OSISKO ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

(Toronto, December 28, 2018) Osisko Mining Inc. (TSX:OSK) (the “Corporation” or “Osisko“) today announces renewal of the normal course issuer bid program of the Corporation to purchase for cancellation, from time to time over a 12-month period, common shares of the Corporation (“Common Shares“) listed on the Toronto Stock Exchange (“TSX“) in an aggregate amount of up to 10% of the “public float” of the Corporation (the “NCIB Program“), being 14,251,609 Common Shares.

Repurchases under the NCIB Program may commence on January 2, 2019 and will terminate on January 1, 2020 or on such earlier date as the NCIB Program is complete. Purchases of Common Shares under the NCIB Program will be made in Canada through the facilities of the TSX in accordance with its rules. Daily purchases will be limited to 208,038 Common Shares, other than block purchase exemptions, representing 25% of the average daily trading volume of the Common Shares on the TSX for the six month period ending November 30, 2018, being 832,152 Common Shares.

The price that the Corporation may pay for any Common Shares purchased under the NCIB Program will be the prevailing market price at the time of purchase and any Common Shares purchased by the Corporation will be cancelled. The actual number of Common Shares repurchased under the NCIB Program and the timing of such repurchases will be at Osisko’s discretion and shall be subject to the limitations set out in the TSX Company Manual.

The board of directors of Osisko believes that the underlying value of the Corporation may not be reflected in the market price of the Common Shares from time to time and that, accordingly, the purchase of Common Shares will increase the proportionate interest in the Corporation of, and be advantageous to, all remaining shareholders of the Corporation

As of December 27, 2018, there were 257,189,331 Common Shares issued and outstanding, and the Corporation had a public float of 142,516,096 Common Shares.

Osisko has appointed BMO Nesbitt Burns Inc. to make any purchases under the NCIB Program on its behalf. The commencement of the NCIB Program is subject to TSX approval.

During the prior NCIB Program of the Corporation, which commenced on December 29, 2017 and will terminate on December 28, 2018, Osisko had approval to acquire up to 15,204,587 Common Shares, but nil Common Shares were acquired.

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% interest in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quevillon area (over 3,300 square kilometres), a 100% interest in the Marban project located in the heart of Québec’s prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Garrison property. The Corporation also holds interests and options in a number of additional properties in northern Québec and Ontario.

Forward-looking statements

This press release contains forward-looking statements. These forward-looking statements, by their nature, require the Corporation to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “continue”, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements including the fact that the Corporation “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur including, without limitation, statements about the board of directors of Osisko’s belief that the NCIB Program is advantageous to shareholders and that underlying value of the Corporation may not be reflected in the market price of the Common Shares, the Corporation’s intentions regarding the NCIB Program and whether the Corporation will receive the requisite acceptance of the TSX in respect of the NCIB Program. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly 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, without limitation: fluctuations in the prices of the commodities; fluctuations in the value of the Canadian dollar relative to the U.S. dollar; regulatory changes by national and local government, including corporate law, permitting and licensing regimes and taxation policies; continued availability of capital and financing and general economic, market or business conditions; business opportunities that become available to, or are pursued by Osisko; other uninsured risks. The forward looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; 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 of securities of the Corporation 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 Osisko Mining Inc.:

 

John Burzynski

President and Chief Executive Officer

Telephone: (416) 363-8653

 

OSISKO WINDFALL INITIAL BULK SAMPLE RETURNS 9.7 g/t Au HEAD GRADE

39% Higher Grade than Resource Model

(Toronto, December 18, 2018)  Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide preliminary results from Zone 27 bulk sampling.  The Zone 27 bulk sample is the first of three planned 5,000 tonne samples in the ongoing evaluation work at the Windfall project.

 

Results below represent 2,078 tonnes mined from Zone 27 wireframe 115.  The balance of 2,922 tonnes will be processed in the new year, with reconciled results from the full 5,000 tonne sample expected to be available by March 2019.

