Osisko Mining Corporation

Osisko Mining Corporation

December 04, 2006 10:18 ET

Osisko Intersects 123 Metres Averaging 1.13 g/t Au at Sladen Extension

Strike Length of Deposit Increased by 240 metres

MONTREAL, QUEBEC--(CCNMatthews - Dec. 4, 2006) - Osisko Exploration Ltd. (TSX VENTURE:OSK)(FRANKFURT:EWX) is pleased to announce new results from the definition drilling program at its 100%-owned Canadian Malartic gold property. Results (tabled below) from seven new holes focused on the Sladen (eastern) extension of the deposit have produced significant mineralized intercepts, including 123.0m averaging 1.13 g/t Au (CM06-833) and 93.7m averaging 1.36 g/t Au (CM06-825)

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

CM06-822 4640E 170.4 251.5 81.1 0.79
CM06-823 4640E 12.1 97.5 85.4 0.92
CM06-825 4580E 152.8 246.5 93.7 1.36
including 191.0 206.0 15.0 4.30
CM06-827 4700E 64.5 142.5 78.0 1.33
CM06-828 4700E 102.5 161.0 58.5 0.95
CM06-832 4700E 4.3 103.6 99.3 0.95
CM06-833 4760E 7.6 130.6 123.0 1.13

The new drilling confirms the length extension of the deposit over an additional 240 metres (to section 4760E). Drill hole CM06-828 stopped in underground mine workings and did not intersect the entire width of the mineralized zone. Drill holes CM06-829 and -831 were collared north of the Sladen underground workings and did not intersect significant mineralization.

Four infill holes from the Phase Five program (reported below) also produced significant intercepts including 122.4m averaging 1.34 g/t Au (CM06-830) and 46.5m averaging 1.91 g/t Au (CM06-824).

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

CM06-821 4460E 187.8 211.8 24.0 0.98
CM06-824 4155E 188.9 235.4 46.5 1.91
CM06-826 4520E 9.4 38.0 28.6 0.65
CM06-830 4520E 109.0 161.5 52.5 1.02
and 191.5 313.9 122.4 1.34

Sean Roosen, President of Osisko, commented: "We closed the data base for the pending inferred resource calculation in September, using the original 1.3 kilometers of strike length at Canadian Malartic. What is important to note is that today's new Sladen results confirm an additional 240 metres of strike length, bringing the overall drill proven length of the deposit to at least 1.54 kilometres. Drilling has been completed on 1.8 kilometers of strike with results pending. The Sladen Extention will be the foundation for resource updates, which will follow our initial NI 43-101 inferred resource calculation. From the exploration standpoint, the deposit still remains open to the east, south and at depth. We are currently drilling at rate of over 10,000 meters per month and plan to keep drilling for the foreseeable future, making Osisko one of the most active junior exploration companies on the planet. Our shareholders have enjoyed an exceptional year with the share value having increased over 900% in the last 12 months. Shareholders can look forward to a very aggressive 2007 exploration campaign as Osisko continues to explore and develop this exceptional gold system".

To date Osisko has completed over 60,000 metres of drilling on the Canadian Malartic property, part of a larger 75,000 metre definition drilling program slated to be completed by year end. The Canadian Malartic gold deposit is being evaluated for large-scale open pit, bulk-tonnage mining potential. The current resource definition program includes a NI 43-101 compliant, inferred gold resource estimation, scheduled to be released shortly. Metallurgical test work is also in progress (Osisko press release August 30, 2006) with results expected to be available before the end of the year.

All NQ core assays were conducted using 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.
    John Burzynski
    Vice-President Corporate Development
    Osisko Exploration Ltd.
    Daniel Boase
    Investor Relations