Osisko Intersects 5.5 g/t Au Over 54.0 Metres at Upper Beaver

Osisko Intersects 5.5 g/t Au Over 54.0 Metres at Upper Beaver 
- Includes 18.7 g/t Au with 1.9% Cu over 11.0 Metres 
- New Step Out Hole Intersects 27.7 g/t Au over 4.0 m 
MONTREAL, QUEBEC -- (Marketwire) -- 01/30/13 -- Osisko Mining
Corporation (TSX:OSK)(FRANKFURT:EWX) is pleased to announce results
from the ongoing diamond drill program at the Upper Beaver gold
project located in Kirkland Lake, Ontario. The Upper Beaver project
is 100% owned by Osisko Mining Ltd., a wholly-owned subsidiary of
Osisko.  
Highlights from the new holes include 5.5g/t Au over 54.0 metres,
including 18.7 g/t Au with 1.9% Cu over 11.0 metres (infill hole
UB12-262W3); 16.9 g/t Au over 13.0 metres (infill hole UB12-262W2);
and 27.7 g/t Au over 4.0 metres (hole UB12-269W1) in a new step-out. 
The tabled results (see below) represent 30 new (and wedge) holes
(19,883 metres total drilling) completed in Q4 2012 as part of the
in-fill resource definition and step-out exploration program at Upper
Beaver. 
In-fill Resource Definition 
In-fill drilling continues to confirm the continuity and high-grade
nature of the core of the deposit. Seven wedge holes on the west
portion of the deposit intersected significant mineralization. One
hole and three wedges at the -700 m elevation of the deposit returned
intervals in the Porphyry Zone assaying 12.8 g/t Au with 0.87% Cu
over 9.0 m (including 36.8 g/t Au with 1.48% Cu over 3.0 m) in hole
UB12-262; 1.9 g/t Au with 0.18% Cu over 22.7 m in hole UB12-262W1;
16.9 g/t Au with 0.20% Cu over 13.0 m (including 89.9 g/t Au with
trace Cu over 2.0 m) in hole UB12-262W2; and 5.5 g/t Au with 0.6% Cu
over 54.0 m in hole UB12-262W3. The thick interval in UB12-262W3
includes three sub-zones, 18.7 g/t Au with 1.9% Cu over 11.0 m, 2.3
g/t Au with 0.4% Cu over 14.0 m and 6.5 g/t Au with 0.4% Cu over 7.0
m.  
Four wedge holes between -900 m and -1100 m intersected the Porphyry
Zone, returning 15.1 g/t Au with 0.6% Cu over 3.0 m (hole
UB12-161W9); 3.2 g/t Au with 0.7% Cu over 11.0 m (hole UB12-161W10);
4.2 g/t Au with 0.4% Cu over 6.0 m (hole UB12-161W11); and 3.6 g/t Au
with trace Cu over 5.0 m (hole UB12-161W12). 
Four holes targeted the Porphyry Zone on the east portion of the
deposit. Holes UB12-254 and UB12-254W1 intersected the zone at -600 m
bel
ow surface, respectively assaying 3.1 g/t Au with 0.3% Cu over
26.0 m (including 9.7 g/t Au with 0.3% Cu over 6.0 m), and 12.6 g/t
Au with 0.2% Cu over 6.0 m. Near -400 m depth, hole UB12-259 returned
1.5 g/t over 7.0 m, and UB12-263 returned 4.0 g/t Au over 10.0 m
(including 7.1 g/t Au over 5.0 m). 
Step-out Exploration 
Exploration drilling has intersected significant mineralization east
and west of the deposit. Seven wedge holes intersected significant
mineralization from near surface to -500 m approximately 50 m west of
the existing mineral resource. Significant intersections include 27.7
g/t Au over 4.0 m (hole UB12-269W1); 41.6 g/t Au over 1.0 m and 9.1
g/t Au with 1.1% Cu over 2.0 m (hole UB12-260); 11.0 g/t Au over 1.0
m and 6.2 g/t Au over 4.0 m (hole UB12-265); 10.5 g/t Au over 1.0 m
(hole UB12-269); and 0.9 g/t Au with 0.4% Cu over 19.0 m (hole
UB12-257). 
Six wedge holes intersected significant mineralization (expanding the
footprint of the deposit) approximately 100 m - 300 m east of the
known mineral resource. Significant intersections returned 5.6 g/t Au
over 6.0 m and 3.4 g/t Au over 10.0 m (hole UB12-250W1) at a depth of
-700 m; 4.8 g/t Au over 4.0 m (hole UB12-270) near - 150 m depth; and
18.2 g/t Au over 1.0 m (hole UB12-274) near -150 m depth. 
About Upper Beaver 
The Upper Beaver mine produced approximately 140,000 oz of gold and
12 million pounds of copper intermittently from 1912 to 1971, from
526,678 tonnes averaging 8.31 g/t Au and 1.03% Cu. Queenston
commenced exploration on the property in 2005 and defined the first
new mineral resource in 2009. Since 2005 three-hundred and eighty new
diamond drill holes (including wedges) have been completed on the
property, representing 236,874 metres of drilling.  
A Preliminary Economic Assessment ("PEA") was completed on Upper
Beaver in early 2012 (Queenston press release, February 16, 2012).
The PEA studied the economics of building a 2,000 tonne per day
mine/mill complex at Upper Beaver that would produce on average
120,000 oz of gold and 5.3 million pounds of copper annually with
first production targeted in 2016. The permit to sink a new 1,300 m