 

The average head grade obtained from the 2,082 tonnes is 9.7 g/t Au and 5.5 g/t Ag. These initial results successfully confirm prior drill hole information and the visible mineralization along the mined portion of Zone 27.  The average head grade from the sample is 39% higher than indicated in the resource block model for this area of Zone 27 (7.0 g/t Au).  Results are presented in the table below:

 Zone 27 Preliminary Bulk Sample Results

Tonnes

Milled (Dry)

 

Mill Head Grade

g/t Au

Mill Head

Grade

g/t Ag

Total Contained Gold Oz. Total Contained Silver Oz.
2,078 9.7 5.5 650 366

 

Osisko President and CEO John Burzynski commented: “We are very pleased to deliver an early Christmas gift to our shareholders with these great preliminary results from the Zone 27 bulk sample.  Having the grade come in 39% higher than anticipated is a strong result, and it is particularly encouraging given the recent increase in grades shown in the Lynx Zone resource update (see Osisko news release dated November 27, 2018).  The infill drilling program, recent resource update and now the initial bulk sampling results have all been demonstrating that the more detailed work we do at Windfall, the better it gets.”

 

Mill feed tonnages were provided by the custom mill used in the sample processing (Northern Sun Mining, operator of the Redstone mill in Timmins region, Ontario).  Daily composite samples collected during the processing of the bulk sample were assayed by ALS Laboratories in Val d’Or.

 

Processing and Resource Block Model Reconciliation

Processing of the bulk sample produced gold/silver gravity and flotation concentrates. The first 2,078 tonnes has been processed at an average throughput of approximately 350 dry tonnes per day. The total amount of gold and silver contained and produced from the full 5,000-tonne bulk sample, incorporating all underground data, will be used to reconcile the representative area in the Zone 27 resource block model once the full sample has been processed.

 

The resource block model was upgraded in this part of the deposit using recent 12.5 metre infill drilling and PEA block modelling parameters, and an average of grade of 7.0 g/t Au was estimated in the area mined.  The preliminary results returned 9.7 g/t Au head grade from the first 2,078 tonnes test milled.  PEA metallurgical testwork indicated recovery of 92.5% for Zone 27 (communition, gravity and whole ore leach) which is most appropriate given the nature of ore. Test mill availability dictated using a mill with a different process flowsheet consisting of comminution, gravity and flotation.  Final recoveries will be determined in the new year based on the concentrate volumes and reconciliation upon the completion of processing of the full 5,000 tonne sample. Osisko’s current mill design work anticipates using communition, gravity and whole ore leach as noted in the PEA and the Corporation anticipates ultimate recoveries to be within the parameters outlined (92.5%) from the metallurgically simple ore at Windfall.

Qualified Person

The scientific and technical content in this news release has been reviewed, prepared and approved by Kim-Quyên Nguyên, MBA., P.Eng. (OIQ 146014), Project Manager (Technical Studies) 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”). The actual estimation of the excavation from the Bulk Sample Resource Block Model from Zone 27 of the Windfall Lake Deposit, with an effective date of December 6, 2018, was prepared by Judith St-Laurent, P.Geo (OGQ #1023), B.Sc., of Osisko Mining, who is a “qualified person” as defined by NI 43-101. The scientific and technical content in this news release has been reviewed and approved by Mathieu Savard, P.Geo (OGQ #510), Vice President Exploration (Québec) of Osisko, who is a “qualified person” within the meaning of NI 43-101.

