<SEC-DOCUMENT>0001062993-17-001106.txt : 20170227
<SEC-HEADER>0001062993-17-001106.hdr.sgml : 20170227
<ACCEPTANCE-DATETIME>20170227062436
ACCESSION NUMBER:		0001062993-17-001106
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170227
FILED AS OF DATE:		20170227
DATE AS OF CHANGE:		20170227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Osisko Gold Royalties LTD
		CENTRAL INDEX KEY:			0001627272
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37814
		FILM NUMBER:		17639552

	BUSINESS ADDRESS:	
		STREET 1:		1100 AVENUE DES CANADIENS-DE-MONTREAL
		STREET 2:		SUITE 300
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3B 2S2
		BUSINESS PHONE:		514-940-0670

	MAIL ADDRESS:	
		STREET 1:		1100 AVENUE DES CANADIENS-DE-MONTREAL
		STREET 2:		SUITE 300
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3B 2S2
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Osisko Gold Royalties Ltd: Form 6-K - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF" style="font-size: 10pt;">
<hr noshade align="center" width="100%" size=3 color="black">


<p align="center"><font size="5"><strong>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
  Washington, D.C. 20549</p>

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<p align="center">For the month of <b>February, 2017</b></p>

<p align="center">Commission File Number: <b>001-37814</b></p>

<p align="center"><b><u><font size=5>Osisko Gold Royalties LTD</font></u></b> <br>(Translation of registrant's name into English) </p>

<p align="center"><b><u>1100 Avenue des Canadiens-de-Montr&#233;al, Suite 300, Montr&#233;al, Qc H3B 2S2</u></b><br>(Address of principal executive offices) </p>

<p align="center">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</p>
<p align="center">[<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>] Form 20-F &nbsp;&nbsp;[ x ] Form 40-F</p>

<p align="center">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
</p>



<p align="center"> Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
</p>



<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>

<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
  <td width="5%" valign="top">&nbsp;</td><td width="5%" valign="top">
  <a href="exhibit99-1.htm">99.1</a></td><td>
  <a href="exhibit99-1.htm">Press Release dated February 27, 2017</a></td>
</tr>
</table>

<p>&nbsp;</p>

<hr noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><strong><u>SIGNATURES</u></strong></p>

<p align="justify">Pursuant to the requirements of the Securities Exchange Act
  of 1934, the registrant has duly caused this report to be signed on its behalf
  by the undersigned, thereunto duly authorized.</p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
	<tr>
		<td width="50%" valign="top">&nbsp;</td>
		<td colspan="2" valign="top"><b>OSISKO GOLD ROYALTIES LTD</b></td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td colspan="2" valign="top">(Registrant)</td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td>&nbsp;</td>
	</tr>
	<tr>
		<td valign="top">Date: February 27, 2017</td>
		<td valign="top">By:</td>
		<td><i>/s/ Joseph de la Plante</i></td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td><hr noshade align="center" width="100%" size=1 color="black"> </td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td>Joseph de la Plante</td>
	</tr>
	<tr>
		<td width="50%" valign="top">&nbsp;</td>
		<td width="5%" valign="top">Title:</td>
		<td>Vice-President, Corporate Development</td>
	</tr>
</table>

