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Osisko Reports First Quarter 2014 Results

Record Gold Production of 140,029 ounces;

MONTREAL, QUEBEC -- (Marketwired) -- 05/14/14 -- Osisko Mining Corporation (the "Company" or "Osisko") (TSX: OSK)(FRANKFURT: EWX) today reported net earnings of $24.2 million ($0.06 per share) for the first quarter of 2014 compared to $17.4 million ($0.04 per share) for the corresponding period of 2013. The Company generated cash flows from operating activities of $91.9 million during the first quarter of 2014 compared to $62.5 million in the first quarter of 2013.

Q1 Highlights

--  Record gold production of 140,029 ounces at operating cash costs(1) of
    US$577 per ounce (C$636 per ounce);
--  Earnings from Canadian Malartic of $77.6 million;
--  Operating cash flows of $91.9 million;
--  Net earnings of $24.2 million or $0.06 per share;
--  Investment of $32.9 million in mining assets and projects;
--  Increased cash and cash equivalents by $47.6 million;
--  Cash resources now stand at $258.1 million(2);
--  Repayment of $10.3 million in debt;
--  Net debt position(3) of $64.0 million at March 31, 2014;
--  Average grade milled of 1.13 g/t;
--  Updated life of mine plan for Canadian Malartic: average annual gold
    production of 597,000 ounces at US$525 per ounce;
--  Discovery of "Canadian Kirkland" gold zone on Kirkland property;
--  Discovery of "Odyssey North" and "Odyssey South" gold zones at Canadian
    Malartic;
--  Agreement with Yamana Gold Inc. and Agnico Eagle Mines Limited for the
    sale of 100% of the issued and outstanding common shares of Osisko for
    an implied price of $8.15 per common share.

April 2014 Update

--  Monthly gold production in April 2014 of 37,008 ounces despite shutdown
    for planned maintenance, exceeding budget by 19%.

(1)  Refer to the non-IFRS measures provided under the Non-IFRS Financial
     Performance Measures section of the Management and Discussion
     Analysis.

(2)  Includes cash and cash equivalents and restricted cash.

(3)  Gross long-term debt (long-term debt excluding unamortized debt
     issuance costs and accretion) less cash and cash equivalents and
     restricted cash.

Sean Roosen, President and Chief Executive Officer commenting on the first quarter results: "We are extremely proud of our team for delivering record quarterly gold production and financial results, particularly during a difficult time for all of our employees. Canadian Malartic has continued to progress into one of the top performing gold mines in the world. We generated $91.9 million in operating cash flow and increased our cash balances by $47.6 million." The mine operating statement for the production period is as follows:

----------------------------------------------------------------------------
                       2014                                            2013
                ------------------------------------------------------------
                         Q1          Q4          Q3          Q2          Q1
                ------------------------------------------------------------
Gold sales
 (ounces)           146,132     136,826     123,151     109,503      95,511
Silver sales
 (ounces)           141,817     106,907     117,750      95,205      73,683
----------------------------------------------------------------------------
                      ($000)      ($000)      ($000)      ($000)      ($000)
                ------------------------------------------------------------
Revenues            212,131     185,774     171,298     159,195     159,381
----------------------------------------------------------------------------

Production costs    (96,586)    (94,876)    (92,265)    (90,619)    (81,422)
Royalties            (2,729)     (2,422)     (2,144)     (2,274)     (1,992)
Depreciation        (35,205)    (34,791)    (37,902)    (23,683)    (20,982)
                ------------------------------------------------------------
Total              (134,520)   (132,089)   (132,311)   (116,576)   (104,396)
----------------------------------------------------------------------------
Earnings from
 mine operations     77,611      53,685      38,987      42,619      54,985
----------------------------------------------------------------------------

Cash flows and earnings generated from the Canadian Malartic mine were higher in the first quarter of 2014 as a result of record production and sales despite lower realized average prices. In the first quarter of 2014, 140,029 ounces of gold were produced and 146,132 ounces were sold compared respectively to 106,047 ounces and 95,511 ounces in the first quarter of 2013.

