"morning coffee" of Canaccord adams...

Osisko Mining* (OSK : TSX : $8.33), Net Change: -0.20, % Change: -2.34%, Volume: 1,880,304

Butler, the Barnat Bull.

Osisko Mining released partial drilling results from the Q2-Q3 2009 drill program South Barnat
deposit (in-fill, pit peripheral and below pit), located ~1,200 m northeast of the Canadian Malartic deposit. The companyhighlighted results for 30 intercepts from 21 drill holes which returned a weighted average grade of 1.34 g/t gold over an average intercept of ~36 m. It encountered unanticipated gold mineralization in a number of locations through its condemnation drilling program, which was designed to test presumed barren, outer portions of the model pit.

This raises potential for expansion of the in-pit resource at Barnat. In June 2009, Osisko estimated the initial in-pit resources at South Barnat to be 38.5 Mt grading 1.7 g/t (2.1 Moz) and total resources at South Barnat to be 45.1 Mt grading 1.62 g/t gold (2.35 Moz). The company expects to integrate drill results from both the drill program on South Barnat and the Southeastern extension of Canadian
Malartic deposits and provide an update prior to year end. The updated resource estimate will be used to calculate a reserve estimate for a new engineered pit which will merge the combined deposits. One Bay Street analyst notes recent news releases highlighting drill results at various locations throughout Osisko’s property have demonstrated both exploration prospectivity and the potential for future resource additions at existing deposits.

Canaccord Adams Senior Mining Analyst Steven Butler is bullish
on the stock, as he believes Osisko is an attractive M&A target given the project’s robust reserve/resource base and potential to produce in excess of 630,000 oz/year (including South Barnat) in a favourable mining jurisdiction.