Make Kitco Your Homepage

Otis Gold options project to Centerra Gold

Kitco News

(Kitco News) -Otis Gold (TSX-V:OOO) announced today it reached an option agreement with Centerra Gold.

Centerra can earn up to a 70% interest in Otis's Oakley Property in exchange for total exploration expenditures of $7 million and cash payments to Otis of $550,000 over a six-year period. 

“We are very pleased to announce this partnership with Centerra Gold. While our focus remains on the growth and development of our Kilgore Project, we are excited to partner with Centerra to move this project forward and realize further value on Oakley. Furthermore, the committed expenditure in the first year of the option agreement will likely see a drill program undertaken at Oakley in 2020. Just as importantly, this transaction has the full support of Excellon Resources Inc, which is in the process of acquiring Otis,” said Craig Lindsay, president and CEO of Otis in a statement.

Last month Excellon Resources announced that it would be acquiring Otis Gold.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.