Osisko Mining Corporation
TSX : OSK
FRANKFURT : EWX

Osisko Mining Corporation

November 11, 2005 11:23 ET

Osisko Arranges Second Private Placement of $2 Million

MONTREAL, QUEBEC--(CCNMatthews - Nov. 11, 2005) - Osisko Exploration Ltd. (TSX VENTURE:OSK)(DEUTSCHE BOERSE:EWX) is pleased to announce that it has arranged a non-brokered private placement, separate from the recently announced brokered private placement, of up to 3.2 million units (the "Units") at $0.65 per Unit, for gross proceeds of $2,080,000. 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.

EurAsia Holding AG of Germany, principal shareholder of Osisko, will be subscribing to 1,550,000 Units of the placement, while the remaining Units (minimum lots of 20,000 units) will be placed with individual shareholders of the Company that are accredited investors familiar with the ongoing Canadian Malartic project. A cash finder's fee of 5 percent will be payable to certain arm's length individuals for a portion of this private placement.

The net proceeds from the financing will be used for the Phase Four 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.

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