Osisko Mining Corporation
TSX : OSK
FRANKFURT : EWX

Osisko Mining Corporation

March 29, 2007 07:00 ET

Osisko Intersects 135.7m Averaging 1.32 G/T Au at Canadian Malartic

New Mineralization Outlined by Infill Program and in Southern Extension

MONTREAL, QUEBEC--(CCNMatthews - March 29, 2007) - 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 from 28 new holes are tabled below. The holes were focused on the Western Infill program and on the Southern Extension of the deposit, and have produced new mineralized intercepts between lines 3350E to 3550E and between lines 3850E to 4400E respectively. Significant new intercepts include 135.7m averaging 1.32 g/t Au (CM06-921) and 126.5 m averaging 1.26 g/t Au (CM06-902).

Significant results returned from 21 new holes from the 30m x 30m Western Infill drilling are tabled below. The results are in line with expectations and continue to confirm the integrity of the geological model and continuity of mineralization intersected in the previously completed 60m x 60m grid drilling program.



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

CM06-893 3550E 2.2 31.5 29.3 1.10
CM06-894 3550E 131.0 211.5 81.0 1.11
CM06-898 3320E 36.0 66.5 30.5 1.14
CM06-900 3502E 5.4 33.5 28.1 0.69
And 225.0 259.0 34.0 0.50
CM06-901 3502E 50.5 86.5 36.0 0.83
CM06-902 3502E 108.5 235.0 126.5 1.26
Including 160.3 163.3 3.0 11.6
And 298.0 335.5 37.5 0.90
CM06-904 3502E 2.5 26.3 23.8 1.60
CM06-906 3472E 3.2 43.0 39.8 0.72
CM06-907 3350E 7.5 107.7 100.2 0.89
CM06-908 3472E 115.5 138.5 23.0 1.36
And 173.1 189.5 16.4 0.57
CM06-909 3472E 6.0 72.0 66.0 0.40
269.0 336.0 67.0 0.56
CM06-910 3350E 1.2 132.5 131.3 0.81
CM06-912 3444E 42.0 91.5 49.5 0.55
CM06-914 3350E 1.4 97.5 96.1 0.95
CM06-918 3290E 33.5 240.5 207.0 0.72
And 264.5 302.2 37.7 1.45
CM06-919 3525E 6.1 68.5 62.4 1.62
And 115.5 137.0 21.5 1.03
CM06-920 3444E 6.5 61.5 55.0 0.75
CM06-921 3412E 2.5 138.2 135.7 1.32
And 208.2 269.0 60.8 0.58
CM06-922 3444E 175.5 241.0 65.5 0.54
CM06-923 3472E 116.5 139.0 22.5 1.64
And 191.0 218.5 27.5 0.54
And 303.5 341.0 37.5 0.84
CM06-924 3502E 2.3 24.5 22.2 1.06
And 106.0 196.1 90.1 0.59
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A new mineralized zone was intersected in holes CM06-918, CM06-921 and CM06-924. The lower mineralized intercepts of all three holes (37.7m averaging 1.45 g/t Au, 60.8m averaging 0.58 g/t Au and 90.1m averaging 0.59 g/t Au respectively) represent previously unknown mineralization in an area below the F Zone between lines 3290E to 3502E, over a strike length of 212m.

Drill hole CM06-914 also represents an extension to known mineralization discovered in the course of the infill drill program. The hole returned 96.1m averaging 0.95 g/t Au on section 3350E along the northern edge of the F zone.

Drill holes CM06-899, -905, -911, -913, -915, -916 and -917 all intersected minor mineralization, as anticipated, north and south of the F zone.

Southern Extension

Results from seven new holes in the Southern Extension are tabled below. The near-surface intercepts, mostly located in the area of the S Zone, all represent mineralization at grades above the 0.5 g/t Au cut-off outlined in the December 2006 inferred resource calculation. Most importantly, the new mineralization demonstrates that the deposit remains open for expansion in the southerly direction.




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

CM06-890 4400E 25.5 163.5 138.0 0.76
CM06-891 3975E 1.1 44.5 43.4 0.99
CM06-892 3910E 9.0 27.0 18.0 0.86
CM06-895 3850E 17.0 44.5 27.5 0.55
CM06-896 3910E 24.5 51.5 27.0 0.67
CM06-897 3975E 18.0 31.5 13.5 1.03
CM06-903 3975E 8.5 27.6 19.1 0.62
and 77.5 97.5 20.0 1.45
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The Canadian Malartic gold deposit is being evaluated for large-scale open pit, bulk-tonnage mining potential. A preliminary NI 43-101 compliant, inferred gold resource estimation on the main deposit was recently released (see December 6, 2006 press release) and the full report has now been filed on SEDAR. Ongoing drilling will lead to an upgraded inferred resource calculation, which is slated for the end of the second quarter of 2007.

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 0.30 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
    (514) 735-7131
    or
    Osisko Exploration Ltd.
    Daniel Boase
    Investor Relations
    (416) 742-5600 or Toll Free: 1-866-580-8891
    Website: www.osisko.com