Month: August 2016

3.22 g/t Au Over 11.6 Metres Located 3.7 Kilometres West of Windfall Deposit

(Montréal, August 29, 2016).  Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce a new discovery from the ongoing exploration drill program on its 100% owned Urban-Barry Project located in Urban Township, Québec. The exploration drill program currently involves one drill and is part of the ongoing 100,000 metre drill program at Osisko’s Windfall Lake gold project.

The discovery was made in DDH OSX-W-16-717, which returned an average of 3.22 g/t Au over 11.6 metres.  DDH OSX-W-16-717 is located approximately 3.7 kilometres west – northwest of the main Windfall deposit, and lies approximately 1.4 kilometres northwest of exploration hole OBX-16-666 (183.5 g/t Au over 0.3 metres, see Osisko press release dated June 3, 2016).  DDH OSX-W-16-717 is part of a fence of holes currently testing the westerly strike of the Windfall Deposit geological trend.  A number of target styles are being investigated along this fence, including geophysical anomalies and as follow-up to earlier identified gold-in-till anomalies.

The new drill hole underscores the strong potential for new gold mineralization on the Urban-Barry Project, which has historically seen limited exploration work.  The table below details results from the new hole:

 

Hole	From (m)	To (m)	Interval (m)	Au (g/t)	Zone
OSX-W-16-717	243.9	255.5	11.6	3.22	Fox
including	243.9	245.0	1.1	3.83
including	245.0	246.0	1.0	1.85
including	246.0	247.0	1.0	5.38
Including	247.0	248.0	1.0	2.16
including	248.0	249.0	1.0	5.50
including	249.0	250.0	1.0	5.20
including	250.0	251.0	1.0	1.65
including	251.0	252.0	1.0	4.56
including	252.0	253.0	1.0	2.10
including	253.0	254.0	1.0	1.23
including	254.0	255.0	1.0	1.74
including	255.0	255.5	0.5	3.66

Notes:

1. For complete drilling results please see www.osiskomining.com.

Drill Hole Collar Coordinates and Information:

Hole Number	Azimuth (°)	Dip (°)	Length (m)	UTM E	UTM N
OSX-W-16-717	331	-45	526.5	448759	5435644

OSX-W-16-717 targeted the contact between a magnetic high and low, 3.7 km to the WNW of the Main Zone at Windfall. The gold mineralization occurs within a zone of strong texturally-destructive sericite and silica alteration in andesite volcanics containing 2-3% pyrite stringers, with tourmaline, fine grained pyrite disseminations and zones of silica-filled brecciated stringers cross-cutting the interval.  The mineralization is very similar to that seen at the nearby Windfall gold deposit.

Qualified Person
The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Jean-Philippe Desrochers, Ph.D., P.Geo. Senior Project Manager of the Windfall Lake gold project, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

For further information please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653

 (Montréal, August 25, 2016).  Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce new results from the ongoing drill program at its 100% owned Windfall Lake gold project located in the Urban Township, Québec. The current 100,000 metre drill program combines definition drilling above the Red Dog intrusion (‘Red Dog’), expansion drilling above and below Red Dog and exploration drilling on the greater property area.  A total of 12 new drill holes are reported in this release.

Definition drilling near the Caribou Zone has led to a significant new discovery 150 metres below the known Caribou Zone.  The new mineralized zone (“Wolf Zone”) is defined by drill hole OSK-W-16-710 which intersected 11.8 g/t Au over 6.7 metres  (23.62 g/t Au over 6.7 metres uncut) from 562.0m – 568.9m.  Additional mineralization was also discovered in the hanging wall and footwall of the Wolf Zone, with assays returning 8.32 g/t over 3.0 metres and 16.2 g/t Au over 2.3 metres respectively.  Further drilling will be directed to investigating the dimensions of the Wolf Zone in the coming month.  These new intercepts demonstrate the high potential for significant new mineralization near the known Windfall mineral inventory through continued definition and exploratory drilling.

