Osisko Mining Corporation

Osisko Mining Corporation

September 20, 2007 17:18 ET

Osisko Corporate Update

MONTREAL, QUEBEC--(Marketwire - Sept. 20, 2007) - Osisko Exploration Ltd. (TSX VENTURE:OSK)(FRANKFURT:EWX) is pleased to announce the appointment of Dr. Serge Vezina to the Board of Directors. Dr. Vezina has more than 40 years of progressive experience in the mining industry and was, until his retirement in June 2006, Vice President of Industrial Engineering and Environment at Cambior Inc. Dr. Vezina is well known within the Canadian mining industry, following a long and distinguished career and having served on various industry associations and government committees, including a term as President of the Quebec Mining Association. He is still active within the mining industry as a consultant and as an adjunct professor at McGill University in Montreal and Laval University in Quebec City. Mr. Rene Branchaud will be resigning from the Board and will remain as legal counsel to the Company.

The Board of Directors of the Company has granted incentive stock options to Dr. Vezina to purchase up to 600,000 common shares of Osisko at a price of $5.46 per share for a period of three years ending September 20, 2010.

Osisko also wishes to announce that, subject to the final approval of the TSX Venture Exchange, the Board of Directors has approved an increase in the number of common shares reserved for issuance under its current stock option plan from 11,100,000 to 13,400,000 shares, as well as the granting of incentive stock options to employees to purchase up to 1,725,000 common shares of Osisko at a price of $5.46 per share for a period of five years ending September 20, 2012. This will bring the maximum percentage of stock options that can be granted to 9.9 per cent of the number of issued shares.

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 approximately $80 million on hand and is carrying out an aggressive definition drilling and exploration 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 is available on SEDAR.

Contact Information

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