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Press release from Marketwire

Osisko Reports Fire at Canadian Malartic Milling Plant

Thursday, May 10, 2012

Osisko Reports Fire at Canadian Malartic Milling Plant08:59 EDT Thursday, May 10, 2012MONTREAL, QUEBEC--(Marketwire - May 10, 2012) - Osisko Mining Corporation (the "Company" or "Osisko") (TSX:OSK)(FRANKFURT:EWX) reports that a fire started in the cyclone separator portion of the Canadian Malartic mill around 11:45 PM last night. Firefighters have contained and extinguished the fire and we are now monitoring the mill. Osisko representatives have re-entered the mill to carry out the preliminary damage assessment. Emergency procedures for an orderly shutdown were executed by the Osisko team and emergency services. Emergency services from Malartic and the region responded promptly. We would like to thank the emergency services teams for their efforts. Approximately 50 employees were in the plant but no one was injured. At this time, we have no reason to believe that industrial chemicals were released in the environment. Regular mining operations are being maintained outside of the mill area and all employees are back at work. Later today we will provide an update to the market setting out the anticipated schedule to resume full operations at the mill. About Osisko Mining Corporation Osisko Mining Corporation operates the Canadian Malartic gold mine in Malartic, Quebec and is pursuing exploration on a number of properties, including the Hammond Reef Gold Project in Northern Ontario.Forward-Looking StatementsCertain 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, consequence of this incident on operations at Canadian Malartic operations. 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 warrant further development of its Hammond Reef project and that the diligent ongoing optimizing of its operations at the Canadian Malartic mine including the installation of the secondary crushing circuit will be achieved and will, accordingly, improve its operating performance, 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 personnel, results of exploration and development activities, Osisko'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 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.FOR FURTHER INFORMATION PLEASE CONTACT: Vice-President Corporate DevelopmentJohn Burzynski(416) 363-8653ORDirector of Investor RelationsSylvie Prud'homme(514) 735-7131Toll Free: 1-888-674-7563www.osisko.com