Otish Energy Inc.
TSX VENTURE : OEI

Otish Energy Inc.

December 02, 2009 09:24 ET

Otish Energy Acquires the Chicobi Gold Property, Abitibi Area, Quebec

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2009) - Otish Energy Inc. (the "Company") (TSX VENTURE:OEI) has entered into a property purchase and sale agreement (the "Agreement") with Sylvie Charbonneau (the "Vendor"), from Morin-Heights, Quebec, to acquire (the "Acquisition") a 100% interest in 54 mineral claims forming the Chicobi Property in the Ligneris Township, Abitibi Area of Quebec (the "Property"). In consideration of the Acquisition, the Company has agreed to pay the Vendor the sum of $15,000 and issue 120,000 common shares in its capital stock upon Exchange approval and claim title transfer. The property is subject to a 1% NSR in favor of the Vendor. The Company will have the option to reduce the NSR, at any time, to 0.5% for a cash payment of $1,000,000 to the Vendor.

The Chicobi Property covers approximately 2,932 hectares and is located roughly 125 kilometres northwest of Val-D'Or, Quebec. Several gravel roads transect the Property providing an excellent access. To the north, the Property is contiguous to Vior's Ligneris gold property where previous diamond drill intersections have yielded values up to 70 g/t of Au. The property is bordered to the south by the Berry-Desboues syenite that hosts several gold showings. Agnico Eagle Mines holds a Property near or including that syenite.

The Chicobi volcano-sedimentary belt comprises the Octave formation consisting of felsic tuff, rhyolite and intermediate volcanics and the Chicobi Group constituted of wacke, siltstone and mudstone that are sometimes interbedded with iron formations. Several felsic intrusives are also present.

The Company will quickly review all the existing information relevant to this Property and recommend an appropriate exploration program. The Company plans a diamond drill campaign in the Fall of 2010 to follow-up on ground prospecting anomalies.

About Otish Energy : The Company explores for unconformity-type uranium deposits, both above and below the basin unconformity, for Rare Earth Elements and gold.

Benoit Moreau, P. Eng. Vice President, Exploration for Otish Energy, is a qualified person (is such is defined in National Instrument 43-101) and is responsible for the geological information presented herein.

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.

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.

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