Osisko Mining Corporation
TSX : OSK
FRANKFURT : EWX

Osisko Mining Corporation

March 20, 2006 15:50 ET

Osisko Corporate Update

MONTREAL, QUEBEC--(CCNMatthews - March 20, 2006) - Osisko Exploration Ltd. (TSX VENTURE:OSK) (Deutsche Boerse:EWX) wishes to announce that the TSX Venture Exchange has conditionally approved the private placement announced by the Company on March 2, 2006, but that pursuant to the requirements of Policy 4.1, section 1.7, the warrant exercise price has been set at $2.36 rather than the previously announced price of $2.25.

In order to finance the Company's recent acquisitions of exploration claims to the east of the Canadian Malartic property (see March 2, 2006 press release), Osisko has agreed to a non-brokered private placement with EurAsia Holding AG of Germany, principal shareholder of Osisko. Eurasia Holding will subscribe to 600,000 units (the "Units") at $1.80 per Unit, for gross proceeds of $1,080,000. Each Unit shall consist of one common share and a half common share purchase warrant. Each whole warrant will be exercisable at a price of $2.36 into one additional common share of the Company for a period of two years from the closing date. The proposed private placement is subject to final TSX Venture Exchange acceptance for filing and required regulatory approvals.

In other developments, Osisko also wishes to announce that Dr. Titus Gebel has resigned from the Board of Directors of Osisko in order to pursue other interests. Dr. Gebel's replacement on the Board will be announced shortly.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Osisko Exploration Ltd.
    Mr. Robert Wares
    President
    (514) 735-7131
    or
    Osisko Exploration Ltd.
    Daniel Boase
    Investor Relations
    (416) 742-5600 or Toll Free: 1-866-580-8891
    www.osisko.com