About the Windfall Lake Gold Deposit

The Windfall Lake gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in the Windfall Lake Technical Report (as defined below) and November 27, 2018 Lynx resource update, comprises 2,874,000 tonnes at 8.17 g/t Au (754,000 ounces) in the indicated mineral resource category and 10,352,000 tonnes at 7.11 g/t Au (2,366,000 ounces) in the inferred mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Windfall Lake gold project, please see the technical report entitled “Technical Report and Mineral Resource Estimate for the Windfall Lake Project, Windfall Lake and Urban-Barry Properties” and dated June 12, 2018 (effective date of May 14, 2018), which has been prepared by InnovExplo Inc. from Val-d’Or, Québec (the “Windfall Lake Technical Report”) and the news release “Osisko Releases Mineral Resource Update for Lynx” dated November 27, 2018, which has been prepared by Osisko and reviewed and approved by Micon International, Ltd. from Toronto, Ontario. The Windfall Lake Technical Report and news release are available on Osisko’s website at www.osiskomining.com and on SEDAR under Osisko’s issuer profile at www.sedar.com. The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. Mineralization occurs in four principal zones: Lynx, Zone 27, Caribou and Underdog. All zones comprise sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 900 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization 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% interest in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quevillon area (over 3,300 square kilometres), a 100% interest in the Marban project located in the heart of Québec’s prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Garrison property. The Corporation also holds interests and options in a number of additional properties in northern Québec and Ontario.

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, projections and interpretations as at the date of this news release. The information in this news release about the Windfall Lake gold deposit being one of the highest grade resource-stage gold projects in Canada; the significance of preliminary results from Zone 27 bulk sampling presented in this news release; plans to complete three 5,000 tonne samples, as well as other ongoing evaluation work at the Windfall project; the veracity of initial bulk sample results to confirm prior drill information; actual mineralization based on the visual nature of mineralization; shareholders considering a gift given before Christmas to be an early Christmas gift; timing to process the balance of 2,918 tonnes; reconciled results from the 5,000 tonne sample being available by early March 2019, if at all; the presentation of final recoveries; Osisko’s current mil design, including the use of communition, gravity and whole ore leached; the parameters of ultimate recoveries; the deposit remaining open along strike and at depth; potential depth extensions of the mineralized zones down-plunge and at depth; the type of drilling included in the drill program; potential mineralization; the potential to extend mineralization up and down-plunge and at depth at the Windfall Lake gold deposit; 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, including 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, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “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 the Corporation at the time such assumptions and estimates were made, and 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 the ability of exploration activities (including bulk sampling and drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling and bulk sampling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; 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 of securities of the Corporation 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

OSISKO INFILL 38.9 g/t Au OVER 13.7 METRES AT UNDERDOG

Infill Drilling Continues to Intersect High Grade

(Toronto, December 5, 2018) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new infill drilling results from the ongoing drill definition and expansion program at its 100% owned Windfall Lake gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.  The 800,000 metre drill program commenced in late 2015. The program is currently focussed on infill drilling within the main Windfall gold deposit and the adjacent Lynx deposit (located immediately NE of Windfall), exploration and expansion drilling on the main mineralized zones, and deep exploration in the central areas of the intrusive system. Significant new analytical results from 38 intercepts in 13 drill holes and 4 wedges focused on infill drilling are presented below.

Todays results were not included in the recent Lynx resource update (see Osisko news release dated November 27, 2018).  Highlights from new infill drilling results include: 161 g/t Au over 4.3 metres and 74.4 g/t Au over 2.0 metres in OSK-W-18-1768;  38.9 g/t Au over 13.7 metres and 27.7 g/t Au over 4.4 metres in OSK-W-18-1139-W1;  96.9 g/t Au over 2.6 metres and 32.0 g/t Au over 5.1 metres in OSK-W-18-1770; 16.9 g/t Au over 8.5 metres in OSK-W-18-1760;  53.0 g/t Au over 2.5 metres in OSK-W-18-1756 and 60.3 g/t Au over 2.0 metres in OSK-W-18-1765.  Maps showing hole locations and full analytical results are available at www.osiskomining.com

Hole Number From

(m)

To

(m)

Interval

(m)

