SOURCE: O.T. Mining Corporation

April 20, 2006 09:00 ET

Private Placement Completed and 2006 Exploration Program Being Finalized

MONTREAL -- (MARKET WIRE) -- April 20, 2006 -- The O.T. Mining Corporation's (OTC: OTMN) ("O.T.") Management is pleased to announce that in late February it completed a $2,519,807.50 US private placement of units to accredited investors under S.E.C. Rule 144. The placement consisted of 719,945 units comprised of one share of common stock at $3.50 U.S. per share and one two year warrant to purchase an additional share at $7.00 U.S.

O.T. has 10,751,351 common shares issued and outstanding and 12,639,290 fully diluted.

The O.T.'s third party advisor and evaluator, Watts, Griffis & McOuat Ltd., Consulting Geologists and Engineers of Toronto, is in the final phase of completing an in depth technical and due diligence report compliant with Canadian mineral company regulation 43-101. The report is scheduled for completion by the end of May.

Dr. Mark Fedikow, OT's Vice President of Exploration and Director, and Dr. Fess Foster, OT's Montana Ruby Project Manager, are working with the U.S. Forest Service and The State of Montana's Department of Environmental Quality, for permits necessary to begin field geophysical surveys and to finalize drill sites for the Ruby's soon to begin 2006 exploration season.

Please visit the O.T.'s due diligence website www.otmining.com for in depth information on its 21.3 square mile porphyry copper-molybdenum and epithermal gold and silver projects.

The Ruby Property is 14 miles north of the Butte (Montana) Mining District, host to "The Richest Hill on Earth" and the world's fourth largest porphyry copper deposit, in production since 1880.

Disclaimer: This news release contains certain "Forward-Looking Statements". All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

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