Osisko Mining Corporation

Osisko Mining Corporation

October 19, 2005 08:00 ET

Osisko Arranges $2 Million Private Placement

MONTREAL, QUEBEC--(CCNMatthews - Oct. 19, 2005) -

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

Osisko Exploration Ltd. (TSX VENTURE:OSK)(Deutsche Boerse:EWX) is pleased to announce that it has engaged Pacific International Securities Inc. as agent (the "Agent") for a brokered private placement, on a best efforts basis, of up to 3.1 million units (the "Units") at $0.65 per Unit, for gross proceeds of $2,015,000. Each Unit shall consist of one common share and a half transferable common share purchase warrant. Each whole warrant will be exercisable into one additional common share of the Company at $0.80 for a period of two years from the closing date.

The Agent will receive a cash commission of 8% of the gross proceeds raised in this offering and a corporate finance fee of $15,000. The Agent will also receive compensation options (warrants) equal in number to 10% of the number of Units sold. Each such warrant will entitle the Agent to purchase one common share at an exercise price of $0.80 for a period of two years from closing.

The net proceeds from the financing will be used for the Phase Three drill program on Osisko's Canadian Malartic gold deposit and for general corporate purposes. The proposed private placement is subject to TSX Venture Exchange acceptance for filing and required regulatory approvals.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities act of 1933, as amended (the "U.S. Securities Act) or any state securities laws and may not be offered or sold within the United States or to a U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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