Au (g/t)

uncut

Au (g/t)

cut to

100 g/t

Type Mineralized

zone

OSK-EAG-13-509 536.8 539.2 2.4 4.32 Infill Zone 27
OSK-W-18-1104-W1 446.0 448.0 2.0 6.52   Infill Lynx
including 446.3 446.6 0.3 41.8
OSK-W-18-1139-W1 696.0 698.3 2.3 26.4   Infill Underdog
including 697.0 697.8 0.8 54.9
  713.0 726.7 13.7 38.9 33.9 Infill Underdog
including 719.0 724.4 5.4 81.7 69.2
  768.7 771.0 2.3 47.8 45.2 Infill Underdog
including 768.7 769.7 1.0 106 100
  773.0 775.0 2.0 6.90   Infill Underdog
including 774.0 774.3 0.3 41.6
  790.0 794.4 4.4 27.7 26.8 Infill Underdog
including 791.2 792.7 1.5 72.1 69.3
OSK-W-18-1598-W1 511.0 513.0 2.0 51.5 46.5 Infill Lynx
OSK-W-18-1741-W1 483.1 485.4 2.3 14.0   Infill Lynx
including 484.4 484.8 0.4 73.4
OSK-W-18-1748 122.0 124.0 2.0 4.23   Infill Lynx
OSK-W-18-1756 169.5 172.0 2.5 53.0 31.9 Infill Lynx
including 170.2 170.6 0.4 232 100
  244.4 246.4 2.0 6.72   Infill Lynx
OSK-W-18-1759 218.0 220.0 2.0 3.80   Infill Lynx
OSK-W-18-1760 211.7 213.7 2.0 3.74   Infill Lynx
  220.0 228.5 8.5 16.9 13.3 Infill Lynx
OSK-W-18-1765 188.0 190.3 2.3 3.16   Infill Lynx
including 189.8 190.3 0.5 10.5
  203.0 205.0 2.0 9.84   Infill Lynx
including 204.0 205.0 1.0 19.5
  229.8 231.8 2.0 60.3 41.6 Infill Lynx
including 231.1 231.4 0.3 217 100
  249.4 251.8 2.4 7.41   Infill Lynx
including 250.2 250.9 0.7 24.7
OSK-W-18-1767 47.0 49.0 2.0 3.67   Infill Caribou
OSK-W-18-1768 202.5 204.5 2.0 3.65   Infill Lynx
including 202.5 202.8 0.3 23.2
  219.0 222.4 3.4 13.0   Infill Lynx
including 219.0 219.8 0.8 48.1
  261.0 263.0 2.0 4.49   Infill Lynx
  268.7 273.0 4.3 161 37.0 Infill Lynx
including 269.2 269.6 0.4 866 100
and 271.9 272.7 0.8 381 100
  283.0 285.5 2.5 22.1   Infill Lynx
including 284.1 284.7 0.6 85.2
  294.0 296.0 2.0 74.4 15.1 Infill Lynx
  330.3 332.6 2.3 8.06   Infill Lynx
including 332.2 332.6 0.4 22.0
OSK-W-18-1770 127.8 130.4 2.6 96.9 37.5 Infill Lynx
including 128.7 129.5 0.8 293 100
  172.0 175.0 3.0 11.1   Infill Lynx
including 172.0 173.5 1.5 22.1
  213.0 215.5 2.5 19.0   Infill Lynx
including 214.1 214.8 0.7 67.9
  246.8 249.0 2.2 30.2   Infill Lynx
including 247.2 248.0 0.8 82.8
  252.0 257.1 5.1 32.0 25.5 Infill Lynx
including 256.0 257.1 1.1 113 83.4
OSK-W-18-1771 276.8 279.0 2.2 6.83   Infill Caribou
including 277.4 278.0 0.6 24.2
OSK-W-18-1772 226.4 228.5 2.1 19.1   Infill Lynx
including 226.4 227.7 1.3 30.7
  274.2 276.3 2.1 31.3 24.0 Infill Lynx
including 275.5 275.8 0.3 151 100
  281.0 283.0 2.0 11.9   Infill Lynx
WST-18-0017 76.6 79.0 2.4 12.8   Infill Zone 27
including 76.6 77.2 0.6 45.1
WST-18-0024 25.7 28.1 2.4 26.5   Infill Mallard
Hole Number Azimuth (°) Dip

