Osisko inicia o seu estudo de avaliação no Castelo de Sonhos/PA

MONTREAL, QUEBEC--(CCNMatthews - Apr 14, 2004) - Osisko Exploration Ltd. is pleased to announce that due diligence work has commenced on the Castelo dos Sonhos gold property in Para state, Brazil. Osisko recently signed a letter of intent to acquire a 70% interest in the property.

The property consists of 13 exploration permits covering 72,000 ha, and is situated in the southeastern portion of the Amazon craton. The property area is part of the Tapajos Gold Province, an area encompassing 105,000 sq. km that has produced, since the early 1950's, over 20 million ounces of gold from artisanal mining of mainly alluvial deposits.

Gold was discovered at Castelo dos Sonhos in the late 1980's, and the property has since seen extensive artisanal mining of both alluvial and primary sources. Barrick Gold Corp. conducted significant exploration work on the permits in 1995-1996, including geological mapping, stream sediment, soil and rock sampling, trenching, drilling and airborne geophysics. Three primary targets were identified during the program: Esperanca Sul, Esperanca Centro and Alvo Geofisico.

At Esperanca Sul, Barrick's geochemical survey defined a gold-in-soil anomaly approximately 5 km long and 1 to 2 km wide, defined by a 30 ppb Au threshold. The Esperanca Centro gold-in-soil anomaly (located 1 km north of the Esperanca Sul anomaly) measures approximately 2.6 km x 500 meters, as defined by a 150 ppb Au threshold. The maximum gold value obtained in soils was 1,722 ppb Au. Both areas have coincident magnetic and radiometric anomalies. The Alvo Geofisico target was defined by magnetic and radiometric anomalies.

Previous work by Barrick was concentrated on the Esperanca Sul target. Most of the trenching (total of over 4700 meters) and drilling (22 drill holes totaling 2026 meters) focused on a 4 km segment of the anomaly. Over half of the drill holes were concentrated in an area covering approximately 1500 meters of the Esperanca Sul target, from 100NE to 1600NE. One hole was drilled on the Esperanca Centro anomaly, and no trenching or drilling was done at Alvo Geofisico. A summary of the significant results from the Barrick work on Esperanca Sul are presented below.

Large areas of the property have seen limited first-stage exploration work, and a number of significant geochemical and geophysical targets remain to be investigated. Management believes there is strong gold potential in the untested areas of the property.

Osisko and their joint-venture partner Amazonia Mineracao Ltda plan to carry out an aggressive work program including new drilling on mineralized areas previously defined by Barrick. The Alvo Geofisico target and other anomalous areas of the extensive property package will also be the subject of detailed work in the coming program.

Amazonia Mineracao Ltda is a privately held Brazilian based exploration and mining company, which has joint ownership of the high-grade Sertao gold mine, currently producing at a rate of 72,000 opy.

Osisko is a Canadian-based gold exploration company with a highly experienced international resource management team, focused on building shareholder value through the acquisition of low-cost, near-term development projects in Canada and Brazil.

Esperanca Sul

                             Results            Including
Trench Location          (m @ g/t Au)         (m @ g/t Au)
----------------------------------------------------------------
800 SW                     4 @  1.75                    -
100 NE                     15 @ 1.57           6 @   3.52
200 NE                     14 @ 1.23           3 @   3.98
300 NE                     16 @ 1.01           6 @   2.10
325 NE                     28 @ 2.26          12 @   4.63
350 NE                     44 @ 1.59          14 @   4.45
375 NE                     10 @ 1.68           4 @   3.63
400 NE                     24 @ 0.66           5 @   2.16
700 NE                     18 @ 1.33           8 @   2.84
800 NE                      8 @ 0.47           2 @   1.03
900 NE                      8 @ 0.86           4 @   1.07
1100 NE                    10 @ 1.32           6 @   2.07
1400 NE                    13 @ 0.73           4 @   1.02
1500 NE                    10 @ 2.88           6 @   4.14
1600 NE                    12 @ 0.87           2 @   2.44
2000 NE                     6 @ 0.66           2 @   1.91
2400 NE                     4 @ 0.80           2 @   1.03
2800 NE                    18 @ 1.20           7 @   1.93
3000 NE                    22 @ 1.59           4 @   6.23
3200 NE                    77 @ 1.39          24 @   3.20


                         From-To        Results      Including
Grid Line   Drill Hole   (meters)   (m @ g/t Au)   (m @ g/t Au)
----------------------------------------------------------------
400 NE         CSDH-01     50-51     1 @   5.40              -
100 NE         CSDH-02   105-108     3 @   6.66     2 @   9.74
700 NE         CSDH-03    82-102    20 @   2.80     2 @  11.60
3200 NE        CSDH-04     73-80     7 @   0.84              -
3200 NE        CSDH-05       0-3     3 @   5.06     2 @   6.54
3200 NE        CSDH-06       0-2     2 @   4.70              -
540 NE         CSDH-07       0-4     4 @  11.42              -
700 NE         CSDH-10     51-58     7 @   1.43     2 @   4.02
100 NE         CSDH-13     35-36     1 @   1.46              -
900 NE         CSDH-14      0-24    24 @   0.85    11 @   1.13
3000 NE        CSDH-15     15-22     8 @   0.58     1 @   1.06
1100 NE        CSDH-16       0-7     7 @   3.64     3 @   7.66
1400 NE        CSDH-17       5-6     1 @   3.17              -
1400 NE        CSDH-18     21-26     5 @   1.37     3 @   1.90
1630 NE        CSDH-19     12-15     3 @   2.85              -
1400 NE        CSDH-20     23-24     1 @   1.11              -