OR Osisko Gold Royalties Ltd

Osisko Gold Royalties (the "Company" or "Osisko") (TSX:OR) is pleased to
announce that it has signed a letter of intent with NioGold Mining Corporation
("NioGold") pursuant to which Osisko will acquire 14 million flow-through common
shares of NioGold at a price of $0.35 per share by way of private placement. In
addition, Osisko will purchase from NioGold the right to repurchase certain
royalties on its claims for an aggregate purchase price $150,000. Details of the
transaction are as follows:


Private placement 

Osisko will acquire 14 million flow-through common shares of NioGold for total
proceeds of $4.9 million to NioGold, which will be listed for trading on the TSX
Venture Exchange under the symbol "NOX" on closing. 


Osisko will acquire these 14 million flow-through common shares of NioGold for
investment purposes and other than these shares, Osisko has no current intention
to increase the beneficial ownership of, or control or direction over,
additional securities of NioGold. These shares are being acquired by Osisko
pursuant to applicable exemptions from the prospectus requirements and will be
subject to a four-month hold period.


Purchase of Right to Repurchase Marban and Malartic Hygrade-NSM Royalties 

Osisko to pay $150,000 to purchase the rights held by NioGold to repurchase half
of the existing net smelter return royalties on the Marban block and Malartic
Hygrade-NSM block, consisting of:




a.  The right to repurchase for the price of $1,000,000: 
    
    i.  0.25% NSR on the Marban claims 
        
    ii. 0.5% NSR on the First Canadian claims 
        
    iii.1.0% NSR on the Norlartic claims 
        
b.  The right to repurchase for the price of $1,000,000: 
    
    i.  1.0% NSR on the Malartic Hygrade-NSM claims 



Upon closing of the transaction, Osisko will own 23,598,500 common shares of
NioGold, or approximately 19.5% of NioGold's issued and outstanding common
shares. The definitive agreement for the transaction will also include the
following key terms:




1.  NioGold to relocate its head office to Montreal, Quebec 
    
2.  NioGold board to be reconstituted to include two Osisko nominees, two
    NioGold nominees and one nominee to be jointly determined by Osisko and
    NioGold, for a total of five directors. 



The transaction is subject to customary conditions, including the satisfactory
completion of Osisko's due diligence on NioGold's assets, the negotiation and
entering into by both parties of a definitive agreement and regulatory approval
from the TSX Venture Exchange.


About NioGold Mining Corporation

NioGold is a mineral exploration company focused on gold. Its flagship projects
are located in the Cadillac - Malartic - Val-d'Or region of the prolific Abitibi
gold mining district, Quebec. The Cadillac, Malartic and Val-d'Or mining camps
have produced over 45 million ounces of gold since the 1930s and presently
encompasses six producing gold mines including the Canadian Malartic Mine.
NioGold's land holdings within the Abitibi presently cover 130km2 and encompass
four former gold producers, namely the Norlartic, Kierens (First Canadian),
Marban and Malartic Hygrade mines that collectively produced 640,000 ounces of
gold.


About Osisko Gold Royalties Ltd 

Osisko is a gold-focused royalty and stream company whose cornerstone asset is a
5% NSR royalty on the Canadian Malartic Gold Mine, located in Malartic, Quebec.
The Company also holds a 2% NSR royalty on the Upper Beaver, Kirkland Lake and
Hammond Reef gold exploration projects in Northern Ontario.


Osisko's head office is located at 1100 Avenue des Canadiens-de-Montreal, Suite
300, Montreal, Quebec, H3B 2S2.


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 satisfaction of conditions to
the completion of this transaction, the realization of the anticipated benefits
of this transaction, the performance of the assets of Osisko and any acquired
assets the potential of Osisko. 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, the results of efforts to satisfy the
conditions, including regulatory approvals, gold prices, Osisko's royalty
interest, access to skilled consultants, results of mining operation,
exploration and development activities, with production and development stage
mining operations, uninsured risks, regulatory changes, defects in title,
availability of personnel, materials and equipment, timeliness of government or
court 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 Schedule I to the management
information circular of Osisko Mining Corporation which created Osisko and which
is filed on SEDAR and 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 the
forward looking statements contained herein 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 undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, other than as required by applicable
law. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
John Burzynski
Senior Vice President New Business Development
(416) 363-8653
jburzynski@osiskogr.com


Sylvie Prud'homme
Director of Investor Relations
(514) 940-0670
sprudhomme@osiskogr.com

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