(°)

Length (m) UTM E UTM N Elevation

(m)

Section
OSK-EAG-13-509 330 -57 579 452523 5434658 403 2625
OSK-W-18-1104-W1 142 -50 501 453383 5435455 402 3775
OSK-W-18-1139-W1 333 -56 874 452474 5434469 401 2500
OSK-W-18-1598-W1 145 -51 546 453346 5435471 406 3750
OSK-W-18-1741-W1 144 -48 528 453328 5435466 406 3725
OSK-W-18-1748 301 -61 147 452908 5434835 390 3050
OSK-W-18-1756 330 -57 291 453358 5434956 397 3500
OSK-W-18-1759 331 -57 252 453323 5434955 397 3475
OSK-W-18-1760 332 -55 267 453358 5434956 397 3500
OSK-W-18-1765 333 -57 306 453359 5434955 397 3500
OSK-W-18-1767 329 -65 165 452578 5434902 405 2800
OSK-W-18-1768 332 -63 375 453429 5434977 396 3575
OSK-W-18-1770 335 -60 312 453306 5434954 398 3450
OSK-W-18-1771 334 -57 318 452475 5434526 402 2525
OSK-W-18-1772 331 -64 392 453429 5434977 396 3575
WST-18-0017 192 -6 177 452280 5434976 264 2575
WST-18-0024 170 -39 181 452280 5434976 264 2575

 

OSK-EAG-13-509 intersected 4.32 g/t Au over 2.4 metres in Zone 27. Mineralization consists of 3% disseminated pyrite and clusters in an andesite with moderate pervasive sericite alteration at the contact with a porphyritic felsic dike.

OSK-W-18-1104-W1 intersected 6.52 g/t Au over 2.0 metres in Lynx. Mineralization consists of up to 1% pyrite in quartz-carbonate crustiform veins and 7% pyrite stringers with pervasive silica flooding. The host is a strong silica and moderate sericite altered fragmental felsic intrusion.

OSK-W-18-1139-W1 intersected five intervals in Underdog: 26.4 g/t Au over 2.3 metres, 38.9 g/t Au over 13.7 metres, 47.8 g/t Au over 2.3 metres, 6.90 g/t Au over 2.0 metres and 27.7 g/t Au over 4.4 metres. The first interval contains up to 15% pyrite stringers within a strongly silicified and sericitized porphyritic felsic dike. The other four intervals all contain local visible gold and up to 7% pyrite within pervasive silica flooding hosted in a moderate to strong sericite and silica altered porphyritic felsic dike.

OSK-W-18-1598-W1 intersected 51.5 g/t Au over 2.0 metres in Lynx. Mineralization consists of local visible gold within pervasive silica flooding and 10% pyrite at the border of a quartz-tourmaline-carbonate crustiform vein. The host is a strong pervasive silica and moderate carbonate altered gabbro with tourmaline veins.

OSK-W-18-1741-W1 intersected 14.0 g/t Au over 2.3 metres in Lynx. Mineralization consists of local visible gold, 2% pyrite with tourmaline infilling fractures within pervasive silica flooding in a moderate to strong silica and sericite altered gabbro.

OSK-W-18-1748 intersected 4.23 g/t Au over 2.0 metres in Lynx. Mineralization consists of traces disseminated and stringer pyrite in a porphyritic felsic dike with tourmaline and moderate chlorite, sericite, silica and carbonate alteration.

