Mr. John Burzynski of Osisko Mining reports

OSISKO MINING INC. DECREASES INTEREST IN VALGOLD RESOURCES LTD.

On Aug. 24, 2016, Osisko Mining Inc. sold an aggregate of 3,275,000 common shares in the capital of Valgold Resources Ltd. at an average price of 5.36 cents per share for aggregate proceeds of $175,540. Based on information contained in documents publicly filed by Valgold, the shares sold represented approximately 8.6 per cent of the total issued and outstanding shares.

Immediately prior to the sale, the corporation had ownership or control, directly or indirectly, over an aggregate of six million shares and $50,000 principal amount of Series A secured convertible debentures of Valgold maturing on Dec. 1, 2016. As the debentures entitle the corporation, until the maturity date of such debentures, to convert the principal amount thereof plus accrued interest into shares at a conversion price of five cents per share, therefore entitling the corporation to acquire an additional 1.2 million shares (at the maturity date, based on the conversion price of five cents per share and accrued interest at the maturity date of $10,000), prior to the sale, the corporation had ownership or control, directly or indirectly, over approximately 15.7 per cent of the issued and outstanding shares on a non-diluted basis and approximately 18.25 per cent of the outstanding shares on a partially diluted basis, giving effect to the conversion of the debentures.

After giving effect to the sale, the corporation had ownership or control, directly or indirectly, over an aggregate of 2.75 million shares and $50,000 principal amount of debentures, representing approximately 7.1 per cent of the issued and outstanding shares on a non-diluted basis and 9.9 per cent on a partially diluted basis giving effect to the conversion of the debentures.

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 Valgold 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). The early warning report respecting the sale will be filed on the System for Electronic Document Analysis and Review under Valgold'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 SEDAR under Valgold's issuer profile.

Osisko Mining is a mineral exploration company existing under the laws of Ontario and is focused on the acquisition, exploration and development of precious metal resource properties in Canada.