MONTREAL, QUEBEC--(Marketwire - Jan. 19, 2009) - Osisko Mining Corporation ("Osisko") (TSX:OSK)(FRANKFURT:EWX) is pleased to announce new results from the definition drill program currently under way at South Barnat, a separate gold mineralized zone located northeast of the Canadian Malartic deposit. Significant drill intersections include 2.00 g/t Au over 182.4 metres (BA08-3233), 2.76 g/t Au over 108.7 metres (BA08-3219) and 2.17 g/t Au over 158.5 metres (BA08-3242). Higher grade intersections include 4.13 g/t Au over 37.5 metres (BA08-3221), 3.68 g/t Au over 37.0 metres (BA08-3231H) and 3.87 g/t Au over 51.3 metres (BA08-3243). Results from thirty new holes are tabled below:
Hole No. Section From (m) To (m) Length (m) Au g/t ---------------------------------------------------------------------- BA08-3216 000E 120.0 144.2 24.2 0.89 BA08-3219 855E 267.5 288.5 21.0 0.69 And 355.8 464.5 108.7 2.76 including 360.5 362.0 1.5 41.00 BA08-3220 325E 47.5 65.5 18.0 1.52 BA08-3221 500E 16.5 81.0 64.5 2.39 including 58.5 60.0 1.5 26.30 And 129.5 264.5 135.0 1.79 including 212.5 250.0 37.5 4.13 BA08-3222 500E 106.0 144.5 38.5 2.93 BA08-3223 500E 80.0 95.0 15.0 6.39 BA08-3224 025E 83.0 99.3 16.3 2.58 And 160.5 192.5 32.0 0.57 BA08-3225 025E 94.5 105.5 11.0 1.43 And 194.5 253.0 58.5 0.86 And 275.0 290.0 15.0 1.51 BA08-3226 700E 165.0 203.0 38.0 3.05 including 176.1 177.1 1.0 32.80 BA08-3227B 700E 186.1 312.0 125.9 1.86 BA08-3228 325E 53.8 63.0 9.2 3.68 And 116.3 187.6 71.3 0.64 BA08-3229 650E 8.7 30.5 21.8 1.73 And 43.5 44.8 1.3 15.30 BA08-3230 600E 19.0 29.5 10.5 3.59 BA08-3231H 800E 273.0 310.0 37.0 3.68 including 309.0 310.0 1.0 26.20 BA08-3232B 650E 46.0 87.9 41.9 1.68 including 87.0 87.9 0.9 19.80 BA08-3233 650E 67.5 249.9 182.4 2.00 including 232.0 235.0 3.0 38.62 And 275.0 335.0 60.0 0.67 BA08-3234 325E 10.0 36.0 26.0 1.13 And 106.2 118.0 11.8 2.32 And 195.0 210.2 15.2 1.19 BA08-3235 650E 24.5 36.5 12.0 1.99 And 52.0 54.5 2.5 33.80 And 123.0 133.0 10.0 2.94 And 292.0 299.0 7.0 5.64 BA08-3236 125E 65.5 127.5 62.0 2.46 including 102.0 103.5 1.5 29.00 BA08-3237 125E 84.5 152.0 67.5 1.28 BA08-3238 125E 114.5 165.5 51.0 0.97 BA08-3242 700E 58.5 73.0 14.5 0.95 And 195.0 353.5 158.5 2.17 BA08-3243 325E 113.5 133.0 19.5 1.09 And 166.5 173.0 6.5 3.77 And 239.7 291.0 51.3 3.87 including 251.0 252.5 1.5 79.70 BA08-3244 325E 20.0 38.2 18.2 1.21 And 290.5 337.7 47.2 1.07 BA08-3245 025E 14.4 23.5 9.1 2.43 And 109.5 152.0 42.5 0.99 BA08-3246 025E 64.4 118.5 54.1 0.55 BA08-3247 425E 10.5 22.5 12.0 1.78 And 103.5 126.5 23.0 1.23 And 204.5 224.7 20.2 2.50 BA08-3248 425E 37.0 96.0 59.0 1.41 And 155.7 175.5 19.8 1.21 And 195.5 251.5 56.0 3.21 including 206.3 207.5 1.2 66.00 BA08-3250H 750E 95.0 111.5 16.5 1.94 BA08-3251 125E 30.0 88.6 58.6 1.84
Results from drill hole BA08-3219 are particularly interesting as this mineralized intersection is the downward extension (to a vertical depth of 340 to 420 metres) of the high grade intersection previously reported in drill hole BA08-3002 (7.61 g/t Au over 57 metres). These two holes intersected mineralization located between old underground workings of the East Malartic mine, along section 855E. The true width of the mineralized zone along this section is 22 to 40 metres.
Drill holes BA08-3220, BA08-3228, BA08-3229, BA08-3230, BA08-3232B, BA08-3234 and BA08-3250H were lost in fault zones or intercepted historic mine workings and did not reach the intended target depths. Drill holes BA08-3217, BA08-3218, BA08-3239, BA08-3240 and BA08-3241 and BA08-3249 did not reach the intended target depths and did not intersect significant mineralization. Assay results for further holes at South Barnat are pending.
The definition drill program is focused on an 850 metre-long grid oriented northwest-southeast with drill sections spaced 25 metres apart. All holes on this grid are inclined 45 to 75 degrees to the northeast or southwest. True widths of the mineralized intersections reported above are 40 to 70 percent of the drilled intersections.
Drilling to date suggests that the minimum strike length of the South Barnat Zone is 850 metres with an average true width between 30 and 120 metres. The mineralized zone is open along strike to the east, where it merges with the old East Malartic Mine and where recent drilling has indicated a possible extension over an additional 360 metres (see January 13, 2008 press release). South Barnat extends to depths of 250 to 400 metres in the southeastern portion, where the system is still open at depth. Estimated depth in the northwestern third of the deposit is 130 to 200 metres.
Mineralization in the South Barnat Zone is located to the north and south of the old Barnat and East Malartic mine workings, along the southern edge of the Cadillac fault. The disseminated gold mineralization comprises multiple subvertical, tabular subzones hosted in silicified greywackes of the Pontiac Group south of the fault contact. North of the fault, mineralization is hosted in both porphyry dykes and schistose, carbonated and biotitic ultramafic rocks north. Porphyry dykes also host late quartz veins containing visible gold.
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.
Osisko Mining Corp. is currently developing the Canadian Malartic gold deposit and adjacent mineralized zones 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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Osisko Mining Corporation
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
