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Monday, 23 September 2013
Otis Gold's CEO loads up on more company stock
Otis Gold Corp's (CVE:OOO) chief executive has added once more to his substantial stake in the company, acquiring 91,000 shares in one transaction alone at 5 cents apiece.
The purchase of 91,000 shares, made by president and CEO Craig Lindsay yesterday, is worth some $4,550, and comes on top of the 100,000 shares he acquired just a few weeks ago, and the 850,000 shares Lindsay bought at the end of July, at 3.5 cents apiece. In fact, since May of this year,Lindsay has purchased 1.555 million shares in the open market.
Otis's shares are currently trading up slightly, at 5.5 cents.
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 earlier this year.
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.