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Otis Reports Q3 Financial and Operating Results

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:  tony@otisgold.com

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.