Osisko Mining Corporation
TSX : OSK
FRANKFURT : EWX

Osisko Mining Corporation

July 24, 2012 16:23 ET

Osisko Mining Corporation: Acquisition of Subscription Receipts of Druk Capital Partners Inc.

MONTREAL, QUEBEC--(Marketwire - July 24, 2012) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES

Osisko Mining Corporation ("Osisko")(TSX:OSK)(FRANKFURT:EWX) announces that it acquired 7,770,000 subscription receipts (the "Receipts") of Druk Capital Partners Inc. ("Druk") at a price of $0.25 per subscription receipt for a total purchase price of $1.9 Million entitling the Corporation to receive 7,770,000 common shares of Druk upon satisfaction of certain release conditions pertaining to the qualifying transaction of Druk's non- brokered private placement. As a result of the transaction announced herein and upon satisfaction of the release conditions, Osisko will own 7,770,000 common shares of Druk shares representing approximately 19.89% of the 39,055,551 issued and outstanding common shares on a fully diluted basis.

Osisko did not own any shares or other securities of Druk prior to the private placement. For the purposes of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, the address of Osisko is 1100 avenue des Canadiens-de-Montreal, Bureau 300, Montreal, Quebec, H3B 2S2.

This transaction was made for investment purposes and Osisko may acquire additional securities. However, Osisko has no intention of becoming a control person of Druk.

About Osisko Mining Corporation

Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec and is pursuing exploration on a number of properties, including the Hammond Reef Gold Project in Northern Ontario.

Contact Information

  • John Burzynski
    Vice-President Corporate Development
    (416) 363-8653

    Sylvie Prud'homme
    Investor Relations
    (514) 735-7131
    Toll Free: 1-888-674-7563
    www.osisko.com