Mr. John Burzynski of Osisko reports

OSISKO MINING INC. DIVESTS OF EQUITY INTEREST IN KILO GOLDMINES LTD.

Pursuant to a share purchase agreement dated Oct. 26, 2016, among Osisko Mining Inc., Resolute (Treasury) Pty. Ltd. and Resolute Mining Ltd., Osisko sold an aggregate of 21,868,000 common shares in the capital of Kilo Goldmines Ltd. in exchange for 1,457,867 common shares in the capital of Resolute Mining Ltd. Based on information contained in documents publicly filed by Kilo, the 21,868,000 Kilo shares sold represent approximately 12.9 per cent of the total issued and outstanding Kilo shares.

Immediately prior to the sale, the corporation had beneficial ownership of or control over, directly or indirectly, an aggregate of (i) 21,868,000 Kilo shares, representing approximately 12.9 per cent of the issued and outstanding Kilo shares on a non-diluted basis, and (ii) 21.1 million common share purchase warrants of Kilo, representing, together with the 21,868,000 Kilo shares held by the corporation, approximately 22.5 per cent of the issued and outstanding Kilo shares on a partially diluted basis (assuming the exercise in full of the 21.1 million Kilo warrants held by the corporation).

After giving effect to the sale, the corporation had beneficial ownership of or control over, directly or indirectly, an aggregate of 21.1 million Kilo warrants, representing approximately 11.1 per cent of the issued and outstanding Kilo shares on a partially diluted basis (assuming the exercise in full of the 21.1 million Kilo warrants held by the corporation).

The corporation reviews its holdings from time to time and may increase or decrease its position as future circumstances may dictate. The corporation, after reviewing market and other conditions, decreased its holdings in Kilo pursuant to the sale.

This news release is being issued in accordance with National Instrument 62-103 -- the early warning system and related takeover bid and insider reporting issues in connection with the filing of an early warning report dated Oct. 26, 2016. The early warning report respecting the sale has been filed on SEDAR under Kilo's issuer profile. To obtain a copy of the early warning report filed by the corporation, please contact John Burzynski at 416-363-8653 or refer to the SEDAR under Kilo's issuer profile.