Osisko Mining Corporation

Osisko Mining Corporation

June 13, 2008 10:18 ET

Osisko Exploration Announces Name Change to Osisko Mining Corporation

MONTREAL, QUEBEC--(Marketwire - June 13, 2008) - Osisko Exploration Ltee (TSX:OSK)is pleased to announce that effective as of today the Company's name will change to Osisko Mining Corporation (Corporation Miniere Osisko). The name change reflects the transition that Osisko has undergone in the last 12 months from explorer to developer, and future plans to transition to miner. Major accomplishments made by Osisko since 2007 include:

- Securing of $330 million in equity financings and credit facilities;

- Strengthening of senior management and board of directors: addition of Bryan A. Coates, Vice President Finance and Chief Financial Officer, 30 years experience in producing mining companies and over 10 mine financings; Serge Vezina and Andre J. Douchane, highly experienced mine developers and operators as independent members of the board of directors;

- Addition of a senior, experienced open-pit mine construction and operating team:

- Luc Lessard - Vice President, Engineering and Construction - 10 mine
builds and expansions in Quebec and overseas, including large open-pit
gold mines;

- Paul Johnson - Manager of Mining - 30-year open mining experience;

- Denis Cimon - Manager of Mineral Processing - 25-year gold processing

- Jean-Sebastien David - Vice President, Sustainable Development;

- Andre Le bel - Vice President, Legal Affairs;

- July 2007 updated inferred resource of 8.4M oz Au, adding nearly 2M ounces of gold to the deposit from the December 2006 inferred resource (6.5M oz Au);

- Graduation to the Toronto Stock Exchange from the TSX Venture in November 2007;

- Over $200M of equipment purchased to date, including critical long lead items: 38' SAG mill, three 24' ball mills, mining fleet (twelve 227 tonne haul trucks, two electric shovels);

- Completion of a 233,000 metre/1020 drill hole infill program to provide the basis for the pending measured and indicated resource calculation;

- Acquisition of land for the relocation area, and commencement of construction of new lots;

- Encouraging new exploration results from South Barnat, Western Porphyry, Southeast Extension, Jeffrey Zone and Norrie Zone have been announced during the last six months;

The Company is on schedule to release the measured and indicated resource on the Canadian Malartic deposit in July 2008, and also to complete feasibility work and deliver the Definitive Feasibility Study (DFS) by Q4 2008.

The relocation program, mine engineering and new exploration works are all progressing according to schedule.

Company President Sean Roosen states: "Osisko is well on track to become what we anticipate will be the next mid-tier gold producer in Quebec. Our name change to Osisko Mining Corporation reflects the rapid and successful progression we have had over the last year towards becoming a new developer. Osisko is quickly approaching significant milestones that, successfully crossed, will allow the Company to become a premium gold producer with a low capex, low opex, which is on low-cost Quebec Hydro grid power and is located in the one of the best mining jurisdictions in the world."

About Osisko

Osisko Exploration Ltee 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 $160 million on hand and is carrying out an aggressive definition drilling and exploration campaign on the Canadian Malartic deposit and surrounding properties.

Forward Looking Statements

Certain statements contained in this Press Release, may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Corporation expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that all technical, economical and financial conditions will be met in order to put the Canadian Malartic Project into commercial production, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled mining development and mill production personnel, results of exploration and development activities, the Corporation's limited experience with production and development stage mining operations, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in the Corporation's most recent Annual Information Form filed on SEDAR, which also provides additional general assumptions in connection with these statements. The Corporation cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Corporation's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this Press Release should not be unduly relied upon. These statements speak only as of the date of this Press Release.

Contact Information

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