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Wednesday, 4 September 2013
Otis Gold's CEO boosts his position, buys up 100,000 shares in the last week
In a sign of confidence in the company, Otis Gold Corporation's (CVE:OOO) chief executive officer has loaded up on shares this week.
President and CEO Craig Lindsay has added 100,000 shares to his position in Otis Gold at a price of $0.055 in the last week. The company's shares closed at 5 cents on Tuesday. The latest purchase is on top of the 850,000 shares Lindsaybought at the end of July, at $0.035 apiece.
The Vancouver-based company, which operates exploration projects in Idaho, says it is poised to withstand challenges sweeping across the junior mining landscape.
"We are chasing lots of different opportunities right now from financings to developing relationships with producing mining companies, to joint ventures. It's a busy time for Otis," saidLindsay in an interview with Proactive Investors in March.
Part of those discussions centre around raising capital for activities at its flagship Kilgore Gold project, including drilling, environmental baseline studies, permitting and the start of a preliminary economic assessment report.
"We are very mindful of the need to control costs, continue funding Kilgore and minimize any potential dilution to existing shareholders," added Lindsay in a statement in May, saying the project is subject to no underlying royalties, and property maintenance costs are only $36,000 per year for the company's entire property portfolio.
In May, Otis Gold filed its intention to build approximately 1,550 metres of roads into the North Target Area, which is next to the existing Kilgore Gold deposit, and in an area that recently returned "strong drilling results" such as 121.9 metres of 1.04 grams per tonne (g/t) gold. The Kilgore deposit in Idaho contains an NI 43-101 indicated resource of 520,000 gold ounces in 27.4 million tonnes at a grade of 0.59 grams per tonne (g/t) and an inferred resource of 300,000 ounces in 20.2 million tonnes at a grade of 0.46 g/t.
Otis Gold also earlier this year announced a partnership that allows Lateral Gold to earn up to a 100 per cent interest in the Oakley Gold project in Idaho as a means to raise cash.
The stock was unchanged on Wednesday morning, holding steady at 5 cents.