Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX) is pleased to announce that
it has closed its previously announced non-brokered financing. Osisko issued a
total of 2,916,725 flow-through shares at a price of $4.20 per share for
aggregate gross proceeds of C$12,250,245. The securities issued under this
private placement are subject to a four month hold period ending on February 1,
2009.


The funds will be used to further conduct exploration program on the Canadian
Malartic gold deposit and adjacent areas.


About Osisko

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 $140 million on hand
and is carrying out an aggressive definition drilling and exploration campaign
on the Canadian Malartic deposit and surrounding properties.


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.