Highlights from additional new drill holes also include: 8.89 g/t Au over 6.9 metres in DDH OBM 16-701, 18.4 g/t Au over 2.3 metres in DDH OBM-16-703, 16.2 g/t Au over 2.3 metres in DDH OSK-W-16-710, 16.0 g/t Au over 2.0 metres in DDH OBM-16-697; 11.33 g/t Au over 2.2 metres in DDH OSK-W-16-707, and 8.06 g/t Au over 2.5 metres in DDH OBM-16-698. The new results continue to demonstrate lateral and vertical continuity of high grade gold mineralization in Zone 27 and the Caribou Zone, and also highlight new zones developing between those two major mineralized corridors.  Details of the significant new results are outlined in the table below:

Drill Hole	From  (m)	To (m)	Interval	Au	Zone
			(m)	(g/t)
OBM-16-697	228.7	230.7	2.0	16.0	Quartz tourmaline vein
including	228.7	229.2	0.5	63.5
OBM-16-698	156.5	159.0	2.5	8.06	New
including	156.5	157.5	1.0	19.0
	443.1	446.0	2.9	3.62	Caribou hanging wall – Quartz tourmaline veins
	492.3	495.75	3.4	4.49	Caribou North 2
including	495.1	495.75	0.6	19.3
OBM-16-699	270.0	272.5	2.5	6.63	New zone below Red Dog
OBM-16-701	262.0	264.0	2.0	3.20	New
including	262.5	263.0	0.5	11.9
	310.7	313.0	2.3	3.66	Tourmaline veins
including	310.7	311.0	0.3	12.1
	374.7	377.0	2.3	3.28	Quartz vein
including	376.7	377.0	0.3	14.4
	414.7	420.8	6.1	5.14	New
	463.0	470.0	7.0	4.82	Caribou hanging wall
including	463.0	464.0	1.0	22.4
	469.0	471.2	2.2	4.51	Crustiform vein
	551.1	558.0	6.9	8.86	Extn of Caribou North 2
including	557.0	558.0	1.0	47.7
	620.2	622.3	2.1	6.68	Eastern extn of Zone 27
including	621.3	622.3	1.0	13.3
OBM-16-703	256.1	259.0	2.9	3.34	Quartz-carbonate veins
	300.7	303.0	2.3	18.4	FW1
including	301.4	302.5	1.1	38.2
	336.5	338.5	2.0	3.17	New, below Red Dog
including	336.5	337.7	1.2	5.09
OBM-16-704	346.0	350.2	4.2	3.55	Zone 27
OSK-W-16-705	565.0	567.0	2.0	4.04	Wolf
including	565.7	566.4	0.7	10.7
	594.0	596.2	2.2	3.64	New
OSK-W-16-707	247.3	249.5	2.2	11.3	Caribou South 2
including	248.3	248.7	0.4	58.6
OSK-W-16-709	186.0	188.0	2.0	3.01	Caribou South 1
including	186.0	187.0	1.0	5.61
	349.5	351.5	2.0	3.22	New
	418.2	421.9	3.7	4.90	Caribou South 1
OSK-W-16-710	68.0	70.0	2.0	3.25	Tourmaline breccia
including	69.3	70.0	0.7	8.93
	157.0	159.0	2.0	3.13	New
including	157.0	158.3	1.3	4.72
	222.0	225.0	3.0	3.48	New
including	222.0	223.5	1.5	6.94
	498.0	500.5	2.5	10.8	Quartz-tourmaline veins
including	498.0	499.5	1.5	17.8
	531.0	534.0	3.0	8.32	Wolf hanging wall
including	532.5	534.0	1.5	15.5
cut	562.0	568.7	6.7	11.8(3)	Wolf
uncut	562.0	568.7	6.7	23.62
including	565.9	566.6	0.7	212
	586.0	588.3	2.3	16.2	Wolf footwall
including	586.0	587.9	1.9	19.6

Notes:
(1) For complete drilling results please see www.osiskomining.com.
(2) True widths are estimated at 65-80% of the reported core length interval. See “Quality Control” below.
(3) High grade values cut to 100 g/t Au.

