Mr. John Burzynski reports

OSISKO MINING INCREASES PRIVATE PLACEMENT FINANCING OF FLOW-THROUGH SHARES TO $13.55 MILLION

Osisko Mining Inc. has entered into an amended engagement letter dated Nov. 21, 2016, with Dundee Securities Ltd. to increase the size of its previously announced best efforts private placement. Under the terms of the amended engagement letter, the agent has now agreed to offer for sale, on a best efforts private placement basis, up to 4,302,136 flow-through common shares of the corporation at a price of $3.15 per flow-through share, for total gross proceeds of up to approximately $13.55-million.

The gross proceeds of the offering will be used to finance Canadian exploration expenses (as defined in Subsection 66.1 (6) of the Income Tax Act (Canada)) related to Osisko's projects in the province of Quebec, and the corporation has agreed to renounce such Canadian exploration expenses, effective no later than Dec. 31, 2016. In addition, the corporation has agreed and covenanted that all such Canadian exploration expenses will also qualify as flow-through mining expenditures (as defined in Subsection 127 (9) of the Income Tax Act (Canada)), where such expenditures will also qualify for the corresponding income tax credits and deductions under the laws of the Province of Quebec.

The closing of the offering is expected to occur on or about Dec. 13, 2016, and is subject to the completion of definitive transaction documentation and the receipt of regulatory approvals, including the approval of the Toronto Stock Exchange. The flow-through shares issued under this offering will be subject to a statutory hold period ending four months and one day from the closing date of the offering.

About Osisko Mining

Osisko is a mineral exploration company focused on the acquisition, exploration and development of precious-metal-resource properties in Canada. Osisko holds a 100 per cent in the high-grade Windfall Lake gold deposit located between Val d'Or and Chibougamau in Quebec and holds a 100-per-cent undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100-per-cent interest in the Marban project located in the heart of Quebec's prolific Abitibi gold mining district and properties in the Larder Lake mining division in Northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past-producing mine and the Gold Pike mine property. The corporation also holds interests and options in a number of additional properties in Northern Ontario. Osisko continues to be well financed and has approximately $80-million in cash and cash equivalents, as well as marketable securities of approximately $60-million.

We seek Safe Harbor.