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MONTREAL and TORONTO, Oct. 12, 2018 (GLOBE NEWSWIRE) -- Osisko Mining Inc. (TSX: OSK) ("Osisko") and Beaufield Resources Inc. (TSX-V: BFD) ("Beaufield") are pleased to announce that Beaufield's shareholders voted, at the special meeting of Beaufield's shareholders held earlier today (the "Beaufield Meeting"), overwhelmingly to approve the proposed Arrangement (as defined herein) with Osisko.

At the Beaufield Meeting, the special resolution authorizing the Arrangement (the "Arrangement Resolution") was approved by (i) approximately 98.1% of the shareholders of Beaufield present in person or represented by proxy, and (ii) approximately 96.0% of the minority shareholders of Beaufield present in person or represented by proxy. The shareholders of Beaufield who participated in the vote represented approximately 49.5% and 31.5%, respectively, of all issued and outstanding shares of Beaufield entitled to vote on the Arrangement Resolution.

Arrangement Update

Completion of the Arrangement remains subject to, among other things, satisfaction of all conditions precedent to closing the Arrangement, including the final approval of the Superior Court of Québec. The hearing for the final order of the Superior Court of Québec to approve the Arrangement is scheduled to take place on October 15, 2018. Assuming that all approvals are obtained and all conditions precedent are satisfied or waived, Osisko and Beaufield currently anticipate the closing of the Arrangement to occur on October 19, 2018.

On August 14, 2018, Osisko and Beaufield entered into a definitive arrangement agreement, whereby, subject to the terms and conditions of the arrangement agreement, Osisko will acquire all of the issued and outstanding common shares of Beaufield, which it does not already own, pursuant to a statutory plan of arrangement under the provisions of the Canada Business Corporations Act (the "Arrangement"). In addition, pursuant to the Arrangement, all of the outstanding options to acquire shares of Beaufield and all of the outstanding warrants exercisable into shares of Beaufield, to the extent they have not been exercised prior to the effective time of the Arrangement, will be exchanged for such number of options or warrants, as the case may be, to acquire shares of Osisko.

Under the terms of the Arrangement, shareholders of Beaufield (other than Osisko and any shareholders of Beaufield validly exercising dissent rights, if any) will be entitled to receive 0.0482 of a share of Osisko in exchange for each share of Beaufield held immediately prior to the effective time of the Arrangement.

Further details regarding the Arrangement are set out in the management information circular of Beaufield dated September 11, 2018, which is available on SEDAR (www.sedar.com) under Beaufield's issuer profile.

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake gold deposit located between Val-d'Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quevillon area (over 3,300 square kilometres), a 100% interest in the Marban project located in the heart of Québec's prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Québec and Ontario.

For further information about Osisko please contact:

John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653

About Beaufield Resources Inc.

Beaufield is a mineral exploration company with its exploration activity focused in Québec and Ontario. Please refer to Beaufield's website at www.beaufield.com to view the Beaufield's properties in Urban, Eléonore-Opinaca, Tortigny, Hemlo and Launay.

For further information about Beaufield please contact:

Vatché Tchakmakian
Secretary and Chief Financial Officer
Telephone: (514) 842-3443

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.