSK)(Deutsche Boerse:EWX) is pleased to announce that it has acquired, through staking, a 100% interest in 241 new claims located immediately west of the Canadian Malartic property. The new Cadillac township property (the "Cadillac Property") has more than twice the surface area of the Canadian Malartic property (12,060 hectares) and covers the same geological environment which hosts the Canadian Malartic deposit.

Sean Roosen, President of Osisko states: "In addition to the tremendous potential developing at Canadian Malartic, this acquisition provides our shareholders with a truly significant opportunity to participate in new exploration and potential discoveries. We will be using the expertise developed over the last year at Canadian Malartic to explore this ground."

Exploration on the new property will commence immediately, starting with an airborne geophysical survey designed to detect geophysical signatures similar to those observed at Canadian Malartic, followed up by a detailed ground lithogeochemical survey.

The Canadian Malartic property hosts potential for a significant gold resource (see the Company's September 8, 2005 press release) and is located near extensive existing infrastructure. Osisko is evaluating the property for a possible large-scale open pit, bulk-tonnage gold mining operation. The current resource definition program will include the calculation of an NI 43-101 compliant, inferred gold resource scheduled to be released in 2006. 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
    Osisko Exploration Ltd.
    Daniel Boase, Investor Relations
    (416) 742-5600
    1 (866) 580-8891 (toll free)