deep shaft was received in September 2012 and detailed engineering,
procurement and shaft collar excavation have commenced. The PEA
incorporated the May 2011 mineral resource for Upper Beaver,
containing 3,074,000 t averaging 7.0 g/t Au (690,000 oz) with 0.5% Cu
(36.6 M lbs) (Indicated) and 3,093,000 t averaging 6.2 g/t Au
(616,000 oz) with 0.4% Cu (28.0 M lbs) (Inferred) (Queenston press
release, May 4, 2011).  
An updated mineral resource was announced on September 2012,
increasing the indicated resource by 112% to 6,870,000 t averaging
6.6 g/t Au (1,461,000 oz) and 0.37% Cu (56 M lbs), and increasing the
inferred resource by 16% to 4,570,000 t averaging 4.9 g/t Au (712,000
oz) and 0.32% Cu (32 M lbs) (Queenston press release, September 26,
2012). 
The focus at Upper Beaver for 2013 will be on the development of the
1,300 metre exploration shaft, including engineering, design and
fabrication of the head frame and hoisting facilities. The shaft
collar has been established and exploration on the deposit continues
with six drills.  
Quality Control 
All NQ core assays reported were obtained by standard 30 g
fire-assaying-AA finish or gravimetric finish at Swastika
Laboratories of Swastika, Ontario. Drill program design, Quality
Assurance/Quality Control and interpretation of results is performed
by qualified persons employing a QA/QC program consistent with NI
43-101 and industry best practices. The Upper Beaver project is
supervised by Mark Masson, P.Geo. Standards and blanks are submitted
every 25 samples for QA/QC purposes by the Company as well as the
lab. Approximately 5% of sample rejects and/or pulps are sent to
secondary laboratories for check assaying.  
Mr. William McGuinty, P.Geo. is Project Manager for Osisko Mining
Ltd. and is the Qualified Person responsible for the technical
information reported herein, including verification of the data
disclosed.  
About Osisko 
Osisko Mining Corporation operates the Canadian Malartic Gold Mine in
Malartic, Quebec and is carrying out aggressive exploration and
project development elsewhere in Canada and Latin America.  
Cautionary Notes Concerning Estimates of Mineral Resources  
This news release uses such terms as measured, indicated and inferred
resources as a relative measure of the level of confidence in the
resource estimate. Readers are cautioned that mineral resources are
not economic mineral reserves and that the economic viability of
resources that are not mineral reserves has not been demonstrated. In
addition, inferred resources are considered too geologically
speculative to have any economic considerations applied to them.
Under Canadian rules, estimates of inferred mineral resources may not
be used in the determination of feasibility or pre-feasibility
studies or economic studies except for a Preliminary Assessment as
defined under NI 43-101. It cannot be assumed that all or any part of
an inferred mineral resource will ever be upgraded to a higher
category. Readers are cautioned not to assume that further work to
improve mineral resources will lead to determination of mineral
reserves that can 
be mined economically.  
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 Osisko 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 including, without limitation, the
continued development of the Upper Beaver project and more
specifically the development of the exploration shaft. Although
Osisko 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 achieve such events qualified by the
foregoing cautionary note regarding forward looking statements, 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
construction personnel, results of exploration and development
activities, Osisko's limited experience with production and mining
operations, uninsured risks, regulatory framework and 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 Osisko's most recent Annual Information Form and in the
most recent Management Discussion and Analysis filed on SEDAR, which
also provide additional general assumptions in connection with these
statements. Osisko cautions that the foregoing list of important
factors is not exhaustive. Investors and others who base themselves
on forward-looking statements should carefully consider the above
factors as well as the uncertainties they represent and the risk they
entail. Osisko 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. 
Table 1. Significant Upper Beaver Assay Results (January 2013) 


