Intersects 182 Metres Averaging 2.00 g/t Au at South Barnat

Osisko - Virginia Gold Royalties

gold royalty company - 5% NSR on Malartic.

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Intersects 182 Metres Averaging 2.00 g/t Au at South Barnat

posted on Jan 19, 2009 05:51AM

January 19, 2009

Osisko Intersects 182 Metres Averaging 2.00 g/t Au at South Barnat

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.

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