OSK-W-18-1756 intersected 53.0 g/t Au over 2.5 metres and 6.72 g/t Au over 2.0 metres in Lynx. The first interval contains local visible gold, up to 8% disseminated pyrite or in stringers with tourmaline and trace chalcopyrite within a weak silica altered rhyolite with local strong carbonate alteration and breccia texture. The second interval contains 3% pyrite with pervasive silica flooding and quartz-tourmaline veinlets within a weak sericite altered rhyolite.

OSK-W-18-1759 intersected 3.80 g/t Au over 2.0 metres in Lynx. Mineralization consists of local visible gold and 7% pyrite with pervasive silica flooding hosted in a moderate sericite and silica altered rhyolite.

OSK-W-18-1760 intersected 3.74 g/t Au over 2.0 metres and 16.9 g/t Au over 8.5 metres in Lynx. The first interval contains 4% pyrite clusters and stringers, mostly as a stockwork within a moderate sericite, weak silica and fuchsite altered gabbro. The second interval contains local visible gold, up to 10% disseminated pyrite and 1% sphalerite within a strong pervasive silica and moderate sericite altered fragmental felsic intrusion.

OSK-W-18-1765 intersected four intervals in Lynx: 3.16 g/t Au over 2.3 metres, 9.84 g/t Au over 2.0 metres, 60.3 g/t Au over 2.0 metres and 7.41 g/t Au over 2.4 metres. The first and second intervals contain 1% pyrite stringers and 1% pyrite fragments in a sericitized porphyritic felsic intrusion. The third interval contains local visible gold and 4% pyrite with pervasive silica flooding within a strong silica, weak fuchsite and sericite altered porphyritic felsic dike. The fourth interval contains up to 5% pyrite stringers and quartz veins with pervasive silica flooding hosted in weak sericite altered rhyolite.

OSK-W-18-1767 intersected 3.67 g/t Au over 2.0 metres in Caribou.  Mineralization consists of 3% pyrite stringers and 1% pyrite clusters hosted in a sericite and silica altered porphyritic felsic intrusion.

OSK-W-18-1768 intersected seven intervals in Lynx: 3.65 g/t Au over 2.0 metres, 13.0 g/t Au over 3.4 metres, 4.49 g/t Au over 2.0 metres, 161 g/t Au over 4.3 metres, 22.1 g/t Au over 2.5 metres, 74.4 g/t Au over 2.0 metres and 8.06 g/t Au over 2.3 metres. The first interval contains up to 10% pyrite stringers at the contact between a weak fuchsite and sericite altered gabbro and a rhyolite. The second interval contains local visible gold, 1% disseminated and stringer pyrite and trace sphalerite within pervasive silica flooding located at the contact between a fuchsite altered gabbro and a sericitized rhyolite. The third interval contains trace pyrite-silica flooding and tourmaline veins within a strong sericite, moderate carbonate and silica altered porphyritic felsic intrusion. The fourth interval contains local visible gold with strong pervasive silica flooding and 1% pyrite stringers hosted in a silica altered porphyritic felsic dike. The fifth and sixth intervals contain local visible gold, 2% pyrite stringers and 1% disseminated pyrite within pervasive silica flooding and hosted in sericite, fuchsite and silica altered rhyolite. The last interval contains 1% disseminated pyrite and trace sphalerite with crustiform veins hosted in sericite, silica and fuchsite altered gabbro.

OSK-W-18-1770 intersected five intervals in Lynx: 96.9 g/t Au over 2.6 metres, 11.1 g/t Au over 3.0 metres, 19.0 g/t Au over 2.5 metres, 30.2 g/t Au over 2.2 metres and 32.0 g/t Au over 5.1 metres. The first interval contains traces of pyrite stringers within a sheared and sericite altered andesite. The second interval contains traces of pyrite fragments within a sericite altered gabbro. The third interval contains local visible gold and 5% disseminated pyrite within pervasive silica flooding and hosted in a strong biotite altered rhyolite. The fourth interval contains local visible gold and 3% disseminated pyrite with pervasive silica flooding and fuchsite alteration hosted in a strong silica, biotite and sericite altered rhyolite. The last interval contains local visible gold and up to 7% disseminated and stringer pyrite and with pervasive silica flooding hosted in a silica, fuchsite and biotite altered rhyolite.