<hr color="#000000" size="5">



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Osisko Gold Royalties Ltd.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><IMG src="exhibit99-1x1x1.jpg" border=0> </P>
<P align=center><B>OSISKO ACQUIRES SILVER STREAM ON TASEKO&#146;S
</B><BR><B>GIBRALTAR COPPER MINE IN CANADA </B></P>
<P align=justify><B>(Montr&#233;al, February 27, 2017)</B> Osisko Gold Royalties Ltd
(the &#147;Company&#148; or &#147;Osisko&#148;) (OR: TSX &amp; NYSE) is pleased to announce that it
has agreed to acquire a silver stream with reference to silver produced at the
Gibraltar copper mine (&#147;Gibraltar&#148;), located in British Columbia, Canada, from
Gibraltar Mines Ltd. (&#147;Gibco&#148;), a wholly-owned subsidiary of Taseko Mines
Limited (&#147;Taseko&#148;). Osisko will pay Taseko a cash consideration of US$33 million
for the silver stream. In addition, Osisko will make ongoing payments of US$2.75
per ounce of silver delivered. </P>
<P align=justify>Sean Roosen, Chair and CEO of Osisko noted: &#147;Osisko is pleased
to partner with Taseko on the Gibraltar mine to create our first silver stream.
Our agreement with Taseko further strengthens and diversifies our Canadian
portfolio with a long-life asset with a proven operator that will immediately be
accretive to our portfolio of assets. This investment also provides Osisko
shareholders with silver price optionality over multiple cycles, with potential
exploration and expansion upside.&#148; </P>
<P align=justify>Russell Hallbauer, President and CEO of Taseko, stated, &#147;We are
very happy with our agreement with Osisko on this transaction, partnering with a
group that has become a world-class precious metal royalty and streaming company
in such a short amount of time. We look forward to a long and prosperous
relationship.&#148; </P>
<P align=justify><B>TRANSACTION HIGHLIGHTS </B></P>
<P align=justify><B>Adds to Osisko's Existing High-Quality Portfolio </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Osisko has agreed to acquire Taseko&#146;s 75% share of
      payable silver production from the Gibraltar mine until the delivery of
      5.9 million ounces of silver, and 35% of Taseko&#146;s share of payable silver
      production thereafter. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Gibraltar is the second largest open pit copper mine in
      Canada and fourth largest in North America. The life of mine yearly
      average production from Gibraltar is approximately 140 million pounds
      (&#147;lb&#148;) of copper and 2.5 million lb of molybdenum. With a large reserve of
      3.2 billion lb of recoverable copper and 58 million lb of molybdenum, the
      estimated mine life of the project is 23 years (proven and probable
      reserves as of January 1, 2016). </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>With the addition of the Gibraltar silver stream,
      Osisko's 2017 production is forecasted to come entirely from mines in
      Canada, a mining-friendly and low-risk jurisdiction.
</P></TD></TR></TABLE>
<P align=justify><B>Immediate Production and Cash Flow </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>The acquisition immediately increases Osisko's production
      and cash flow profile with expected annual silver production of
      approximately 200,000 ounces for the next 14 years, increasing to an
      average of 350,000 ounces for the remainder of the 23 year reserve life of
      Gibraltar. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Full year delivery is expected for 2017: the stream
      effective date is January 1, 2017. </P></TD></TR></TABLE>
<P align=justify><B>Long-term production and exploration upside potential
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Current reserves are sufficient to support mining
      activities at Gibraltar until 2039 with the potential for extension should
      the current measured and indicated resources be converted into reserves.
      </P></TD></TR></TABLE>
<P align=right>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>On September 20, 2016, Taseko announced the discovery of
      a new high grade copper-gold- silver zone northwest of the perimeter of
      the Extension Pit at Gibraltar. Taseko continues to explore for additional
      discoveries along strike of the two main shear zones looking for parallel
      structures within the host tonalite. </P></TD></TR></TABLE>
<P align=justify><B>Deal structured in Canada </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">All the parties to the agreement are residents
      of Canada. </TD></TR></TABLE>
<P align=justify><B>Terms of the Agreement </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Osisko has agreed to acquire Taseko&#146;s 75% share of
