Otis Terminates Oakley Option Agreement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 29, 2014) - Otis Gold Corp. ("Otis" or the "Company") (TSX VENTURE:OOO)(OTCQX:OGLDF) announces it has terminated the Option Agreement between the Company and Lateral Gold Corp. ("Lateral"), dated February 10, 2013 and amended on March 26, 2013 (the "Option Agreement"), pursuant to which Otis granted Lateral an option to acquire an initial 70% interest in the Oakley Property. As a result, Otis will retain its existing 80% interest in the Oakley Property, located in Idaho, USA. With the termination of the Option Agreement, Otis will now evaluate its strategic options with respect to the development of the Oakley Property.
About the Company
Otis is a 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
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 release.
The forward-looking information contained in this press release is made as of the date hereof and Otis undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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.