Drill Hole Collar Coordinates and Information:

DDH OBM-16-697 intersected 16.0 g/t Au over 2.0 metres, including 63.5 g/t Au over 0.5 metres in a quartz-tourmaline vein at the contact between a porphyry dyke and felsic volcanics.

DDH OBM-16-698 intersected 8.06 g/t Au over 2.5 metres, including 19.0 g/t Au over 1.0 metre at the upper contact of a porphyry dyke. This interval is located 140 metres to the SE of the Caribou Zone in a sparsely drilled sector.  The hanging wall of the Caribou Zone returned 3.62 g/t Au over 2.9 metres.  This hole also intersected gold mineralization in the eastern extension of the Caribou N2 Zone 110 metres further east than the known zone, returning 4.49 g/t Au over 3.5 metres.

DDH OBM-16-699 discovered new gold mineralization 90 metres to the NW of the FW3 Zone (below Red Dog) returning 6.63 g/t Au over 2.5 metres (including 21.6 g/t Au over 0.5 metres).  Further drilling will follow up in this sparsely drill sector.

DDH OBM-16-701 is located 140 metres to the ENE of the previously interpreted Caribou Zone.  The hole intersected a new zone to the SW of Caribou, returning 5.14 g/t Au over 6.1 metres.  This hole also intersected the Caribou hanging wall, returning 4.82 g/t Au over 7.0 metres (including 22.4 g/t Au over 1.0 metre) in an altered andesite with a crustiform vein.  The hole also intersected the eastern extension of the Caribou N2 zone, returning 8.86 g/t Au over 6.9 metres (including 47.7 g/t Au over 1.0 metre). The hole also intersected 6.68 g/t Au over 2.1 metres at the contact of a porphyry dyke in the eastern extension of Zone 27.

DDH OBM-16-702 tested the shallow portion of the Caribou Zone and returned 3.81 g/t Au over 1.8 metres (including 9.69 g/t Au over 0.7 metres).

DDH OBM-16-703 intersected the interpreted western extension of the FW1 Zone (below Red Dog) and returned 18.4 g/t Au over 2.3 metres (including 38.23 g/t Au over 1.1 m) in a felsic volcanic rock containing pyrite and traces of chalcopyrite.

DDH OBM-16-704 intersected Zone 27 returning 3.55 g/t Au over 4.2 metres.  This intercept is located 33 metres below OBM-16-685 (which returned 9.63 g/t Au over 3.3 metres) and confirms continuity of gold mineralization in this zone.

DDH OSK-W-16-705 intersected the new Wolf Zone (also intersected in DDH OSK-W-16-710), returning 4.04 g/t Au over 2.0 metres in an altered mafic volcanic rock.

DDH OSK-W-16-707 intersected the Caribou S2 Zone 190 metres below surface, returning 11.33 g/t Au over 2.2 metres (including 58.6 g/t Au over 0.4 metres) in a porphyry dyke.

DDH OSK-W-16-709 intersected the extension of the Caribou S1 Zone, returning 4.90 g/t Au over 3.7 metres in a sparsely drilled sector.

DDH OSK-W-16-710 confirmed the new Wolf Zone, returning 11.8 g/t Au over 6.7 metres.  The Wolf Zone is located between the Caribou S3 and the Caribou N2 Zones.  The Wolf Zone correlates with OBM-16-658 which returned 8.90 g/t Au over 8.0 metres, now re-interpreted to be part of this new zone.  Additional new mineralization was also discovered in the hanging wall and footwall of the Wolf Zone, returning 8.32 g/t over 3.0 metres and 16.2 g/t Au over 2.3 metres respectively.  The Wolf Zone remains undefined by drilling to the east.

Full analytical results from the 12 new drill holes are available at www.osiskomining.com.

