Osisko Mining Corporation

Osisko Mining Corporation

March 30, 2006 08:00 ET

Osisko Appoints Mr. Staph Leavenworth Bakali to Board of Directors and Reorganizes Management Structure

MONTREAL, QUEBEC--(CCNMatthews - March 29, 2006) - Osisko Exploration Ltd. (TSX VENTURE:OSK)(Deutsche Boerse:EWX) is pleased to announce the appointment of Mr. Staph Leavenworth Bakali to the Board of Directors. Mr. Leavenworth Bakali has a Master's degree in Management from the University of London (London Business School) and over twenty years of international business experience, primarily in the biotechnology sector. His experience includes five years in senior management with publicly traded companies. Mr. Bakali was most recently Chief Operating Officer of ID Biomedical before it was acquired in December 2005 by GlaxoSmithKline in a transaction valued at $1.7 billion CDN.

Mr. Leavenworth Bakali brings considerable board-level experience and a proven track record in delivering significant shareholder value in publicly quoted companies. The appointment of Mr. Leavenworth Bakali will also give Osisko significantly more exposure within the European financial community, primarily in London, which is anticipated to create key opportunities as the Company develops the Canadian Malartic project.

The Directors of the Company are very pleased to have Mr. Leavenworth Bakali join the Board and have agreed to grant him incentive stock options to purchase 275,000 common shares of Osisko at a price of $3.20 per share for a period of three years, ending March 30, 2009.

Osisko also wishes to announce the following changes to its executive management structure. Effective today, Mr. Sean Roosen will assume the position of President and Chief Executive Officer of Osisko, and Mr. Robert Wares will assume the position of Executive Vice-President and Chief Operating Officer. Mr. Wares will continue to serve as Chairman of the Board. Mr. John Burzynski, currently Vice-President Exploration, has been appointed Vice-President, Corporate Development and Investor Relations.

Mr. Robert Wares, Chairman of the Board, states: "The discovery of a significant, potentially bulk-minable gold deposit on the Canadian Malartic property has changed the status of Osisko from a junior explorer to a company with excellent prospects for mine development. Osisko's management team is focused on proving the economic viability of the Canadian Malartic project and determined to put the deposit into production. We believe Mr. Roosen's experience in the mining sector makes him best suited to lead the Company as we develop the deposit. The entire management team, including myself, is in agreement with the announced changes and our decisions have received unanimous Board approval. For my part, I will continue focusing on adding ounces to this tremendous deposit and managing the technical operations, both of which are my fields of expertise."

Mr. Sean Roosen, incoming President, states: "The Board of Directors very much appreciate the excellent work done to date by Bob Wares as President of Osisko, particularly in being the man to recognize and demonstrate, in such a short period of time, the tremendous opportunity that the Canadian Malartic project offered. Bob's key insight into the geological nature and potential of the Canadian Malartic deposit was a turning point for the Company, and the results of our work to date have proven how right he was. It is a privilege to work with a seasoned exploration professional like Bob who has the scientific capacity to see what others cannot and the rare ability to translate it into commercial success for our share holders. As we move to the next stages of developing the Canadian Malartic story, we will continue to work as a close-knit team to bring the deposit to feasibility".

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.

Contact Information

  • Osisko Exploration Ltd.
    Mr. Sean Roosen
    (514) 735-7131
    Osisko Exploration Ltd.
    Mr. Robert Wares
    (514) 735-7131
    Osisko Exploration Ltd.
    Daniel Boase
    Investor Relations
    (416) 742-5600
    1 (866) 580-8891