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Message: Osisko Mining Corporation: Proceeds of $39.6 M From Exercise of $7.90 Warrant

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Osisko Mining Corporation: Proceeds of $39.6 M From Exercise of $7.90 Warrant

posted on Nov 17, 09 02:48PM

MONTREAL, QUEBEC--(Marketwire - Nov. 17, 2009) - Osisko Mining Corporation ("Osisko") (TSX:OSK) (FRANKFURT:EWX) is pleased to report that it has received proceeds of $39,622,000 from the exercise of 5,015,490 of its $7.90 warrant (OSK.WT) which expired on November 16, 2009. Some 4,609,510 warrants were not exercised.

The $7.90 warrants were issued as part of a November 2007 $125 million Special Warrant Financing which comprised of one common and one half share purchase warrant.

About Osisko

Osisko Mining Corporation is currently developing the Canadian Malartic gold deposit and evaluating adjacent areas for a large-scale open pit, bulk-tonnage mining operation. The Canadian Malartic deposit currently represents one the biggest gold reserves in Canada for a single deposit, and is still growing through ongoing drilling on new mineralized zones. Current reserves for the Canadian Malartic property are 6.28 million ounces, plus a global measured and indicated resource of 3.65 million ounces and an inferred resource of 0.84 million ounces (including the adjacent South Barnat deposit).