ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for monitor Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.

OEI Otish Energy Inc.

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Otish Energy Inc. TSXV:OEI TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Otish Energy Releases NI 43-101 Technical Report on Puruni Gold Project, Guyana

24/08/2010 2:15pm

Marketwired Canada


Otish Energy Inc. (the "Company") (TSX VENTURE:OEI) is pleased to announce the
release of its NI 43-101 complaint Technical Report describing in detail the
geology and gold potential of the Puruni Gold Project, Mazaruni Mining District,
Guyana. 


This report is written in compliance with requirements of National Instrument
43-101 and Form 43-101F1 and is in support of documentation to be filed with the
British Columbia Securities Commission and the TSX Venture Exchange in support
of Otish Energy Inc. entering into a purchase agreement with Trevor Taylor on
the Puruni Project area (Henry Alphonso and Salim Kayum Permits).


The report provides the first detailed summary of the geology, history and
exploration of the Puruni Property. The report is available at www.sedar.com and
will be added to the company's website at www.otishenergyinc.com. 


The NI 43-101 Technical Report for the Puruni Project was completed by Ulrich H.
Kretschmar PhD, P.Geo (ON), of Orillia, Ontario. Mr Kretschmar is a Qualified
Person for the purpose of Canadian NI 43-101, Standards of Disclosure for
Mineral Projects.


The author of the Report collected 15 samples of saprolite, alluvium, sluice box
tailings, black sand, and grab samples of bedrock quartz veins material with
visible gold from the property. The quartz veins grab samples returned assays of
40.5 oz Au/ton (1390 g/t), 61.1 oz Au/ton (2090 g/t), 215.5 oz Au/ton (7389
g/t), and 397.2 oz Au/ton (13618 g/t) - duplicate ran 430.6 oz Au/ton (14764
g/t), while sluice box tailings returned 0.81 oz Au/t (27.7 g/t) and 0.99 oz
Au/t (34.2 g/t).


The Puruni Project area (Alphonso and Kayum Permits) consists of five (5) Mining
Permits - Medium Scale (MP) and one (1) Prospecting Permit - Medium Scale (PPMS)
totalling in area approximately 36 km2 (approx. 9000 Acres). These Mining and
Prospecting Permits were acquired from the Guyana Geology and Mines Commission -
the statutory body responsible for Exploration & Mining in Guyana, by Henry
Alphonso and Salim Kayum of Georgetown, Guyana in 2003. The permits are
traversed by the Puruni River in the middle Puruni River Area, Mazaruni Mining
District No.3, Guyana, N.T.S. Sheet Puruni - 26 SW.


The northernmost boundary of Puruni Project property lies approximately 2.5 km
south of the Peters Mine Concession (Guyana Goldfields Inc.) which was subjected
to a number of regional airborne and ground exploration surveys that focused on
the Peters Mine Concession. The Peters Mine was discovered in the 1890's by
porknockers (local terminology for placer miners/prospectors) and underground
development and mining was in operation between 1904 and 1909. During this
period approximately 1,240 kg (40,000 oz) of gold was recovered from 63,000 tons
of material mined (a recovery grade of 19.7 g Au/T). It is reported that the
head grade was in excess of 41 g Au/T.


The Puruni Project area has a well documented history of alluvial mining in the
active river channel, saprolite mining on land adjacent to the river bank and
lode gold underground mining at the Peters Mine. In early 2009, while mining the
saprolite and elevated gravel terraces adjacent to the river bank, two high
grade veins was uncovered similar in characteristics to the quartz veins mined
at Peters Mine.


Randy Singh P. Geo (ON), P.Eng (ON) a "qualified person" as such term as defined
by National Instrument 43-101, has verified the data disclosed in this news
release, and has otherwise reviewed and approved the technical information in
this news release on behalf of the Company.


Guyana is the only English speaking country in South America and has
demonstrated itself to be a mining-friendly and stable democratic country toward
direct foreign investments in the mining sector. The Land Tenure Act, legal
statutes and the legal system are based on the Roman Dutch Laws modified by
British Common Laws. Guyana has well developed and uniformly administered tax
laws, mining laws and general business systems, especially geared toward the
mining sector that includes duty and tax-free imports for mining and forestry
equipment.


Several major and successful natural resource deposits have been commissioned by
foreign investors including (Omai Gold Mines) - IamGold Inc., (Aurora gold
deposit) - Guyana Goldfields Inc., (Arorima Bauxite Mine) - United Company Rusal
of Russia and (Guymine Bauxite Mine) - Bosai Mineral of China. There are also a
number of Canadian junior exploration companies operating in Guyana including
Sandspring Resources, Shoreham Resources, GMV Minerals, Gold Port Resources and
First Bauxite Inc.


The Company plans to conduct a systematic exploration program to evaluate and
develop the gold potential of the property, including line cutting, soil
sampling, geological mapping and chip sampling, channel sampling of the quartz
veins and saprolite, trenching, a ground gradient magnetic survey, followed by
diamond drilling.


On Behalf of the Board of Otish Energy Inc.

Steve Smith, President

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.


1 Year Otish Energy Inc. Chart

1 Year Otish Energy Inc. Chart

1 Month Otish Energy Inc. Chart

1 Month Otish Energy Inc. Chart

Your Recent History

Delayed Upgrade Clock