      payable silver production from the Gibraltar mine until the delivery of
      5.9 million ounces of silver. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Once Osisko has received 5.9 million ounces of silver,
      Osisko will receive an amount of silver equivalent to 35% of Taseko&#146;s
      attributable Gibraltar mine silver production. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Osisko will pay Taseko a cash consideration of US$33
      million for the silver stream as an advance payment against the purchase
      price for the sale of silver to Osisko. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>The effective date of the transaction is January 1, 2017.
      Any silver in respect of which a delivery is made to an offtaker after
      January 1, 2017, is subject to the stream. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>The silver payability rate will be 90% of contained
      silver in concentrate, which is in accordance with Taseko&#146;s existing
      concentrate offtake agreements. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Osisko will make ongoing payments of US$2.75 to Taseko,
      per silver ounce delivered. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Silver deliveries will be the secured, subordinated
      obligation of Gibco, but will be guaranteed by Taseko. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Taseko will grant Osisko 3 million common share purchase
      warrants (&#147;Warrant&#148;), with each Warrant entitling Osisko to purchase one
      common share of Taseko at a strike price to be set at a 50% premium to the
      10-day VWAP prior to closing. The Warrants will expire on April 1, 2020.
      If at any point during the life of the Warrants, Taseko&#146;s share price
      trades at a premium of 25% above the Strike Price for a 30-day consecutive
      period, Taseko may force the exercise of the Warrants. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Closing of the transaction is expected to occur in early
      March 2017 and is subject to the completion of customary conditions
      including obtaining regulatory approvals. </P></TD></TR></TABLE>
<P align=justify><B>About the Gibraltar Mine </B></P>
<P align=justify>The Gibraltar copper mine is located in Central British
Columbia, Canada. Gibraltar is owned 75% by Taseko and 25% by a Japanese
consortium (Sojitz Corporation, 12.5%; Dowa Corp, 6.25%; Furakawa Corp, 6.25%) .
Gibraltar has a mineral reserve of 3.2 billion pounds recoverable copper and 58
million pounds recoverable molybdenum. Gibraltar's mill capacity is 85,000 tons
per day (&#147;tpd&#148;). Processing at Gibraltar is conventional and consists of a
typical crush, grind, and floatation circuit. Total production in 2016 was 133.2
million pounds of copper and 0.9 million pounds of molybdenum. Gibraltar
produces a high quality 28%-copper concentrate (which contains a silver
by-product), molybdenum concentrate and, at times, copper cathode. Copper
concentrate is transported by truck to a rail loadout serviced by the CN
Railway. From there, the railcars are shipped to the Port of Vancouver where the
concentrate is loaded onto ocean freighters for shipment to final destination.
</P>
<P align=justify><B>About Taseko </B></P>
<P align=justify>Taseko Mines Limited is a TSX and NYSE MKT-listed copper
producer. The Company&#146;s principal producing asset is the 75%-owned Gibraltar
copper mine in Central British Columbia. The company also owns the New
Prosperity project, Aley niobium project and Florence copper project in Arizona.
</P>
<P align=right>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=justify><B>About Osisko </B></P>
<P align=justify>Osisko Gold Royalties is an intermediate precious metal royalty
company focused on the Americas that commenced activities in June 2014. It holds
over 50 royalties, including a 5% NSR royalty on the Canadian Malartic Mine
(Canada) and a 2.0 -3.5% NSR royalty on the &#201;l&#233;onore Mine (Canada). It maintains
a strong financial position with cash resources of $499.2 million at December
31, 2016 and has distributed $30.8 million in dividends to its shareholders
during the past nine consecutive quarters. The Company also owns a portfolio of
publicly held resource companies, including a 13.5% interest in Osisko Mining
Inc., 13.3% in Falco Resources Ltd, and 16.9% interest in Barkerville Gold Mines
Ltd. </P>
<P align=justify>Osisko&#146;s head office is located at 1100 Avenue des
Canadiens-de-Montr&#233;al, Suite 300, Montr&#233;al, Qu&#233;bec, H3B 2S2. </P>
<P align=justify><B>For further information please contact Osisko Gold
