Otish Energy Acquires the Noyelles Gold Property, Abitibi Area, Quebec
03 Dezembro 2009 - 12:49PM
Marketwired
Otish Energy Inc. (the "Company") (TSX VENTURE: OEI) has entered
into a property purchase and sale agreement (the "Agreement") with
Sylvie Charbonneau (the "Vendor"), from Morin-Heights, Quebec, to
acquire (the "Acquisition") a 100% interest in 66 mineral claims
forming the Noyelles Property in the Noyelles and Bruneau
Townships, Abitibi Area of Quebec (the "Property"). In
consideration of the Acquisition, the Company has agreed to pay the
Vendor the sum of $10,000 and issue 120,000 common shares in its
capital stock upon Exchange approval and claim title transfer. The
property is subject to a 1% NSR in favor of the Vendor. The Company
will have the option to reduce the NSR, at any time, to 0.5% for a
cash payment of $1,000,000 to the Vendor.
The Noyelles Property covers approximately 3,697 hectares and is
located roughly 60 kilometres northwest of the town of
Lebel-sur-Quevillon, Quebec. Several logging roads transect the
Property providing an excellent access. The Property lies within
the Casa Berardi - Cameron deformation corridor that hosts several
orebodies and gold deposits, notably the Casa Berardi gold mine
with over 5 M ounces of gold and the Discovery deposit with more
than 500,000 ounces of gold. The Property is located approximately
20 kilometres from the Discovery deposit.
The Property geology consists of mafic volcanic rocks of the
Taibi Group that is in contact with miscellaneous sedimentary rocks
that include sandstones, conglomerates, siltstones, mudstones, tuff
and iron formations.
The Company will quickly review all the existing information
relevant to this Property and recommend an appropriate exploration
program. The Company plans a diamond drill campaign in the Fall of
2010 to follow-up on ground prospecting anomalies.
About Otish Energy : The Company explores for unconformity-type
uranium deposits, both above and below the basin unconformity, for
Rare Earth Elements and gold.
Benoit Moreau, P. Eng. Vice President, Exploration for Otish
Energy, is a qualified person (is such is defined in National
Instrument 43-101) and is responsible for the geological
information presented herein.
This news release may contain forward-looking statements based
on assumptions and judgments of management regarding future events
or results. Such statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements.
The Company disclaims any intention or obligation to revise or
update such statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Otish Energy Inc. Steve Smith President (604) 642-0115
steve.smith@telus.net Otish Energy Inc. Benoit Moreau Vice
President - Exploration (514) 759-8702
bmoreau@otishenergyinc.com
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