Osisko Mining Corporation
TSX : OSK
FRANKFURT : EWX

Osisko Mining Corporation

May 02, 2007 08:00 ET

Osisko Begins Environmental Impact Study at Canadian Malartic

MONTREAL, QUEBEC--(CCNMatthews - May 2, 2007) - Osisko Exploration Ltd. (TSX VENTURE:OSK)(FRANKFURT:EWX:) is pleased to announce that it has retained the services of international engineering consulting firm Genivar LP for the Environmental and Social Impact Assessment ("ESIA") of the Canadian Malartic project.

The ESIA, covering an area of approximately 32 square kilometres, will start immediately and is anticipated to be completed by June 2008. The ESIA, once completed, will be filed with the Quebec Ministry of Sustainable Development, Environment and Parks as well as the Canadian Environmental Assessment Agency for Federal review. The ESIA is an essential and critical step towards obtaining a Certificate of Authorization from the Quebec Ministry of Sustainable Development, Environment and Parks for the construction and exploitation of a mine at Canadian Malartic. Given that Osisko's flagship project is in a historic "brownfield" mining area in close proximity to the town of Malartic, a significant proportion of the ESIA will be devoted to social impact.

GENIVAR LP is a leading Canadian engineering consulting company providing public and private sector clients with a complete line of professional services during all project phases, including planning, design, construction and maintenance. Its clients, both large and small, are active in a variety of market segments, including the building, industrial, power, urban infrastructure, transportation and environmental sectors. GENIVAR is one of the country's largest engineering consulting companies in terms of personnel, with approximately 1,800 managers, professionals, technicians, technologists and support staff in more than 40 offices located in Canada and abroad.

In other developments, the Board of Directors of the Company have agreed to issue incentive stock options to management to purchase 500,000 common shares of Osisko at a price of $10.65 per share for a period of five years, ending May 1, 2012. The Board has also agreed to issue incentive stock options to consultants of Osisko to purchase 35,000 common shares of Osisko at a price of $10.65 per share for a period of three years, ending May 1, 2010.

Contact Information

  • John Burzynski
    Vice-President Corporate Development
    514-735-7131
    www.osisko.com
    or
    Daniel Boase
    Investor Relations
    416-742-5600
    Toll Free: 1-866-580-8891