VANCOUVER, British Columbia, May 21, 2019 (GLOBE NEWSWIRE) -- Otis Gold Corp. ("Otis" or the "Company") (TSX-V:OOO) (OTC: OGLDF) is pleased to provide a corporate update and report its financial results for the nine month period ending March 31, 2019.
Selected Financial Data The following selected financial data is derived from our unaudited condensed interim financial statements and related notes thereto (the "Interim Financial Statements") for the nine months ended March 31, 2019 as prepared in accordance with International Financial Reporting Standards ("IFRS"). The amounts reported herein are in Canadian dollars.
Nine months ending March 31,
2019
2018
Total expenses
$606,678
$1,230,050
Operating loss
$606,678
$1,230,050
Net loss
$1,037,867
$1,319,973
Exploration expenditures
$1,404,123
$4,191,076
Cash generated from sale of non-core assets
$1,848,065
$0
As at March 31,
As at June 30,
2019
2018
Cash
$771,007
$979,525
Current liabilities
$81,022
$203,130
Non-current liabilities
$0
$0
Shareholders' equity
$28,269,949
$29,286,118
A copy of the Company's financial statements has been filed on SEDAR at www.sedar.com and has been posted to the Otis website at www.otisgold.com.
Recent Highlights
In the most recent quarter, Otis initiated work on a maiden preliminary economic assessment, or PEA, at the Kilgore Project, Clark County, Idaho. The report is expected to be completed in Q4 2019.
Column leach metallurgical test results from Sill Domain material at Kilgore were reported (see News Release dated April 15, 2019) which showed a 74.8% gold recovery from 12.5mm (0.5") crushed core and 83.5% gold recovery from 38mm (1.5") crushed core. The 38mm crushed core leached slower but has higher overall gold extraction.
Further, and perhaps most importantly, final reported gold test grades from the Sill Domain material showed a 59% increase, with calculated final grades returning up to 1.42 g/t Au from initial head assay test grades of 0.89 g/t Au.
The complaint filed by several groups against the US Forest Service in connection with the approval of Kilgore's most recent Plan of Operation (see News Release dated November 19, 2018) continues to progress through the legal system. The various filings, motions and responses will be complete by August 15, 2019, at which time a Federal judge will provide a ruling on the complaint. There is no set date for the courts to provide a ruling, and in the interim the current Plan of Operation remains in good standing.
The Company continues to conduct geological modelling and other assessment work at its Oakley Project and is developing a planned exploration program.
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 project, located in Clark County, Idaho and the Oakley project, located in Cassia County, Idaho.
ON BEHALF OF THE BOARD
"Craig T. Lindsay"
President & CEO
For additional information, please contact:
Mr. Tony Perri ? Corporate Development Tel: (604) 424-8100 Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 "US Securities Act") or any State securities laws, and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable State securities laws, or an exemption from such registration is available.
American Battery Technology Company (ABTC) , an integrated critical battery materials company that is commercializing its technologies for both primary battery minerals manufacturing and secondary minerals lithium-ion battery recycling, today...
XCMG Machinery (SHE:000425, "XCMG") is proud to announce its recent triumph at the 2024 German Design Awards, where it has been awarded the Excellent Communications Design in Integrated Campaigns and Advertising for its innovative "Cultural Gift"...
Asahi Kasei Plastics North America Inc (APNA), manufacturer of Asaclean and a leading supplier of purging compounds for the plastics industry, has announced a new partnership with renowned plastics distributor, Polysource. This exclusive distribution...
In a strategic move to address the growing talent shortage in the global construction equipment industry, XCMG Machinery (SHE:000425, "XCMG") has launched an extensive cross-training program for its employees from XCMG Global Business Headquarters....
The Actuators market is estimated at USD 67.7 billion in 2024 and is projected to reach USD 94.8 billion by 2029, at a CAGR of 7.0 % from 2024 to 2029 according to a new report by MarketsandMarketstm. The growth can be attributed to growing...
Discovery Silver Corp. ("Discovery" or the "Company") today announced financial results for the three and twelve months ended December 31, 2023 ("Q4 2023" and "2023", respectively). The Company also provided a summary of key events since the...