OBM-16-700 was abandoned due to drilling conditions, and assay results for drill holes OSK-W-16-706 and OSK-W-16-708 are pending.

Qualified Person
The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Jean-Philippe Desrochers, Ph.D., P.Geo. Senior Project Manager of the Windfall Lake gold project, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Quality Control
True widths of the new exploration intercepts reported in this press release have yet to be determined. Additional drilling is planned for the immediate area which will enable the true width determination. Assays are uncut except where indicated. All NQ core assays reported were obtained by either 1 kg whole rock metallic screen/fire assay or standard 50 gram fire-assaying with AA or gravimetric finish at ALS Laboratories in Val dOr, Québec or Sudbury, Ontario. The 1 kg metallic screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. All samples are also analysed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS laboratories. Drill program design, Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assays.

About the Windfall Lake Gold Deposit
The Windfall Lake gold deposit is located between Val-dOr and Chibougamau in the Abitibi region of Québec, Canada. The current mineral resource comprises 2,762,000 tonnes at 8.42 g/t Au (748,000 ounces) in the indicated category and 3,512,000 tonnes at 7.62 g/t Au (860,000 ounces) in the inferred category (sourced from a technical report dated June 10, 2015 entitled “Preliminary Economic Assessment of the Windfall Lake Gold Property, Quebec, Canada” with an effective date of April 28, 2015, prepared in accordance with NI 43-101). The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. The bulk of the mineralization occurs in the Main Zone, a southwest/northeast trending zone of stacked mineralized lenses, measuring approximately 600 metres wide and at least 1,400 metres long. The deposit is well defined from surface to a depth of 500 metres, and remains open along strike and at depth. Mineralization has been identified only 30 metres from surface in some areas and as deep as 870 metres in others, with significant potential to extend mineralization up and down-plunge and at depth.

About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Ontario.  Osisko continues to be well financed and has approximately $50 million in cash and cash equivalents as well as marketable securities of approximately $60 million.

Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about pending transactions, potential mineralization, the ability to realize upon any mineralization in a manner that is economic, the ability to complete any proposed exploration activities and the results of such activities; the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of Osisko, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to property interests; ability to obtain required approvals, complete definitive documentation and complete transactions on the terms announced, ability of Osisko to complete further exploration activities, including drilling; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

For further information please contact:

John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653

 

(Montréal, August 16, 2016).  Osisko Mining Inc. (OSK:TSX, “Osisko Mining” or the “Corporation”) is pleased to announce that it has entered into a letter of agreement with Osisko Gold Royalties Ltd. (“Osisko Royalties”) to earn 100% of its interest in its portfolio of exploration properties held in the James Bay and Labrador Trough areas of Québec.  Under terms of the agreement (the “Agreement”), the highly regarded Québec based exploration portfolio will be optioned to Osisko Mining in return for time-based exploration expenditures.  Osisko Mining will benefit from the years of expertise brought to bear on these projects by the former Virginia Mines Inc. exploration team (acquired by Osisko Royalties in 2015), and will continue to advance significant exploration programs by integrating this team into Osisko Mining.

Osisko Mining may earn 50% interest of Osisko Royalties interest upon incurring expenditures totaling $19.2 million, and a 100% of its interest upon completing the total investment of $32 million over a 7 year period.  Osisko Royalties will maintain an escalating royalty ranging from 1% to a maximum of 3.5% on the properties subject to certain conditions in the Agreement to be negotiated between the parties prior to completion of the transaction.  New properties acquired by Osisko Mining in the designated area of interest during a 7 year term will also be subject to the Agreement.  Osisko Royalties will undertake not to participate in any exploration activities and will be required not to compete with Osisko Mining in areas covered by the Agreement, except for the continuation of activities on its Coulon copper-zinc project held by Osisko Royalties and other Québec institutional shareholders.

