Osisko Mining Corporation

Osisko Mining Corporation

October 12, 2005 15:14 ET

Osisko Announces Warrants Exercise

MONTREAL, QUEBEC--(CCNMatthews - Oct. 12, 2005) - Osisko Exploration Ltd. (TSX VENTURE:OSK)(Deutsche Boerse:EWX) announces that Eurasia Holdings AG of Germany, principal shareholder of the Company, has exercised a further 1,600,000 warrants at a price of $0.30 per share, yielding proceeds of $480,000. Eurasia now holds 17,612,500 shares of the Company, or 47.5% of issued shares. Eurasia has also indicated that it intends to exercise its remaining lot of 4,000,000 warrants at a price of $0.36 per share before January 31, 2006.

In other developments, the Company wishes to announce that it has discontinued, on an amicable basis, its investor relations service agreement with Shadowman Consulting Inc.

Funds from the exercise of warrants will be used for general corporate purposes and for the ongoing drilling program on the Canadian Malartic property. Osisko will continue drilling on the Canadian Malartic property with the objective of calculating and releasing a NI 43-101 compliant, inferred gold resource by spring 2006.

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