OOO Otis Gold Corp

Otis Gold Corp. (TSX VENTURE:OOO)(OTCQX:OGLDF)(PINK SHEETS:OGLDF) ("Otis" or the
"Company") is pleased to provide an update on recent developments at its Kilgore
Gold Project, Clark County, Idaho.


Ongoing 2011 Drill Program

A total of up to 10,000 metres of drilling is planned for Kilgore in 2011. This
season's drill program commenced on June 22, 2011, and Otis currently has two
core rigs drilling operating on a 24-hour basis. To date, Otis has completed 17
holes totaling 4,150 metres at Mine Ridge (11 holes) and Prospect Ridge (6
holes). Based on progress to date, the Company expects to complete the planned
Mine Ridge and Prospect Ridge drilling by the end of September. The Company may
expand the ongoing drill program at these two sites dependent on drill results.
Drilling is being conducted by Timberline Drilling of Coeur d'Alene, Idaho.


The Company has implemented a streamlined process for logging and splitting core
in 2011. As a result, core processing is maintaining pace with drilling. All
samples are being submitted to ALS Chemex in Elko, Nevada. Due to the high
demands on ALS Chemex arising from heavy seasonal drilling activity in the
region, drill results are taking approximately 6 to 8 weeks to turnaround. We
expect to have our first drill results available later this month, and results
will likely continue to be received into 2012. All drill results will be
released as they become available. 


An archaeological survey has been completed in advance of the submission of a
Plan of Operation for the planned 1,500 meters of drilling at the Gold Ridge
target. The Plan of Operation will be submitted within the next week, and based
on historical experience we expect approval within six weeks. Assuming
appropriate drill and helicopter equipment can be secured (no existing road
access is available into the area), drilling at Gold Ridge is planned to
commence in October.


NI 43-101 Resource Estimate

Work on the resource estimate, being prepared by Mr. Dean Turner, P.Geo,
Littleton, Colorado an Independent Qualified Person as defined by NI 43-101, is
rapidly progressing with thorough due diligence review and development of a
geologic model. The new estimate will include over 12,500 metres of Otis diamond
drill results. We originally anticipated completion of the 3-D model and
resource estimate by the end of July, but due to the greater amount of technical
data required for the estimate, we now anticipate the updated resource to be
completed around the end of the third quarter.


Environmental Baseline Studies

We have now received several bids for hydrologic and air monitoring. The
monitoring will be designed to meet the requirements of the Idaho Department of
Environmental Quality and will form part of a future mine Plan of Operations at
Kilgore. We expect to award a contract within the next two weeks, and the
monitoring program will progress for a period of 12 months.


Additional Metallurgical Testing

Otis plans to follow up on the extremely successful column leach testing
completed in 2010 (see News Release dated April 11, 2011), which was performed
on 1/2" crush material. Specifically, Otis plans to complete additional testing
on larger-size crush material (minimum crush size of 1"). Drilling to secure
appropriate P-size core material for this work will be completed later this
fall.


Craig Lindsay, President & CEO of Otis, states: "We are pleased with the
progress of our work program at Kilgore, as we continue to aggressively develop
this project. We continue to believe that significant opportunity exists to
expand our resource base at Kilgore, and we remain very optimistic about future
developments."


John R. Carden, Ph.D., P. Geo., a Qualified Person (QP) as defined by National
Instrument Policy 43-101, is responsible for the technical information contained
in this news release.


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, Clark County, Idaho.


ON BEHALF OF THE BOARD 

Craig T. Lindsay, President and CEO

The forward-looking information contained in this press release is made as of
the date hereof and the Company 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.

Otis Gold (TSXV:OOO)
Historical Stock Chart
From Jun 2024 to Jul 2024

Otis Gold (TSXV:OOO)
Historical Stock Chart
From Jul 2023 to Jul 2024