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Osisko Releases Third Quarter Financial Results

November 7, 2008

Osisko Mining Corporation (TSX: OSK)(FRANKFURT: EWX) is pleased to report its financial results for the period ended September 30, 2008.

During the third quarter of 2008, the Company incurred a loss of $0.1 million ($0.01 per share) compared to a loss of $5.4 million ($0.04 per share) in the corresponding period of 2007. For the first nine months, the Company has generated a profit of $3.5 million ($0.01 per share), mainly as a result of the recognition of the $4.5 million future tax recovery from the renunciation to the subscribers of the $25 million flow-through financing completed in July 2007 of the tax benefits for the exploration outlays. The loss recorded for the first nine months of 2007 amounted to $10.0 million ($0.08 per share). The Company has cash balances of $139 million as at September 30, 2008, and $78.4 million available on its mine equipment leasing facility.

During the third quarter, the Company continued to pursue the development of its Canadian Malartic Project. Major achievements included:

– Issued a NI 43-101 compliant Measured and Indicated mineral resource calculation of 7.69 million ounces of gold on the Canadian Malartic deposit;

– Filed the Environmental Impact Assessment Study with the Quebec Government;

– Continued aggressive drilling program on the South Barnat and other adjacent deposits to enhance the economics of the Project;

– Accepted the delivery of the construction mining fleet funded by a US$4.6 million initial drawdown on the US$ 83 million CAT Finance lease facility;

– Relocated 60 single and multi-residential units to the newly developed subdivision;

– Continued to compile the Project Feasibility Study which is expected to be released late in the fourth quarter 2008; and

– Completed a $12.25 million flow-through financing.

During the third quarter, the Company invested $36.6 million on the Canadian Malartic Project (Year-to-date: $82.7 million).

Key financial highlights are as follows:

 -----------------------------------------------------------------                            September 30, 2008   December 31, 2007 ----------------------------------------------------------------- Cash Position                    $138,620,000        $182,078,000 ----------------------------------------------------------------- Working Capital                  $123,376,000        $183,476,000 ----------------------------------------------------------------- Total Assets                     $315,072,000        $264,394,000 ----------------------------------------------------------------- Shareholders' Equity             $268,176,000        $252,538,000 ----------------------------------------------------------------- 

Mr. Sean Roosen, President and CEO, commented: “We are pleased with our progress on the Canadian Malartic Project during the quarter. The release of the Measured and Indicated mineral resource calculation allows us to focus on the finalization of the feasibility study while pursuing value enhancing with the drilling program on the South Barnat deposit. We are also pursuing financing opportunities to develop the Project despite extremely challenging financial markets”.

The 2008 third quarter financial statements and Management Discussion and Analysis (MD&A) have been filed on SEDAR.

Osisko Mining Corporation is currently evaluating the Canadian Malartic gold deposit and adjacent areas for a large-scale open pit, bulk-tonnage mining operation. The Company is well-funded with approximately $125 million on hand and is compiling a feasibility study on the Project. In addition, Osisko is pursuing an aggressive definition drilling and exploration campaign on adjacent deposits to enhance project economics.

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” 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 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 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: 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  

SOURCE: Osisko Mining Corporation




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