Osisko Geochemical Test Work Returns Positive Results on Canadian Malartic Ore

MONTREAL, QUEBEC (FRANKFURT: EWX) is pleased to announce results from geochemical analyses on four composite samples of gold mineralization from the Canadian Malartic deposit, which are currently undergoing metallurgical test work at SGS Lakefield, located in Thunder Bay, Ontario. The geochemical results indicate that mineralization at Canadian Malartic is devoid of undesirable contaminants, which is very positive from both a metallurgical and environmental point of view.

Four different samples (approximately 240 kg each) representing the four main ore types in the deposit were composited from 80 to 84 rejects selected from drill holes spanning the entire strike length of the deposit. Rejects were selected to approximate bulk average grade of the deposit (about 1.0 g/t Au).

Geochemical analyses on the composite samples, tabled below, indicate that no deleterious elements are present in the deposit (arsenic, bismuth, cadmium, antimony), there are no significant base metals and only minor sulfur present in disseminated pyrite:

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Element             K-CARB      Silicified         K-CARB        Silicified
                  porphyry        porphyry      sediments         sediments
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Au (ppm)              1.10            1.10           1.13              1.08
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Ag (ppm)              1.90            3.00           1.00              2.20
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As (ppm)      less than 30    less than 30   less than 30      less than 30
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Bi (ppm)      less than 20    less than 20   less than 20      less than 20
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Cd (ppm)       less than 2     less than 2    less than 2       less than 2
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Sb (ppm)      less than 10    less than 10   less than 10      less than 10
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S (%)                 1.02            1.14           1.19              1.96
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Cu (ppm)                22              23             51                45
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Mo (ppm)       less than 5               5    less than 5                11
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Pb (ppm)      less than 30    less than 30   less than 30      less than 30
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Zn (ppm)                43              57             74                80
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K-CARB stands for potassic+carbonate alteration, 1 ppm = 1 g/t

Metallurgical test work is ongoing and further results will be announced as they become available. 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 $200 million on hand and is carrying out an aggressive definition drilling and exploration campaign. An updated NI 43-101 compliant, inferred gold resource estimate on the main Canadian Malartic deposit was released on July 5, 2007 and the full report is available on SEDAR. Mr. Robert Wares, P. Geo. and Executive Vice-President of Osisko, is the Qualified Person responsible for the technical information reported in this news release.

Contacts: Osisko Exploration Ltd. John Burzynski Vice-President Corporate Development 514-735-7131 www.osisko.com Investor Relations Daniel Boase 416-742-5600 Toll Free: 1-866-580-8891