Key operating results

(in thousands of Canadian dollars, unless otherwise noted)

----------------------------------------------------------------------------
                             Q1         Q4        Q3         Q2           Q1
                           2014       2013       2013       2013        2013
                    --------------------------------------------------------
Gold production (oz)    140,029    137,321    120,208    111,701     106,047
Gold sales (oz)         146,132    136,826    123,151    109,503      95,511
Average sale price
 (US$/oz)                 1,294      1,275      1,321      1,396       1,627
Average market price
 (US$/oz)                 1,293      1,276      1,326      1,415       1,632
Cash costs per
 ounce(4) (C$/oz)           636        713        754        781         804
Cash costs per
 ounce(4),(5)
 (US$/oz)                   577        679        726        765         798
Cash margin per
 ounce(4),(5)
 (US$/oz)                   717        596        595        631         829
Revenues                212,131    185,774    171,298    159,195     159,381
Earnings from mine
 operations              77,611     53,685     38,987     42,619      54,985
Net earnings (loss)      24,241     10,488      9,755   (492,762)     17,416
Net earnings (loss)
 per share                 0.06       0.02       0.02      (1.13)       0.04
Operating cash flows     91,867     72,476     70,665     55,947      62,478
----------------------------------------------------------------------------


(4)  Refer to the non-IFRS measures provided under the Non-IFRS Financial
     Performance Measures section of the Management and Discussion
     Analysis.

(5)  Using the average exchange rate.

The ramp up of the mill was completed in the second half of 2013, and optimization work to continue to seek throughput efficiencies was ongoing during the first quarter. The mine generated earnings of $77.6 million during the quarter, compared to $55.0 million in the corresponding period in 2013. The increase in profitability is due to a 53% increase in gold ounces sold over the comparative period as well as reduced production costs on a per ounce basis.

During the quarter, approximately 319 equipment hours (0.3% of available hours) were lost due to noise and weather constraints, compared to 1,510 equipment hours (1.4% of available hours) in the first quarter of 2013 and 7,670 (6.3% of available hours) equipment hours in the fourth quarter of 2013.

The production statistics are as follows:

----------------------------------------------------------------------------
                         Q1 2014    Q4 2013    Q3 2013    Q2 2013    Q1 2013
                     -------------------------------------------------------
Tonnes Mined (000's)
- Ore                      4,456      4,906      4,423      3,604      4,091
- Waste(6)                11,189      9,907     11,335     10,010     10,158
                     -------------------------------------------------------
Total Mined               15,645     14,813     15,758     13,614     14,249
Overburden                   763        160        305        871      1,783
Tonnes Milled (000's)      4,363      4,648      4,683      4,444      4,234
Grade (g Au/t)              1.13       1.04       0.90       0.87       0.88
Recovery (%)                88.2       88.6       89.2       89.7       88.0
Gold production (oz)     140,029    137,321    120,208    111,701    106,047
----------------------------------------------------------------------------

Altough mining activities during the quarter were negatively affected by difficult weather conditions (extreme cold) resulting in equipment failure, tonnes moved averaged at a record of 190,000 compared to 176,000 in Q4 2013 and Q1 2013. Also, mining activities continue to be affected by challenging conditions due to operating close to an urban area.

Production in the first quarter of 2014 averaged 50,444 tonnes per operating day compared to 54,043 tonnes per operating day in the previous quarter and 48,667 tonnes per operating day in the first quarter of 2013. the Canadian Malartic team continues to work on improving the mill throughput and enhancing operating efficiencies.

(6)  Including topographic drilling of 1.2 million tonnes in 2014 and 4.9
     million tonnes for the year 2013.

Mill operating statistics continue to show progress in all categories.

----------------------------------------------------------------------------
                     Total                     Tonnage Tonnes per Tonnes per
                 Available  Operating        Processed  Operating  Operating
                     Hours      Hours   (%)        (t)       Hour        Day
----------------------------------------------------------------------------
Q1 2014              2,160      2,042    95  4,363,365      2,137     50,444
Q4 2013              2,208      2,054    93  4,647,677      2,263     54,043
Q3 2013              2,208      2,061    93  4,682,530      2,272     54,133
Q2 2013              2,184      2,014    92  4,444,042      2,207     52,592
Q1 2013              2,160      2,082    96  4,234,001      2,033     48,667
Q4 2012              2,208      2,052    93  4,088,021      1,992     47,535
Q3 2012              2,208      2,071    94  3,756,768      1,814     43,181
Q2 2012              2,184      1,960    90  3,236,281      1,651     38,074
Q1 2012              2,184      1,890    87  2,965,456      1,569     35,728
----------------------------------------------------------------------------

Operating Costs

Cash costs per ounce(7) for the first quarter of 2014 stood at US$577 (C$636), compared to US$798 (C$804) in the corresponding period of 2013. The improvement is mainly the result of increased throughput and gold production, improved efficiencies and reduction in contractors' costs. As the operations at Canadian Malartic are further optimized, the operating costs should continue their downward trend.