Royalties: </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Vincent Metcalfe </TD>
    <TD align=right width="50%">Joseph de la Plante </TD></TR>
  <TR vAlign=top>
    <TD align=left>Vice President, Investor Relations </TD>
    <TD align=right width="50%">Vice President, Corporate Development </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tel. (514) 940-0670 </TD>
    <TD align=right width="50%">Tel. (514) 940-0670 </TD></TR>
  <TR vAlign=top>
    <TD align=left><U>vmetcalfe@osiskogr.com</U> </TD>
    <TD align=right width="50%"><U>jdelaplante@osiskogr.com</U>
</TD></TR></TABLE>
<P align=justify><B>Mineral Reserves and Resources</B></P>
<P align=justify>The Mineral Reserves and Mineral Resources for the Gibraltar
deposit as of December 31, 2015, are as follows. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=2 align=center vAlign=center noWrap bgcolor="#3E3E3E"><FONT
      color=#ffffff><B>Category (at</B> <BR><B>0.20% Cu Cut-</B> <BR><B>off)</B>
      </FONT></TD>
    <TD width="16%" rowSpan=2 align=center vAlign=center noWrap bgcolor="#3E3E3E"><FONT
      color=#ffffff><BR><B>Size</B> <BR><B>(M Tons)</B> <BR></FONT></TD>
    <TD colspan="2" align=center vAlign=center noWrap bgcolor="#3E3E3E"><FONT
      color=#ffffff><B>Grade</B> </FONT><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    <TD width="16%" align=center vAlign=center noWrap bgcolor="#3E3E3E"><FONT
      color=#ffffff><B>Recoverable Metal</B> </FONT></TD>
    <TD width="16%" align=center vAlign=center noWrap bgcolor="#3E3E3E"><FONT
      color=#ffffff><B>Contained Metal</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD width="16%" align=center vAlign=center noWrap bgcolor="#3E3E3E"><FONT
      color=#ffffff><B>Cu (%)</B> </FONT></TD>
    <TD width="16%" align=center vAlign=center noWrap bgcolor="#3E3E3E"><FONT
      color=#ffffff><B>Mo (%)</B> </FONT></TD>
    <TD width="16%" align=center vAlign=center noWrap bgcolor="#3E3E3E"><FONT
      color=#ffffff><B>Cu (B lbs)</B> </FONT></TD>
    <TD width="16%" align=center vAlign=center noWrap bgcolor="#3E3E3E"><FONT
      color=#ffffff><B>Cu (B lbs)</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>P&amp;P Reserves</B> </TD>
    <TD align=center width="16%">722 </TD>
    <TD align=center width="16%">0.26 </TD>
    <TD align=center width="16%">0.008 </TD>
    <TD align=center width="16%">3.2 </TD>
    <TD align=center width="16%">3.7 </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>M&amp;I Resources</B> </TD>
    <TD align=center width="16%">1,066 </TD>
    <TD align=center width="16%">0.25 </TD>
    <TD align=center width="16%">0.008 </TD>
    <TD align=center width="16%">- </TD>
<TD align=center width="16%">5.3 </TD></TR></TABLE></DIV>
<P align=justify>The resource and reserve estimation was completed by Gibraltar
mine staff under the supervision of Scott Jones, P.Eng., Vice President,
Engineering and a Qualified Person under National Instrument 43-101. Mr. Jones
has verified the methods used to determine grade and tonnage in the geological
model, reviewed the long range mine plan, and directed the updated economic
evaluation. The estimates used long term metal prices of US$2.75/lb for copper
and US$11.00/lb for molybdenum and 0.85 C$/US$ foreign exchange. Mr. Jones has
reviewed this release. Reserves and Resources were updated as of December 31,
2015. </P>
<P align=justify>Mr. Luc Lessard is the qualified person for this release as
defined by National Instrument 43-101 - Standards of Disclosure for Mineral
Projects and has reviewed and verified the technical information contained
herein. Mr. Luc Lessard is an employee of Osisko Gold Royalties and is
non-independent. </P>
<P align=justify><B><I>Forward-looking Statements </I></B></P>
<P align=justify><I>Certain statements contained in this press release may be
deemed &#147;forward-looking statements&#148;. All statements in this release, other than
statements of historical fact, that address future events, developments or
performance that Osisko expects to occur including management&#146;s expectations
regarding Osisko&#146;s growth, results of operations, estimated future revenues,
requirements for additional capital, mineral reserve and mineral resource
estimates, production estimates, production costs and revenue, future demand for
and prices of commodities, business prospects and opportunities are forward
looking statements. In addition, statements (including data in tables) relating
to reserves and resources and gold equivalent ounces are forward looking
statements, as they involve implied assessment, based on certain estimates and
assumptions, and no assurance can be given that the estimates will be realized.
