Osisko Mining Corporation
TSX : OSK
FRANKFURT : EWX

Osisko Mining Corporation

March 23, 2006 10:18 ET

Osisko Cuts 1.94 g/t Au over 103.5 Metres at Canadian Malartic

MONTREAL, QUEBEC--(CCNMatthews - March 23, 2006) - Osisko Exploration Ltd. (TSX VENTURE:OSK)(Deutsche Boerse:EWX) is pleased to announce significant new results from Phase Three drilling on its 100%-owned Canadian Malartic gold property, located in the Abitibi region of Quebec. The ongoing drill program is currently focused on systematically drilling the western end of the main deposit between lines 3444E and 3790E, on a 60 metre grid over an area measuring 446 x 360 metres.

The new results have produced extensive mineralized intercepts, including 103.5m averaging 1.94 g/t Au (CM06-707) and 180.0m averaging 1.13 g/t Au (CM06-708), with local higher grade intercepts including 19.1 g/t Au over 1.5m and 9.91 g/t Au over 7.5m (CM06-707). Results from thirteen new drill holes are tabled below:



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

CM06-704 3610 E 2.3 47.0 44.7 2.14
CM06-705 3550 E 2.2 217.0 214.8 1.00
and 289.0 321.5 32.5 0.55
CM05-706 3642 E 120.4 174.5 54.1 0.83
and 233.0 293.0 60.0 0.52
CM06-707 3642 E 70.6 72.1 1.5 19.1
and 139.6 243.1 103.5 1.94
including 151.6 159.1 7.5 9.91
and 277.6 349.6 72.0 0.94
CM06-708 3642 E 8.0 188.0 180.0 1.13
and 248.0 294.7 46.7 1.15
CM06-709 3674 E 146.9 246.8 99.9 0.86
CM06-710 3642 E 25.6 31.6 6.0 2.60
and 81.6 251.1 169.5 1.06
CM06-711 3674 E 118.3 297.3 179.0 1.51
including 146.8 158.8 12.0 4.20
CM06-712 3674 E 87.3 196.8 109.5 0.91
CM06-713 3642 E 55.8 160.6 104.8 1.36
CM06-714 3642 E 41.6 76.2 34.6 1.33
CM06-715 3674 E 73.8 312.3 238.5 0.91
CM06-716 3674 E 77.5 145.9 68.4 1.05
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Holes CM06-714 and CM06-716 intersected underground mine workings and hence did not fully intersect the targeted mineralized zones.

Sean Roosen, COO of Osisko states: "The exceptional results reported in these new holes are the best to date and have again surpassed our expectations. Canadian Malartic continues to outperform our initial predictions, and with the acquisition of the new ground to the east, we are wide open to add more ounces. All aspects of the project are on track and the deposit is growing."

Osisko has to date drilled 66 holes that have produced significant mineralized intercepts. The positive results of the drilling on the Canadian Malartic deposit continue to add confidence to the company's goal of delineating a bulk tonnage gold 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 20 metre intervals. Mr. Robert Wares, P. Geo. is the Qualified Person responsible for the preparation of this news release.

Contact Information

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