Osisko Acquires East Malartic Mill Complex

Osisko Exploration Ltd. (TSX VENTURE:OSK)(FRANKFURT:EWX) is pleased to announce
that it has completed the acquisition of the East Malartic Mill Complex located
in Malartic, Quebec.


The East Malartic Mill, last operated by Barrick Gold Corporation in 2002, has
been on "care and maintenance" since the termination of processing of ore from
the former Bousquet Mine in the same year. At that time the complex had a
milling capacity of up to 3,000 tonnes per day.  The mill equipment was
professionally placed in a stand-by state at the time of closure so that the
mill could be restarted with minimal rehabilitation work.  Osisko acquired the
mill complex from the Government of Quebec and the town of Malartic under a
private sale agreement and is now 100% owner of the mill complex and all
ancillary buildings on the site. The company is currently using the former East
Malartic administrative offices as its Canadian Malartic project headquarters.


Osisko has no current plans to rehabilitate and restart the current mill. The
company, however, will review all possible options regarding its integration and
potential uses for the currently developing Canadian Malartic project.  In late
2006 Osisko signed a purchase agreement for the procurement of a new 38 foot SAG
mill and two 24 foot ball mills with rated daily capacity of between 25,000 to
40,000 tonnes per day.  This new equipment is scheduled for delivery to the
Canadian Malartic site in early 2009.


Sean Roosen, President and CEO of Osisko stated: "The completion of the
acquisition of the East Malartic Mill Complex is another significant step for
Osisko, as it allows us to move forward with full use of the former mine site. 
The facility was left in excellent shape and we have already been able to put
the administrative buildings to very good use for the rapidly expanding team at
Malartic.  Our new Vice President of Mining and Construction, Luc Lessard, and
his team will be evaluating the potential uses of the milling equipment as we
feel that this acquisition may have significant additional benefits for the
company."


Osisko Exploration Ltd. 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 $80 million on hand and
is carrying out an aggressive definition drilling and exploration campaign on
the Canadian Malartic deposit and surrounding property. An updated NI 43-101
complaint, inferred gold resource estimate on the main deposit was released on
July 5, 2007 and the full report is available on SEDAR.

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