MONTREAL, QUEBEC, Nov. 6, 2009 (Marketwire) -- Osisko Mining Corporation (the "Company")(TSX:OSK)(FRANKFURT:EWX) is pleased to report its third quarter financial results for the period ended September 30, 2009.

Highlights

- Receipt of Quebec Government authorizations to proceed with the Canadian Malartic Project (the "Project");

- Commencement of construction of the Canadian Malartic Mine on August 27, 2009;

- Approaching completion of the Malartic relocation program;

- Completion of a $149.5 million equity financing; and

- Successful negotiation of two major debt financing agreements totalling $225 million.

During the third quarter of 2009, the Company incurred a loss of $5.7 million ($0.02 per share) compared to a loss of $0.1 million ($0.00 per share) in the corresponding period of 2008. For the first nine months of 2009, the Company has incurred a loss of $12.4 million ($0.05 per share) compared to a net income of $3.5 million ($0.02 per share) generated in the corresponding period of 2008.

Higher costs were incurred both in the quarter and the nine-month period as a result of a significant increase in pre-mining construction activities as the Company moves from an exploration company towards becoming an intermediate gold development and operating company. The 2008 nine-month period results included an income tax recovery of $4.5 million following renunciation of the tax attributes to the subscribers of the $25 million flow-through financing of July 2007. The recovery in 2009 was lower at $2.0 million as a result of a lower flow-through financing of $12.25 million in 2008.

Following the receipt of the Conseil des ministres du Quebec order in council authorizing the completion of the Canadian Malartic gold mine project and the necessary permits, Osisko commenced construction of the Project on August 27, 2009.

The Company mobilized several contractors to complement its own workforce to initiate work at site. The successful mobilization has resulted in a very good start to the Project with the following milestones having been achieved:

1. Initiation of the foundation work on the mill and ancillary buildings. Some 14,000 m3 of concrete were poured, highlighted by a continuous 2,760 m3 pour for the three ball mill foundations on September 29, 2009;

2. Initiation of the excavation work for the crusher;

3. Commencement of the construction of the polishing pond dams necessary to allow for the dewatering of the existing East Malartic tailings area;

4. Start of the steel erection at the truck shop/administration building.

Some 200 contractors were on site by the end of the third quarter.

Significant progress has been achieved in the relocation program, including the following milestones:

- Completion of the home relocation program with some 135 single/multi-unit residences being relocated to the new subdivision;

- Completion of the primary school, adult learning centre and day care facility.