Otis Gold options project to 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.