 
                                                                            
----------------------------------------------------------------------------
                    From        To  Interval        Cu        Au            
Hole #               (m)       (m)       (m)       (%)     (g/t)     Comment
----------------------------------------------------------------------------
UB12-161W9        1022.0    1024.0       2.0      0.33      5.59 Infill - NC
                                                                        West
----------------------------------------------------------------------------
                  1096.0    1099.0       3.0      0.56     15.14    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
UB12-161W10       1094.0    1105.0      11.0      0.66      3.19    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
UB12-161W11       1053.0    1067.0      14.0      0.21      2.43    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
including         1053.0    1059.0       6.0      0.37      4.18    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
and               1057.0    1059.0       2.0      0.51      9.33    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
UB12-161W12        968.0     970.0       2.0     trace      5.28    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
                  1038.0    1043.0       5.0     trace      3.64    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
including         1041.0    1042.0       1.0     trace     15.09    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
UB12-250W1         877.0     883.0       6.0     trace      5.64 Exploration
                                                                   - FW East
----------------------------------------------------------------------------
including          880.0     883.0       3.0     trace      9.70 Exploration
                                                                   - FW East
----------------------------------------------------------------------------
                   892.0     902.0      10.0     trace      3.43 Exploration
                                                                   - FW East
----------------------------------------------------------------------------
including          896.3     898.0       1.7     trace     12.28 Exploration
                                                                   - FW East
----------------------------------------------------------------------------
UB12-250W2         783.0     785.0       2.0     trace      2.87 Exploration
                                                                  - Porphyry
                                                                   Zone East
----------------------------------------------------------------------------
                   795.0     796.0       1.0     trace      4.52 Exploration
                                                
                  - Porphyry
                                                                   Zone East
----------------------------------------------------------------------------
                   839.0     840.0       1.0     trace      3.53 Exploration
                                                                   - FW East
----------------------------------------------------------------------------
UB12-254           641.0     667.0      26.0      0.33      3.14    Infill -
                                                                    Porphyry
                                                                   Zone East
----------------------------------------------------------------------------
including          661.0     667.0       6.0      0.28      9.67    Infill -
                                                                    Porphyry
                                                                   Zone East
----------------------------------------------------------------------------
and                666.0     667.0       1.0     trace     44.36    Infill -
                                                                    Porphyry
                                                                   Zone East
----------------------------------------------------------------------------
UB12-254W1         644.0     650.0       6.0      0.20     12.59    Infill -
                                                                    Porphyry
                                                                   Zone East
----------------------------------------------------------------------------
including          647.0     648.0       1.0      0.38     57.90    Infill -
                                                                    Porphyry
                                                                   Zone East
----------------------------------------------------------------------------
UB12-257            67.0      86.0      19.0      0.39      0.95 Exploration
                                                                      - West
----------------------------------------------------------------------------
                   170.0     184.0      14.0      0.17      0.86 Exploration
                                                                      - West
----------------------------------------------------------------------------
                   224.0     245.0      21.0      0.24      0.73 Exploration
                                                                      - West
----------------------------------------------------------------------------
                   315.0     340.0      25.0      0.18      0.80 Exploration
                                                                      - West
----------------------------------------------------------------------------
                   363.0     370.0       7.0      0.17      2.06 Exploration
                                                                      - West
----------------------------------------------------------------------------
UB12-259           534.0     536.0       2.0     trace      5.86 Infill - NC
                                                                        East
----------------------------------------------------------------------------
                   591.0     598.0       7.0     trace      1.48    Infill -
                                                                    Porphyry
                                                                   Zone East
----------------------------------------------------------------------------
UB12-260            60.0      66.0       6.0      0.19      1.06 Exploration
                                                                      - West
----------------------------------------------------------------------------
                   199.0     200.0       1.0     trace     41.63 Exploration
                                                                      - West
----------------------------------------------------------------------------
                   293.0     302.0       9.0      0.48      2.46 Exploration
                                                                      - West
----------------------------------------------------------------------------
including          296.0     298.0       2.0      1.14      9.09 Exploration
                                                                      - West
----------------------------------------------------------------------------
                   430.0     466.0      36.0      0.23      0.45 Exploration
                                                                      - West
----------------------------------------------------------------------------
                   649.0     650.0       1.0     trace      8.57 Exploration
                                                                      - West
----------------------------------------------------------------------------
UB12-262           605.0     608.0       3.0     trace      5.99 Infill - NC
                                                                        West
----------------------------------------------------------------------------
                   715.0     717.0       2.0     trace     12.94 Infill - NC
                                                                        West
----------------------------------------------------------------------------
                   785.0     794.0       9.0      0.87     12.80    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
including          791.0     794.0       3.0      1.48     36.77    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
UB12-262W1         762.0     784.7      22.7      0.18      1.92    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
                   787.7     788.8       1.1      0.62      5.69    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
UB12-262W2         693.0     695.0       2.0     trace      5.33 Infill - NC
                                                                        West
----------------------------------------------------------------------------
                   766.0     779.0      13.0      0.20     16.86    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
including          776.0     778.0       2.0     trace     89.98    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
                   782.0     789.0       7.0      0.12      3.19    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
UB12-262W3         830.0     884.0      54.0      0.60      5.54    Infill -
                                                                    Porphyry
                                                  