John Burzynski, Chief Executive Officer and President of Osisko Mining commented:  “We are very pleased to be able to announce today’s agreement with Osisko Gold Royalties.  Under the Agreement, Osisko Mining has the option to acquire 100% of Osisko Royalties interests in its James Bay portfolio, a group of 32 projects covering over 447,000 hectares in Quebec’s prolific James Bay area, in return for a seven year exploration commitment.  This property portfolio was developed over years of work conducted by the Osisko James Bay exploration group (formerly the Virginia Mines exploration group), and as part of the agreement Osisko Mining will be bringing the Osisko James Bay Exploration team into our company.  The transaction involves no share dilution or cash payments from Osisko Mining, and provides a vast territory of exploration ground to compliment Osisko Mining’s ongoing drilling programs at our major deposits in Québec and Ontario.  Significantly, Osisko Mining will also acquire the historic Virginia Mines database that was built up over more than 20 years with highly successful exploration in the James Bay and Labrador Trough areas.  The Osisko group, through the former Osisko Mining Corporation and former Virginia Mines teams, has had a great history of discovering gold at the drill bit, including two significant discoveries that are now both Quebec’s newest and largest gold mines – Canadian Malartic and Eleonore.  It is our hope and expectation that today’s announced transaction will provide further opportunities for Osisko Mining to make significant new discoveries in Québec.”

Completion of this transaction is subject to the negotiation and execution of definitive documentation, and obtaining any regulatory approvals, including TSX approval. The transaction is expected to have an effective date of October 1, 2016.

Due to the fact that Osisko Royalties is an insider of and a related party of Osisko Mining, this transaction is considered a “related party transaction” as set out in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Osisko Mining intends to rely on the exemption from the valuation requirements of MI 61-101 contained in section 5.5(a) and from minority approval requirements pursuant to section 5.7(a), due to the fact that the fair market value of the subject matter of, and the consideration for, the transaction, does not exceed 25% of the market capitalization of Osisko Mining. The entry into of the transaction has been approved by the directors of Osisko Mining, other than those with an interest in Osisko Royalties.

Exercise of Option

In connection with completion of the transactions described here, Osisko Mining understands that Osisko Royalties intends to exercise its option (negotiated on June 30, 2015) on properties held by Osisko Mining as of August 25, 2015, by paying $5 million.  Under terms of this agreement, Osisko Royalties will receive a 1% royalty on Osisko Mining’s Windfall property and Urban Barry property package in return for a cash payment of $5 million, in addition to its original equity investment of $17.8 million in August 2015.

About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Ontario.  Osisko continues to be well financed and has approximately $50 million in cash and cash equivalents as well as marketable securities of approximately $60 million.

Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about pending transactions, potential mineralization, the ability to realize upon any mineralization in a manner that is economic, the ability to complete any proposed exploration activities and the results of such activities; the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of Osisko, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to property interests; ability to obtain required approvals, complete definitive documentation and complete transactions on the terms announced, ability of Osisko to complete further exploration activities, including drilling; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

For further information please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653

TORONTO, ONTARIO–(Marketwired – Aug. 8, 2016) – Osisko Mining Inc. (TSX:OSK) (“Osisko” or the “Corporation“) is pleased to announce that it has entered into a binding purchase agreement (the “Agreement“) with 2176423 Ontario Ltd. (“2176423“), a company controlled by Mr. Eric Sprott, whereby Osisko has agreed to acquire ownership from 2176423 of an aggregate of 50,000,000 common shares in the capital of Barkerville Gold Mines Ltd. (BGM: TSXV) (the “Barkerville Shares“). The aggregate purchase price payable by the Corporation to 2176423 in consideration for 25,000,000 of the Barkerville Shares was $20,000,000, payable in cash (the “Cash Transaction“). The aggregate purchase price for the remaining 25,000,000 Barkerville Shares was payable by way of the issue to 2176423 of 8,097,166 common shares in the capital of the Corporation (the “Osisko Shares“) at $2.47 per Osisko Share (together with the Cash Transaction, the “Transaction“). Further, pursuant to the Transaction, the common shares in the capital of Barkerville were acquired at $0.80 per Barkerville Share.

