Otis Gold Corp.

Otis Gold Corp.

November 12, 2008 15:07 ET

Otis Capital Receives Kilgore 2008-2009 Drill Permit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2008) - Otis Capital Corp. (TSX VENTURE:OOO) ("Otis" or the "Company") is pleased to announce that a Plan of Operations to drill the Kilgore Gold Project, located in Clark County, Idaho, has been approved by the U.S. Forest Service - Caribou-Targhee National Forest. This Plan of Operations, which was approved within six weeks of submission, allows up to 21 core holes to be drilled during the 2008 and 2009 drill seasons. Otis intends to drill some of the holes this November, with the majority to be drilled during 2009.

Initial holes will be placed as offsets of historic holes containing high-grade gold intercepts drilled by Placer Dome US, Pegasus Gold, and Echo Bay Mines between 1991 and 1996. These historic hits loosely define a higher-grade core within the larger Kilgore deposit that comprises a series or set(s) of northwest-trending, structurally-controlled, bonanza-style, quartz stockwork-type feeder vein zones that have only partially been drill tested. Otis will be concentrating on further drill-defining these vein zones during both 2008 and 2009 in an attempt to start delineating a viable high-grade, underground gold deposit. Some of the better high-grade gold intercepts Otis will be following up on and offsetting include 90' @ 1.091 opt Au (hole PK-56, 370' - 460'), 75' @ 0.222 opt Au (hole 94 EKR-89, 95' - 170'), 45' @ 0.331 opt Au (hole EKM-5, 267' - 312'), and 65' @ 0.243 opt Au (hole 94 EKR-86, 250' - 315').

Otis can earn up to a 75% interest in the property by fulfilling the terms of an agreement dated June 4, 2008 between Otis and its joint venture partner Bayswater Uranium Corporation (see Otis Press Release dated June 10, 2008 for further information).

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.


Craig T. Lindsay, President and CEO

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.

The TSX Venture Exchange has neither approved or disapproved of the contents herein.

Contact Information

  • Otis Capital Corp.
    Craig T. Lindsay
    President and CEO
    (604) 683-2507
    (604) 683-2506 (FAX)
    Email: craig@otiscapital.com