Osisko Mining Corporation ("Osisko")(TSX: OSK)(FRANKFURT: EWX) is pleased to announce new exploration results from two holes drilled east of the South Barnat Zone (a separate gold mineralized zone located northeast of the Canadian Malartic deposit). Significant results include 44.5 metres averaging 1.45 g/t Au (hole BA08-3406), and 25.5 metres averaging 1.39 g/t Au (hole BA08-3407). Both holes were drilled along a section located between historical underground workings of the East Malartic mine. Results are tabled below:
Hole No. From (m) To (m) Length (m) Au g/t
BA08-3406 93.0 133.5 40.5 0.81
And 162.0 206.5 44.5 1.45
And 262.5 277.5 15.0 2.05
BA08-3407 73.5 96.0 22.5 0.64
And 151.0 176.5 25.5 1.39
And 224.5 249.5 25.0 0.86
And 347.0 366.0 19.0 2.62
The inclined holes were drilled towards the north on a section located approximately 360 m (1290 ft.) east of the current southeastern limit of the South Barnat grid. All mineralized intersections were located in altered Pontiac metasediments on the south side of the Cadillac Fault, with the exception of the last higher grade intersections in both drill holes, which were located in porphyry on the north side of the fault. True thickness and geometry of the mineralized zones in the Pontiac is unknown while the true thickness of the higher grade, subvertical porphyry-hosted mineralization is estimated at 13 metres, with current drilling indicating a minimum depth of 280 metres.
The definition drill program at South Barnat is focused on an 850 metre-long grid oriented northwest-southeast with drill sections spaced 25 metres apart. These latest results suggest the South Barnat Zone extends along the Cadillac fault into the old East Malartic system and may have a near-surface strike length of 1200 metres (3940 ft.).
Osisko Mining Corp. is currently developing the Canadian Malartic gold deposit and adjacent areas into a large-scale open pit, bulk-tonnage mining operation. The Company is well-funded and is carrying out an aggressive definition drilling and exploration campaign. Eight drills are currently working on the property, with five dedicated to completing the 130,000 metre infill drilling on the South Barnat Zone by mid-February. A NI 43-101 compliant, 6.3 million ounce gold Reserve estimate and Feasibility Study on the main Canadian Malartic gold deposit was released on November 25, 2008 and has been filed on SEDAR. This estimate does not include the South Barnat Zone or any other mineralized zone located outside the main deposit that is currently being evaluated by Osisko.
All NQ or HQ core assays reported above were obtained by standard 50 g fire assaying-AA finish or gravimetric finish at ALS Chemex laboratories in Val d'Or, Quebec. Reported weighted averages were calculated using a minimum of 0.50 g/t Au over successive maximum intervals of 20 metres with no upper cut-off of individual assays. Intersected drifts or lost core within mineralized intersections were incorporated as blank intervals. Mr. Robert Wares, P. Geo., Executive Vice-President and COO of Osisko, is the Qualified Person responsible for the technical information reported in this news release
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", "scheduled" 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 consultants, 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 personnel, 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.
Contacts: John Burzynski Vice-President Corporate Development 514-735-7131 www.osisko.com Daniel Boase Investor Relations 416-742-5600 Toll Free: 1-866-580-8891