The Company continues to pursue operating efficiencies, and has intensified its cost optimization program as the operations are now at near name plate capacity.

Investments

The Company invested $32.9 million in property, plant and equipment during the first quarter. These investments were mainly focused on the Canadian Malartic mine (stripping costs, sustaining capital and expansion) and the Kirkland Lake and Upper Beaver exploration projects.

In February the Company announced a capital budget for 2014 of $148 million. The Company remains on track to meeting its capital expenditure guidance for the year.

Liquidity and Capital Resources

As at March 31, 2014, the Company's cash and cash equivalents and restricted cash amounted to $258.1 million compared to $210.5 million as at December 31, 2013, as summarized below:

(In thousands of dollars)                   March 31, 2014 December 31, 2013


Cash and cash equivalents                          209,028           161,405
Restricted cash
  Current                                              560               560
  Non-current                                       48,490            48,490
                                        ------------------------------------
                                                   258,078           210,455

During the first quarter of 2014, Osisko reduced its debt by $10.3 million.

(7)  Refer to the non-IFRS measures provided under the Non-IFRS Financial
     Performance Measures section of the Management and Discussion
     Analysis.

2014 Outlook

Mill throughput is expected to stabilize at approximately 55,000 tonnes per day in 2014 with the completion of optimization programs currently in progress. Together with increased contribution from higher grade material in the now accessible northern pit wall, it is anticipated that gold production for the current year will increase to between 525,000 to 575,000 ounces (an increase of 11% to 21% over record 2013 production of 475,277 ounces gold).

Cash costs per ounce are estimated between $580 and $635, a 24% to 16% reduction in costs from 2013. Cash costs per ounce in US dollars are estimated at US$527 to US$577 using an exchange rate of 1.10.

Capital expenditures for 2014 are estimated at $148.0 million:

----------------------------------------------------------------------------
(In millions Canadian of dollars)
----------------------------------------------------------------------------
Canadian Malartic                                                      125.8
----------------------------------------------------------------------------
Exploration and evaluation - capitalized                                22.2
----------------------------------------------------------------------------
Capital Expenditures                                                   148.0
----------------------------------------------------------------------------

Acquisition Agreement with Yamana and Agnico Eagle

On April 16th, 2014, Osisko announced that it had entered into an agreement pursuant to which Yamana and Agnico Eagle will jointly acquire 100% of Osisko's issued and outstanding common shares for total consideration of C$3.9 billion or C$8.15 per share. The total offer consists of approximately C$1.0 billion in cash, C$2.3 billion in Yamana and Agnico Eagle shares, and creation of a new company ("New Osisko") with an implied value of approximately C$575 million.

Terms of the Agreement

Under the Agreement, Yamana and Agnico Eagle will form a joint acquisition entity (with each company owning 50%) which will acquire, by way of a plan of arrangement (the "Arrangement"), all of the outstanding common shares of Osisko. Upon closing of the transaction, Yamana and Agnico Eagle will each own Osisko, and will form joint committees to operate the Canadian Malartic Mine in Quebec. The partners will also jointly explore and potentially develop the Kirkland Lake assets, and continue the exploration at Hammond Reef, Pandora/Wood, and Pandora properties, all located in Ontario.

Upon implementation of the Agreement, each outstanding common share of Osisko will be exchanged for:

i.  C$2.09 in cash;

ii. 0.26471 of a Yamana common share (a value of C$2.43 based on the closing
    price of C$9.18 for Yamana shares on the Toronto Stock Exchange as of
    April 15, 2014);

iii.0.07264 of an Agnico Eagle common share (a value of C$2.43 based on the
    closing price of C$33.45 for Agnico Eagle shares on the Toronto Stock
    Exchange as of April 15, 2014);

iv. one new common share of New Osisko with a value of C$1.20 per share.

Pursuant to Arrangement, certain assets of Osisko will be transferred to New Osisko, the shares of which will be distributed to Osisko shareholders as part of the consideration. The following will be transferred to New Osisko:

i.  a 5% net smelter return royalty ("NSR") on the Canadian Malartic mine;

ii. a 2% NSR on all existing exploration properties including Kirkland Lake,
    Hammond Reef, Pandora/Wood and Pandora assets;

iii.C$155 million cash;

iv. all assets and liabilities of Osisko in the Guerrero camp;

v.  other investments.

