Osisko Mining Corporation

Osisko Mining Corporation

April 11, 2006 08:00 ET

Osisko Cuts 2.90 G/T Au Over 50.5 Metres at Canadian Malartic

MONTREAL, QUEBEC--(CCNMatthews - April 11, 2006) - Osisko Exploration Ltd. (TSX VENTURE:OSK)(Deutsche Boerse:EWX) is pleased to announce 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 significant mineralized intercepts, including 50.5m averaging 2.90 g/t Au (CM06-717) and 136.5m averaging 1.45 g/t Au (CM06-722), with local higher grade intercepts including 10.8 g/t Au over 9.0m (CM06-717), 4.68 g/t Au over 12.0m (CM06-719) and 3.89 g/t Au over 15.0m (hole CM06-722). Results from six new drill holes are tabled below:

Hole No. Section From To Length Au
(m) (m) (m) g/t
CM06-717 3730 E 2.8 16.5 13.7 2.22
and 125.5 176.0 50.5 2.90
including 140.0 149.0 9.0 10.82
and 271.5 283.7 12.2 1.25
CM06-718 3730 E 154.7 174.0 19.3 1.41
CM05-719 3730 E 129.3 228.3 99.0 1.39
including 216.3 228.3 12.0 4.68
CM06-720 3790 E 15.5 50.0 34.5 1.04
and 122.0 150.5 28.5 0.64
CM06-722 3730 E 223.5 360.0 136.5 1.45
including 315.0 330.0 15.0 3.89
CM06-723 3790 E 240.0 281.9 41.9 1.52

Holes CM06-717 and CM06-720 were drilled vertically, south of zones of known mineralization and they demonstrate that the mineralized system is open to the south. Drill hole CM06-718 intersected underground mine workings and hence did not fully intersect the targeted mineralized zones. Results from drill hole CM06-721 are pending.

Sean Roosen, President of Osisko states: "The higher grade results reported in this latest series of holes is fantastic, and has once again surpassed our expectations. Drill hole CM06-717 clearly shows that we have not yet defined the southern limits of this system. As we continue on with the grid drilling, both the higher grades and the expanding nature of the overall mineralization come as welcome surprises that continue to add quality ounces to the 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
    Osisko Exploration Ltd.
    Daniel Boase
    Investor Relations
    (416) 742-5600
    1 (866) 580-8891