Hammond Reef is owned 100% by Brett Resources. Brett is in the processof being acquired by Osisko, which currently holds ~77% of the company. Shareholders of Brett recently approved the Plan of Arrangement, which, following a court order approving the Arrangement, is expected to becomeeffective on or about August 13, 2010. Three intercepts in two step-out drill holes at the Hammond Reef gold project located in Northwestern Ontario returned a weighted average grade of 1.84g/t gold over an average intercept of ~66m. Hole BR-368 intersected 84M averaging 2.78 g/t gold, which included 9m grading 17.4g/t gold. Hole BR-360 had two intercepts of about 75m combined at grades on the order of the resource grade of 0.80g/t gold. Today’s results again support that the deposit remains opendown dip and along strike, and the higher grades provide further encouragement. Osisko expects to complete 250-270,000m of infill and exploration drilling at Hammond Reef over the next 18 months. The program is aimed at upgrading and expanding the 2009 estimated inferred resource of 259Mt grading 0.80g/t gold (6.7Moz).Hammond Reef represents ~23% of our 0%NAV estimate for Osisko Mining. Osisko's shares are trading at a 9% discount to our 0%NAV estimate ofUS$14.60/share using BMO Research's metals price forecast compared toNorth American intermediate producers, which are trading, on average, ata 16% premium to our 0%NAV estimates. While recent drill results are supportive of the potential for meaningful resource growth at Hammond Reef, the key value driver for Osisko is the completion of construction and commissioning of the Canadian Malartic Project.