The total value of the transaction is estimated at $3.9 billion, or C$8.15 per common share of Osisko on a fully diluted basis. Following the completion of the transaction, Osisko shareholders will own approximately 14% of Yamana and approximately 17% of Agnico Eagle.

Annual & Special Shareholders Meeting

Osisko's Annual and Special meeting will be held on May 30, 2014 at 1:30pm at the Fairmont Queen Elizabeth Hotel in Montreal. Shareholders are invited to approve the Plan of Arrangement for the Yamana and Agnico Eagle transaction.

Outstanding Share Data

As of May 14, 2014, 440,613,953 common shares were issued and outstanding. A total of 19,518,387 common share options were outstanding to purchase common shares under the Company's share option plan and 12,500,000 common share purchase warrants were outstanding.

Q1 Conference Call Information

Osisko will host a conference call on Thursday, May 15, 2014 at 9:00 am EDT, where senior management will discuss the financial results and provide an update of the Company's activities. Those interested in participating in the conference call should dial in approximately five to ten minutes before the start of the conference to allow ample time to access at 1-(647) 788-4922 (Toronto local and international), or 1-(877) 223-4471 (North American toll free). An operator will direct participants to the call.

The conference call replay will be available from 12:00 pm EDT on May 15, 2014 until 23:59 EDT on May 30, 2014 with the following dial in number: 1-(800) 585-8367, access code 27969500.

Non-IFRS Financial Performance Measures

The Company has included certain non-IFRS measures including "cash costs per ounce" and "cash margin per once" to supplement its consolidated financial statements, which are presented in accordance with IFRS.

The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

A reconciliation of non-IFRS financial performance measures is available in the Management's Discussion and Analysis for the three months ended March 31, 2014, under the section Non-IFRS Financial Performance Measures.

About Osisko Mining Corporation

Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec and is pursuing exploration on a number of properties in Ontario and Mexico.

Mr. Luc Lessard, Eng., Senior Vice-President and Chief Operating Officer of Osisko, is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.

Forward-Looking Statements

Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Osisko expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, the improvement and stabilization of mill throughput, the completion of optimization programs and the enhancing of operating efficiencies, the decrease of costs and increase of grade and gold production, the continuation and success of exploration activities or the development of projects, the satisfaction of all technical, economical, regulatory and financial conditions in order to complete the Arrangement between Osisko, Agnico Eagle and Yamana, and the realization of all expected benefits of this Arrangement. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements.

Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development and construction personnel, results of exploration and development activities, Osisko's limited experience with production and mining operations, uninsured risks, regulatory framework and changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in Osisko's most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.

Osisko Mining Corporation
Consolidated Balance Sheets
(Unaudited)
----------------------------------------------------------------------------
(tabular amounts expressed in thousands of Canadian dollars)
                                                  March 31,    December 31,
                                                       2014            2013
                                            --------------------------------
                                                        ($)             ($)
Assets
Current assets
  Cash and cash equivalents                         209,028         161,405
  Restricted cash                                       560             560
  Accounts receivable                                26,368          24,552
  Inventories                                        72,203          79,247
  Prepaid expenses and other assets                  25,419          24,260
                                            --------------------------------
                                                    333,578         290,024
Non-current assets
  Restricted cash                                    48,490          48,490
  Investments in associates                           3,251           3,557
  Other investments                                   9,834           8,998
  Property, plant and equipment                   1,871,232       1,870,932
                                            --------------------------------
                                                  2,266,385       2,222,001
                                            --------------------------------
                                            --------------------------------
Liabilities
Current liabilities
  Accounts payable and accrued liabilities           72,515          78,967
  Current portion of long-term debt                  75,554          71,794
  Provisions and other liabilities                    7,100           6,913
                                            --------------------------------
                                                    155,169         157,674
Non-current liabilities
  Long-term debt                                    235,492         245,157
  Provisions and other liabilities                   21,668          18,499
  Deferred income and mining taxes                   92,812          69,603
                                            --------------------------------
                                                    505,141         490,933
                                            --------------------------------
Equity attributable to Osisko Mining
 Corporation shareholders
  Share capital                                   2,064,857       2,060,810
  Warrants                                           20,575          20,575
  Contributed surplus                                76,865          75,626
  Equity component of convertible debentures          8,005           8,005
  Accumulated other comprehensive income                665              16
  Deficit                                          (409,723)       (433,964)
                                            --------------------------------
                                                  1,761,244       1,731,068
                                            --------------------------------
                                                  2,266,385       2,222,001
                                            --------------------------------
                                            --------------------------------