Forward looking statements are statements that are not historical </I><i>facts and are generally, but not always, identified by the
words &#147;expects&#148;, &#147;plans&#148;, &#147;anticipates&#148;, &#147;believes&#148;, &#147;intends&#148;, &#147;estimates&#148;,
&#147;projects&#148;, &#147;potential&#148;, &#147;scheduled&#148; and similar expressions or variations
(Including negative variations), or that events or conditions &#147;will&#148;, &#147;would&#148;,
&#147;may&#148;, &#147;could&#148; or &#147;should&#148; occur including, without limitation, the performance
of the assets of Osisko, the realization of the anticipated benefits deriving
from its investments and the transaction with Taseko. Although Osisko believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements involve known and unknown risks,
uncertainties and other factors and are not guarantees of future performance and
actual results may accordingly 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, without limitation:
fluctuations in the prices of the commodities that drive royalties held by
Osisko (gold and silver); fluctuations in the value of the Canadian dollar
relative to the U.S. dollar; regulatory changes in national and local
government, including permitting and licensing regimes and taxation policies;
regulations and political or economic developments in any of the countries where
properties in which Osisko holds a royalty or other interest are located or
through which they are held; risks related to the operators of the properties in
which Osisko holds a royalty, influence of macroeconomic developments; business
opportunities that become available to, or are pursued by Osisko; continued
availability of capital and financing and general economic, market or business
conditions; litigation; title, permit or license disputes related to interests
on any of the properties in which Osisko holds a royalty or other interest;
development, permitting, infrastructure, operating or technical difficulties,
delays or adverse climatic conditions on any of the properties in which Osisko
holds a royalty or other interest; rate and timing of production differences
from resource estimates or production forecasts by operators of properties in
which Osisko holds a royalty or other interest ; risks and hazards associated
with the business of exploring, development and mining on any of the properties
in which Osisko holds a royalty or other interest, including, but not limited to
unusual or unexpected geological and metallurgical conditions, slope failures or
cave-ins, flooding and other natural disasters or civil unrest or other
uninsured risks. The forward looking statements contained in this press release
are based upon assumptions management believes to be reasonable, including,
without limitation: the ongoing operation of the properties in which Osisko
holds a royalty or other interest by the owners or operators of such properties
in a manner consistent with past practice; the accuracy of public statements and
disclosures made by the owners or operators of such underlying properties; no
material adverse change in the market price of the commodities that underlie the
asset portfolio; no adverse development in respect of any significant property
in which Osisko holds a royalty, stream or other interest; the accuracy of
publicly disclosed expectations for the development of underlying properties
that are not yet in production; and the absence of any other factors that could
cause actions, events or results to differ from those anticipated, estimated or
intended.</i></P>
<P align=right>3 </P>
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<!--$$/page=--><A name=page_4></A>
<P align=justify><I>For additional information with respect to these and other
  factors and assumptions underlying the forward-looking statements made in this
  press release, see the section entitled &#147;Risk Factors&#148; in the most recent Annual
  Information Form of Osisko which is filed with the Canadian securities
  commissions and available electronically under Osisko's issuer profile on SEDAR
  at </I><I><U>www.sedar.com</U></I><I> and with the U.S. Securities and Exchange
    Commission on EDGAR at www.sec.gov. The forward-looking information set forth
    herein reflects Osisko&#146;s expectations as at the date of this press release and
    is subject to change after such date. Osisko disclaims any intention or
    obligation to update or revise any forward-looking statements, whether as a
    result of new information, future events or otherwise, other than as required by
law. </I></P>
<P align=right>4 </P>
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