                 Zone West
----------------------------------------------------------------------------
including          830.0     841.0      11.0      1.89     18.65    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
and                851.0     865.0      14.0      0.40      2.25    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
and                869.0     876.0       7.0      0.42      6.49    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
UB12-263           551.0     567.0      16.0     trace      2.79    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
including          558.0     568.0      10.0     trace      4.05    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
including          560.0     565.0       5.0     trace      7.06    Infill -
                                                                    Porphyry
                                                                   Zone West
----------------------------------------------------------------------------
UB12-264           153.0     155.0       2.0     trace      2.09 Exploration
                                                                      - West
----------------------------------------------------------------------------
UB12-265           341.0     342.0       1.0     trace     11.01 Exploration
                                                                      - West
----------------------------------------------------------------------------
                   561.0     565.0       4.0      0.11      6.16 Exploration
                                                                      - West
----------------------------------------------------------------------------
UB12-266           331.0     332.0       1.0     trace      2.32 Exploration
                                                                      - East
----------------------------------------------------------------------------
UB12-267           579.0     580.0       1.0     trace     10.35    Infill -
                                                                    Porphyry
                                                                   Zone East
----------------------------------------------------------------------------
UB12-268           618.0     624.0       6.0      0.26      0.88 Exploration
                                                                      - West
----------------------------------------------------------------------------
UB12-269           568.0     569.0       1.0     trace      5.07 Exploration
                                                                      - West
----------------------------------------------------------------------------
                   575.0     576.0       1.0      0.37      5.35 Exploration
                                                                      - West
----------------------------------------------------------------------------
                   803.0     804.0       1.0     trace     10.46 Exploration
                                                                      - West
----------------------------------------------------------------------------
UB12-269W1         580.0     582.0       2.0      0.15      3.29 Exploration
                                                                      - West
----------------------------------------------------------------------------
                   592.0     596.0       4.0     trace     27.66 Exploration
                                                                      - West
----------------------------------------------------------------------------
                   830.0     832.0       2.0     trace      3.45 Exploration
                                                                      - West
----------------------------------------------------------------------------
UB12-270           227.0     231.0       4.0     trace      4.77 Exploration
                                                                      - East
----------------------------------------------------------------------------
including          228.0     229.0       1.0     trace     15.19 Exploration
                                                                      - East
----------------------------------------------------------------------------
UB12-271            19.0      22.0       3.0     trace      1.36 Exploration
                                                                      - East
----------------------------------------------------------------------------
                    31.0      32.0       1.0     trace      6.61 Exploration
                                                                      - East
----------------------------------------------------------------------------
UB12-272           638.0     639.0       1.0     trace      1.92 Exploration
                                                                      - East
----------------------------------------------------------------------------
                   741.9     743.0       1.1     trace      4.01 Exploration
                                
                                      - East
----------------------------------------------------------------------------
UB12-274           198.0     199.0       1.0     trace     18.24 Exploration
                                                                      - East
----------------------------------------------------------------------------
                   244.0     249.0       5.0     trace      2.17 Exploration
                                                                      - East
----------------------------------------------------------------------------

 
NOTE: True widths are interpreted based on drill-hole intercepts and
interpreted orientations of intersected lithologies and are estimated
at 65-80% of the core length interval. Assays are uncut. Intercepts
occur within geological confines of major zones but have not been
correlated to individual vein domains at this time. Holes UB12-258,
UB12-261 and UB12-273 intersected no significant value. NC=North
Contact Zone, FW=Footwall Zone. 
Contacts:
John Burzynski
Vice-President Corporate Development
(416) 363-8653
www.osisko.com 
Sylvie Prud'homme
Director of Investor Relations
(514) 735-7131
Toll Free: 1-888-674-7563
 
 
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