Osisko Mining Corporation

Osisko Mining Corporation

July 12, 2007 17:38 ET

Osisko Closes Private Placement

MONTREAL, QUEBEC--(Marketwire - July 12, 2007) - Osisko Exploration Ltd. (TSX VENTURE:OSK) (FRANKFURT:EWX) is pleased to announce that it has closed its previously announced non-brokered private placement with two funds, certain accredited investors, insiders and employees. The Company issued 3,333,333 flow-through shares at a price of $7.50 per share for gross proceeds of $25,000,000. All common shares issued under this private placement are subject to a hold period expiring November 12, 2007. The proceeds will be used for exploration on Osisko's Malartic area gold properties, located in the Abitibi region of Quebec.

The Canadian Malartic gold deposit and adjacent areas are being evaluated for a large-scale open pit, bulk-tonnage mining operation located in Malartic, Quebec. An updated NI 43-101 compliant, inferred gold resource estimate on the main deposit was released on July 5, 2007 and the full report will be filed on SEDAR shortly.

Contact Information

  • Osisko Exploration Ltd.
    John Burzynski
    Vice-President Corporate Development
    Osisko Exploration Ltd.
    Daniel Boase
    Investor Relations
    Toll Free: 1-866-580-8891