SOURCE: O.T. Mining Corporation

October 18, 2007 15:23 ET

Update on The O.T. Mining Corporation

MONTREAL--(Marketwire - October 18, 2007) - In spite of this summer's drill program delay, The O.T. Mining Corporation ("O.T.") (PINKSHEETS: OTMN) continues to move forward adding to its value. Its Montana technical team has had the time to refine the project data, select drill targets from the 18 new drill site permits issued by The USFS (United States Forest Service) in May and begin to prepare the drill sites. O.T.'s dedicated team is eagerly awaiting the 2008 drill season and its Project Manager has issued tenders for two drills to begin work as soon as weather permits.

The 2007 summer drill program was delayed for two reasons.

First, the traditional financing sources began moving away from early stage development exploration companies, the O.T.'s category, in late 2006 and remain absent from the scene at this writing. During this period we have had contact with a number of qualified, serious groups that for one reason or another were unable to provide the required funding. There was and still is opportunist money available; however, the terms would dilute the shareholders unmercifully and the accompanying conditions could alter the course of the company's stated mission.

Second, Mother Nature did not smile kindly on O.T. this drill season. Due to a severe lack of rain and ongoing forest fires in O.T.'s area of Montana, the USFS placed the Deer Lodge Forest under "stage two fire alert" when access to the forest is permitted only between 1 a.m. and 1 p.m. To secure a drill and crew, the O.T. would have had to sign a contract for a guaranteed minimum of 12,500 feet of drilling for the season. With the USFS stage two (known as Hoot Owl hours) restrictions in force from mid June to early September, the minimum guarantee would never have been met and we would have had to pay for it nonetheless.

O.T.'s goal is to prove that its North Anomaly mineralized system has the potential to rival or surpass that of the Butte Mining District, also known as "The Richest Hill on Earth," its neighbor and model 14 miles to the south. Butte is the second largest mining district in the world, second only to South Africa's Witwatersrand. Butte is approaching $400 billion in metals production since 1880 with estimates of a similar amount yet to be discovered. The system is open to depth. "The Richest Hill" has produced ore to depths of 5,500 feet. Drill results to a depth of 8,500 show continuance of the Butte mineralized structure.

O.T. provides the shareholders with considerable leverage through its control of the huge economic potential of the Ruby's North Anomaly copper, molybdenum porphyry structure discovery in 2005 and the fact that O.T. has only 10,914,736 shares issued and outstanding, fully diluted, 12,880,638.

O.T. continues to seek out private investors for capital on a win/win basis. Every lead is followed up, no stone is left unturned. In addition, O.T. fortunately has other financing options available to it. One way or another, Mother Nature permitting, O.T. intends to drill in 2008.

Disclaimer: This press release contains forward-looking statements regarding the Company, within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including statements regarding the anticipated timing, process and scope of further exploration and drilling activities. These statements are based on assumptions that the Company believes are reasonable but that are subject to uncertainties and business risks. Actual results relating to any and all of these subjects may differ materially from those presented. Factors that could cause results to differ materially include economic and political events affecting supply of and demand for base and precious metals, fluctuations in commodity prices, negative results of environmental or technical studies, negative results of further exploration, drilling programs, problems or delays in or objections to the permitting process, failure or delay of third parties to provide services, changes in the attitude of state and local officials toward the Ruby Project and other factors. Additional information is available at the Company's website at www.otmining.com.

Contact Information

  • For further information contact:

    James W. Hess
    President
    4333 Ste. Catherine St. West, Suite #610
    Montreal, Quebec, H3Z 1P9 Canada
    Tel: (514) 935-2445
    Fax: (514) 935-8161
    E-mail: info@otmining.com
    Web site: www.otmining.com