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MONTREAL, QUEBEC, Jul 07, 2009 Osisko Mining Corporation ("Osisko") (TSX: OSK)(FRANKFURT: EWX) is pleased to announce that it has concluded an agreement in principle with Societe generale de financement du Quebec ("SGF") for a financing in the amount of C$75,000,000. The financing will be structured as a senior non-guaranteed debenture, convertible at the discretion of the SGF into Osisko shares at a price of C$9.18 per share. It will carry an interest rate of 7.5%. The initial capital is to be reimbursed no later than December 15, 2014 (five years after the initial disbursement, which is anticipated to be no later than December 15, 2009).

The transaction is subject to several conditions and authorizations, including Osisko securing an additional 225 million dollars of financing, due diligence to the satisfaction of SGF, no significant material change prior to closing, approval of the board of directors of SGF and Osisko and the regulatory authorities. Osisko must also receive all permits required to develop the Canadian Malartic project and the negotiation of appropriate final documentation required for this type of transaction.

Mr. Sean Roosen, President and Chief Executive Officer of Osisko stated: "We are very happy to have such a strong financial partner from Quebec showing interest in the development of the Canadian Malartic project. This project, which requires investment of $1B, is important for the Abitibi-Temiscamingue region and putting it into production will result in important economic benefits for the region and for Quebec."

Osisko continues to pursue discussions with diverse financial institutions and strategic partners to complete the required financing for the development of the Canadian Malartic project. In addition Osisko currently has 44, 274,050 warrants outstanding at an exercise price of $5.45 per share that will expire November 17, 2009. The eventual exercise of these warrants would result in proceeds of an additional $241 million dollars to the Osisko treasury.

About SGF
Societe generale de financement du Quebec ( is an industrial and financial holding company. Its mission is to carry out economic development projects, with emphasis on the industrial sector, in cooperation with partners and in accordance with accepted requirements for profitability and the Government of Quebec's economic development policy. As part of its new mandate, SGF is authorized by the Government of Quebec to expand its traditional role as a share capital investor by offering complementary solutions, such as loans, debentures, or preferred share capital investments.

About Osisko
Osisko Mining Corporation 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 with $440 M in working capital and is carrying out an aggressive mine development, reserve definition and exploration campaign. The Canadian Malartic deposit currently represents one the biggest gold reserves in Canada for a single deposit, and is still growing through ongoing drilling on new mineralized zones. Current reserves for the Canadian Malartic property are 6.28 million ounces, plus (including the Barnat deposit) a measured and indicated resource of 3.65 million ounces and an inferred resource of 0.84 million ounces.

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", "scheduled" 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 consultants, 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 personnel, 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.

Osisko Mining Corporation
John Burzynski
Vice-President Corporate Development

Osisko Mining Corporation
Sylvie Prud'homme
Investor Relations
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