Osisko Signs Exploration Earn-In Agreement With Barrick on Kan Property

MONTREAL, QB - Osisko Mining Inc. has entered into a binding agreement with Barrick Gold Corporation which sets forth the terms of an exploration earn-in on the Kan Property located in northern Quebec. Under the Exploration Earn-In, Barrick must commit $15 million in work expenditures over a four-year period to earn a 70% interest on Kan, subject to certain annual work expenditure thresholds, including a guaranteed expenditure threshold of $6 million in the first two years.

Following the completion of the Exploration Earn-In, the Property will be transferred to a new joint venture entity to be owned 30% by Osisko and 70% by Barrick. Osisko and Barrick will then enter into a joint venture agreement in respect of the Property. In addition, Barrick may earn a further 5% interest in the joint venture entity (for a total interest of 75%) by electing to fund an additional $5 million of project level expenditures.