After giving effect to the Transaction, Osisko will have ownership of a total of 50,000,000 Barkerville Shares, representing approximately 17% of the total number of issued Barkerville Shares.

All securities issued and purchased under the Transaction are subject to a statutory four month hold period. Completion of the transaction is subject to TSX approval. Osisko is relying on the private agreement exemption in Section 4.2 of National Instrument 62-104 Take-Over Bids and Issuer Bids with respect to the acquisition of the Barkerville Shares.

This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated August 8, 2016. The early warning report respecting the Transaction has been filed on System for Electronic Document Analysis and Review (“SEDAR“) at www.sedar.com under Barkervilles issuer profile. To obtain a copy of the early warning report filed by Osisko, please contact John Burzynski at (416) 363-8653 or refer to the SEDAR at www.sedar.com under Barkervilles issuer profile.

“The acquisition of an 17% interest in Barkerville is consistent with our strategy of building a portfolio of direct and indirect interests in what we believe will be the next generation of long life Canadian gold mines” said John Burzynski, Osiskos President and Chief Executive Officer.

Osisko notes that Barkerville is well funded with cash and short term investments of approximately $44.5 million as at May 31, 2016 to complete its near term development plans.

Osisko also notes that Barkervilles updated mineral resource estimate for the Cow Mountain area of the Cariboo Gold Project is outlined in the table below.

Classification	Tonnes (MTonnes)	Au Grade (g/t)	Au (Moz)1
Indicated	35.8	2.4	2.8
Inferred2	27.5	2.3	2.0

(1)	Contained metal may differ due to rounding.
(2)	The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

For further details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Cow Mountain area of the Cariboo Gold Project, please see the “Barkerville Gold Mines Ltd. Cow Mountain NI 43-101 Technical Report Project No. V1458” dated effective date March 3, 2015 and filed on SEDAR on May 15, 2015 under the issuer profile of Barkerville at www.sedar.com.

Qualified Person

The scientific and technical content of this press release has been reviewed by Mr. Gernot Wober, P.Geo. Vice President Exploration for Osisko Mining Inc., Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

2176423 Ontario Ltd.

Mr. Sprott currently holds indirectly, through 2176423, 105,281,643 Barkerville Shares and 3,260,000 Barkerville Share purchase warrants, representing approximately 35.8% of the outstanding Barkerville Shares on a non-diluted basis and 36.5% on a partially diluted basis assuming exercise of the warrants. After the Transaction, Mr. Sprott will hold indirectly 55,281,643 Barkerville Shares and 3,260,000 warrants, representing approximately 18.8% of the outstanding Barkerville Shares on a non-diluted basis and 19.7% on a partially diluted basis.

Mr. Sprott sold the Barkerville Shares for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional Barkerville Shares either on the open market or through private acquisitions or sell the Barkerville Shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of Mr. Sprotts early warning report will appear on Barkervilles profile on SEDAR and may also be obtained by calling (416) 362-7172 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J2.

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Ontario. After giving effect to the Transaction, Osisko will continue to be well financed and will have approximately $50 million in cash and cash equivalents as well as marketable securities (including the Barkerville Shares) of approximately $60 million.

Cautionary Note Regarding Forward-Looking Information

Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. Forward-looking information in this news release includes information concerning: the intentions, plans and future actions of Osisko; the expected timing for completing the Transaction, if at all; Osiskos ability to satisfy the conditions precedent to completing the Transaction, if at all; and other information that is not historical facts.

Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

This forward-looking information is based on reasonable assumptions and estimates of management of Osisko, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

Cautionary Statements Regarding Technical Information

Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing or other relevant issues. In particular, the quantity and grade of reported inferred mineral resources in the estimates referenced in this press release are uncertain in nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource in all cases. It is uncertain in all cases whether further exploration will result in upgrading the inferred mineral resources to an indicated or measured mineral resource category.

CONTACT INFORMATION:

John Burzynski
President & Chief Executive Officer
(416) 363-8653