OSK-W-18-1771 intersected 6.83 g/t Au over 2.2 metres in Caribou. Mineralization consists of 5% pyrite clusters and 5% disseminated pyrite within a strong fault zone hosted in a silicified and sericitized rhyolite.

OSK-W-18-1772 intersected three intervals in Lynx: 19.1 g/t Au over 2.1 metres, 31.3 g/t Au over 2.1 metres and 11.9 g/t Au over 2.0 metres. The first interval contains 1% pyrite stringers hosted in moderate silica and sericite altered rhyolite. The second interval contains 1% disseminated and stringer pyrite and up to 2% sphalerite with pervasive silica flooding hosted at a sericite, silica and fuchsite altered contact between a felsic intrusion and a rhyolite. The third interval contains 1% disseminated and clustered pyrite and ptygmatic tourmaline veins within a moderate sericite, carbonates and fuchsite altered rhyolite.

WST-18-0017 intersected 12.8 g/t Au over 2.4 metres in Zone 27. Mineralization consists of 1% disseminated pyrite and stringers within a moderate sericite and silica altered andesite.

WST-18-0024 intersected 26.5 g/t Au over 2.4 metres in Mallard. Mineralization consists of disseminated pyrite with a crustiform vein hosted in weak sericite altered andesite.

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko’s 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 and Reporting Protocols

True width determination is estimated at 65-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) 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 assay.

About the Windfall Lake Gold Deposit

The Windfall Lake gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in the Windfall Lake Technical Report (as defined below) and November 27, 2018 Lynx resource update, comprises 2,874,000 tonnes at 8.17 g/t Au (754,000 ounces) in the indicated mineral resource category and 10,352,000 tonnes at 7.11 g/t Au (2,366,000 ounces) in the inferred mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Windfall Lake gold project, please see the technical report entitled “Technical Report and Mineral Resource Estimate for the Windfall Lake Project, Windfall Lake and Urban-Barry Properties” and dated June 12, 2018 (effective date of May 14, 2018), which has been prepared by InnovExplo Inc. from Val-d’Or, Québec (the “Windfall Lake Technical Report”) and the press release “Osisko Releases Mineral Resource Update for Lynx” dated November 27, 2018, which has been prepared by Osisko and reviewed and approved by Micon International, Ltd. from Toronto, Ontario. The Windfall Lake Technical Report and press release are available on Osisko’s website at www.osiskomining.com and on SEDAR under Osisko’s issuer profile at www.sedar.com. The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. Mineralization occurs in four principal zones: Lynx, Zone 27, Caribou and Underdog. All zones comprise sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 900 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization 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% interest in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quevillon area (over 3,300 square kilometres), a 100% interest in the Marban project located in the heart of Québec’s prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Garrison property. The Corporation also holds interests and options in a number of additional properties in northern Québec and Ontario.

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, projections and interpretations as at the date of this news release. The information in this news release about the Windfall Lake gold deposit being one of the highest grade resource-stage gold projects in Canada; the significance of results from the new infill drilling and ongoing drill definition and expansion program at the Windfall Lake gold project; the significance of assay results presented in this news release; the deposit remaining open along strike and at depth; potential depth extensions of the mineralized zones down-plunge and at depth; the actual mineralization of local visible gold; the current 800,000 metre drill program; the type of drilling included in the drill program; potential mineralization; the potential to extend mineralization up and down-plunge and at depth at the Windfall Lake gold deposit; 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, including 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, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “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 the Corporation at the time such assumptions and estimates were made, and 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 the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; 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 of securities of the Corporation 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