Osisko Mining Corporation
Consolidated Statements of Income
For the three months ended March 31, 2014 and 2013
(Unaudited)
----------------------------------------------------------------------------
(tabular amounts expressed in thousands of Canadian dollars, except per
share amounts)
                                                       2014            2013
                                            --------------------------------
                                                        ($)             ($)

Revenues                                            212,131         159,381
Mine operating costs
  Production costs                                  (96,586)        (81,422)
  Royalties                                          (2,729)         (1,992)
  Depreciation                                      (35,205)        (20,982)
                                            --------------------------------
Earnings from mine operations                        77,611          54,985
  General and administrative expenses               (18,668)         (7,387)
  Exploration and evaluation expenses                (2,568)         (3,079)
  Write-off of property, plant and equipment         (2,220)         (2,024)
                                            --------------------------------
Earnings from operations                             54,155          42,495
  Interest income                                       692             458
  Finance costs                                      (6,249)         (7,891)
  Foreign exchange loss                              (2,949)         (2,281)
  Share of loss of associates                          (306)           (121)
  Other gains (losses)                                2,107          (1,979)
                                            --------------------------------
Earnings before income and mining taxes              47,450          30,681
  Income and mining tax expense                     (23,209)        (13,265)
                                            --------------------------------
Net earnings                                         24,241          17,416
                                            --------------------------------
                                            --------------------------------

Net earnings per share
  Basic                                                0.06            0.04
  Diluted                                              0.05            0.04


Weighted average number of common shares
 outstanding
(in thousands)
  Basic                                             439,546         436,502
  Diluted                                           441,906         436,943


Osisko Mining Corporation
Consolidated Statements of Cash Flows
For the three months ended March 31, 2014 and 2013
(Unaudited)
----------------------------------------------------------------------------
(tabular amounts expressed in thousands of Canadian dollars)
                                                       2014            2013
                                            --------------------------------
                                                        ($)             ($)
Operating activities
Net earnings                                         24,241          17,416
Adjustments for :
  Interest Income                                      (692)           (458)
  Share-based compensation                            1,654           1,796
  Depreciation                                       35,455          21,199
  Finance costs                                       6,249           7,891
  Write-off of property, plant and equipment          2,220           2,024
  Unrealized foreign exchange loss                    3,180           1,962
  Deferred gain - premium on flow-through
   shares                                            (2,061)              -
  Provisions and other liabilities, net of
   settlements                                        4,367            (114)
  Income and mining tax expense                      23,209          13,265
  Other non-cash items                                  142           2,091
                                            --------------------------------
                                                     97,964          67,072
Change in non-cash working capital items             (6,097)         (4,594)
                                            --------------------------------
Net cash flows provided by operating
 activities                                          91,867          62,478
                                            --------------------------------
Investing activities
  Net decrease in short-term investments                  -          19,357
  Net decrease in restricted cash                         -           4,005
  Proceeds on disposal of investments                    50               -
  Property, plant and equipment, net of
   government credits                               (32,894)        (65,698)
  Proceeds on disposal of property, plant
   and equipment                                         97              15
  Interest received                                     672             388
                                            --------------------------------
Net cash flows used in investing activities         (32,075)        (41,933)
                                            --------------------------------
Financing activities
  Long-term debt repayments                          (3,083)         (2,471)
  Finance lease payments                             (7,215)         (6,142)
  Issuance of common shares, net of expenses          2,931             608
  Interest paid                                      (4,802)         (5,411)
                                            --------------------------------
Net cash flows used in financing activities         (12,169)        (13,416)
                                            --------------------------------
Increase in cash and cash equivalents                47,623           7,129
Cash and cash equivalents - beginning of
 period                                             161,405          93,229
                                            --------------------------------
Cash and cash equivalents - end of period           209,028         100,358
                                            --------------------------------
                                            --------------------------------

Contacts:
John Burzynski
Vice-President Corporate Development
(416) 363-8653
www.osisko.com

Sylvie Prud'homme
Director of Investor Relations
(514) 735-7131
Toll Free: 1-888-674-7563

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SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone in...
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Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.