Osisko Mining Corporation

Osisko Mining Corporation

August 16, 2007 16:18 ET

Osisko Corporate Update

MONTREAL, QUEBEC--(Marketwire - Aug. 16, 2007) - In response to a number of institutional inquiries regarding the status of Osisko Exploration Ltd.'s (TSX VENTURE:OSK) (FRANKFURT:EWX) cash balances resultant from recent financings, the Company would like to inform its shareholders that the Company's cash balances are all held with a major Canadian bank. The funds are fully secured and are redeemable upon demand, and are invested as either GIC's (guaranteed investment certificates) or as Term deposits. Osisko's cash balances have zero exposure to the current liquidity problems which have been affecting global stock markets.

Osisko Exploration Ltd. is currently evaluating the Canadian Malartic gold deposit and adjacent areas for a large-scale open pit, bulk-tonnage mining operation. The Company is well-funded with over $90 million on hand and is carrying out an aggressive definition drilling and exploration drilling campaign on the Canadian Malartic deposit and surrounding property. 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