Osisko Exploration Ltd holds a 100% interest in the Canadian Malartic gold deposit in Quebec, Canada, one of the world’s best mining jurisdictions. A feasibility study has commenced on the project and aims to evaluate the deposit and the 100%-owned adjacent areas for a large-scale open-pit, bulk-tonnage mining operation. A preliminary NI 43-101 compliant inferred gold resource estimate of 6.5 million ounces on the main deposit was released on December 6, 2006. It was followed by an updated calculation of 8.4 million ounces on July 5, 2007. Canadian Malartic is one of the world’s largest undeveloped resources wholly owned by a junior explorer, and is located in a mining district near extensive existing infrastructure. The Company is well financed with $ 180 M in cash and has no debt.

Osisko currently has 15 fully-crewed core drills working on the main deposit with a drilling capacity of 20,000 metres per month. A 185,000-metre infill drilling program is currently underway and will lead to a comprehensive NI 43-101 Measured and Indicated ("M&I") resource estimate by Q2 2008 for the main portion of the deposit that will have been covered by a 30-metre grid infill drill program. The Company is also maintaining an aggressive exploration program on the property, including an additional 20,000 metres of drilling.