Otis Gold Releases AGM Results and Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 18, 2014) - Otis Gold Corp. ("Otis" or the "Company") (TSX VENTURE:OOO)(OTCQX:OGLDF) is pleased to announce the results of its annual general meeting of shareholders held on March 14, 2014. The shareholders approved all motions put forth at the meeting and ratified the Stock Option Plan. The incumbent directors of Otis, Craig Lindsay, Dr. Roger Norwich, Donald Ranta, William Reed and Sean Mitchell, were re-elected for the coming year.
The Company is also please to provide the following corporate update.
Ongoing Permitting and Field Operations: We continue to progress permitting at the Kilgore Gold Project (or "Kilgore") for our next planned drill program. The focus of permitting is the construction of approximately 1,500 meters of new roads into the "North Target" area, where several bulk tonnage intercepts in excess of 80m thick have been intercepted (see News Release dated January 17, 2013). Highlights of these past holes, all which are located outside of and immediately adjacent to the existing Kilgore Deposit, include 82.3 metres (m) of 0.95 grams per tonne gold (g/t Au) in hole 12 OKR-291, 121.9 m of 1.04 g/t Au, that includes 45.7 m of 1.52 g/t Au, in hole 12 OKR-292, and 83.8 m of 1.12 g/t Au, that includes 30.5 m of 2.10 g/t Au, in hole 12 OKR-294.
As part of our permitting activities, the US Forest Service requested several months of water quality data from a number of locations throughout the project area. We are continuing with monthly water sampling above and beyond the immediate permitting requirements for use with future baseline environmental studies. Based on our discussions with permitting authorities, we expect to be in a position to initiate a drill program by July.
Planned 2014 Work Program: We have prepared a preliminary, draft budget for a work program at Kilgore. Our base plan is comprised of road construction, 3,000 metres of RC drilling into the "North Target" extension and further metallurgical testing. Following this, we plan to update our NI 43-101 resource estimate and initiate a PEA. This work program is subject to receipt of financing.
Cost Control Initiatives: In the face of ongoing weakness in the capital markets, we continue to diligently manage our cash resources. We have rationalized our office space in Spokane, Washington, and continue to closely monitor all corporate and exploration expenditures.
Noted President and CEO Craig Lindsay: "We remain very excited about the growth potential at Kilgore, and are committed to advancing the project. To achieve our goals we are reviewing a broad range of alternatives to creatively advance Otis and our property portfolio. The Company is very appreciative of the support it has received from its shareholders as we continue to navigate challenging market conditions."
About the Company
Otis is a growth-oriented resource company focused on the acquisition, exploration, and development of precious metal deposits in Idaho, USA. Otis is currently developing its flagship property, the Kilgore Gold Project, located in Clark County, Idaho.
ON BEHALF OF THE BOARD
Craig T. Lindsay, President and CEO
Forward-Looking Statements
This release and related documents may include "forward-looking statements" including, but not limited to, statements related to the interpretation of drilling results and potential mineralization, future exploration work at the Kilgore Project and the expected results of this work. Forward-looking statements are statements that are not historical fact and are subject to a variety of risks and uncertainties which could cause actual events to differ materially from those reflected in the forward-looking statements, including: fluctuations in the price of gold, cost of mining, inability to complete drill programs on time and on budget and future financing. Words such as "believes," "plans," "anticipates," "expects," "estimates" and similar expressions should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to: uncertainties involving interpretation of drilling results, environmental matters, obtaining required permitting, equipment breakdowns or disruptions, and the other factors described in Otis' most recent Annual Report.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
NEITHER THE 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 RELEASE.
