Osisko Mining Corporation
TSX : OSK
FRANKFURT : EWX

Osisko Mining Corporation

June 01, 2006 08:00 ET

Osisko Cuts 166m @ 1.10 g/t Au At Canadian Malartic

MONTREAL, QUEBEC--(CCNMatthews - June 1, 2006) -

PHASE FIVE DRILLING BEGINS

Osisko Exploration Ltd. (TSX VENTURE:OSK)(Deutsche Boerse:EWX) is pleased to announce the latest results from Phase Four drilling on its 100%-owned Canadian Malartic gold property. The Phase Four drill program is focused on systematically drilling the eastern end of the main deposit between lines 4215E and 4520E.

The new results have produced significant mineralized intercepts, including 166.8m averaging 1.10 g/t Au (CM06-736) and 103.6 m averaging 1.39 g/t Au (CM06-739). Local higher grade intercepts include 2.55 g/t Au over 24.0m (CM06-740). Results from eight new drill holes are tabled below:



------------------------------------------------------------
Hole No. Section From (m) To (m) Length (m) Au g/t

CM06-736 4400 E 65.2 232.0 166.8 1.10
CM06-737 4460 E 11.0 29.00 18.0 1.28
and 143.0 236.0 93.0 1.04
and 267.5 293.0 25.5 0.88
CM06-738 4277 E 2.7 87.3 84.6 1.72
CM06-739 4277 E 2.0 105.6 103.6 1.39
and 186.6 195.6 9.0 1.75
CM05-740 4215 E 165.4 189.4 24.0 2.55
and 309.9 347.9 38.0 1.73
CM06-741 4215 E 71.0 114.5 43.5 1.08
and 244.0 310.4 66.4 1.25
CM06-742 4338 E 6.2 123.0 116.8 1.00
CM06-743 4215 E 145.0 229.7 84.7 0.90
------------------------------------------------------------


All new results continue to confirm the extent of anticipated mineralization in the deposit. Hole CM06-742, however, which was collared at the northern limit of the grid and was inclined to the north, intersected approximately 50 metres more mineralization than expected.

The Phase Five program has been outlined (43 holes for a total of 11,700 metres), approved by town council and is now under way. This phase will cover the central part of the grid that is located in the southern portion of the town of Malartic and is expected to be completed by the end of summer.

Sean Roosen, President of Osisko states: "So far in Phase Four we hit everything we were expecting and more. Hole 742 actually cut 50 meters more mineralization than we had originally modelled and leaves the deposit open to the north. This is again adding ounces to the overall deposit. Canadian Malartic has once again shown that we have only begun to understand the potential of this truly remarkable deposit".

The Canadian Malartic property hosts potential for a significant gold resource (see the Company's September 8, 2005 press release) and is located near extensive existing infrastructure. Osisko is evaluating the property for a possible large-scale open pit, bulk-tonnage gold mining operation. The current resource definition program will include the calculation of an NI 43-101 compliant, inferred gold resource scheduled to be released in 2006.

All core assays were done by standard 50 g fire assaying-AA finish at ALS Chemex laboratories in Val d'Or, Quebec. Reported weighted averages were calculated using a minimum of 0.40 g/t Au over successive 20 metre intervals with no upper cut-off of individual assays. Mr. Robert Wares, P. Geo. and Executive Vice-President of Osisko, is the Qualified Person responsible for the technical information reported in this news release.

Contact Information

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