Osisko Mining Corporation

Osisko Mining Corporation

April 07, 2006 15:11 ET

Osisko Closes Private Placement and Appoints Mr. Patrick Goodwin to Position of Director of Community Development

MONTREAL, QUEBEC--(CCNMatthews - April 7, 2006) - Osisko Exploration Ltd. (TSX VENTURE:OSK)(Deutsche Boerse:EWX) is pleased to announce that it has closed its previously announced non-brokered private placement with EurAsia Holding AG of Germany, principal shareholder of Osisko. The Company has issued a total of 600,000 units (the "Units") for gross proceeds of $1,080,000. Each Unit consists of one common share and a half transferable common share purchase warrant. Each whole warrant is exercisable into one common share of the Company at $2.36 for a period of two years from the closing date. The securities issued under this private placement are subject to a four month hold period expiring August 5, 2006. As a result of this private placement, EurAsia Holding AG now holds 23,680,500 shares of Osisko, representing 47.8% of issued and outstanding shares.

The proceeds will be used to finance the previously announced acquisition of 14 claims covering the past producing Sladen Malartic, Barnat and East Malartic mines, located immediately east of Osisko's Canadian Malartic property (see March 2, 2006 press release).

Osisko also wishes to announce the appointment of of Mr. Patrick Goodwin to the position of Director, Community Development for the Canadian Malartic project. Mr. Goodwin, trained as an architect, holds Bachelor's degrees in Science (Physics) from McGill University, in Architecture from the University of British Columbia, and a Master of Business Administration degree from HEC Montreal. His experience includes more than 10 years directing urban design, residential and commercial development projects across North America. Mr. Goodwin most recently held the position of Director, Business Development of HLT Energies Inc. of Montreal, a company concentrating on the development and sale of solar thermal energy.

Mr. Goodwin joins the Osisko team to coordinate the company's exploration requirements with those of the community of Malartic. He will manage relations with the community aimed at effective communication and sustainable development along with relations with the different levels of government, as work on the Canadian Malartic project progresses.

Contact Information

  • Osisko Exploration Ltd.
    Mr. John Burzynski, VP Corporate
    Development and Investor Relations
    (514) 735-7131
    Osisko Exploration Ltd.
    Daniel Boase
    Investor Relations
    (416) 742-5600
    1 (866) 580-8891