VANCOUVER, BC- Canada, December 3, 2009 – Otish Energy Inc. (the “Company”) (TSX – V: OEI) has entered into a property purchase and sale agreement (the “Agreement”) with Sylvie Charbonneau (the “Vendor”), from Morin-Heights, Quebec, to acquire (the “Acquisition”) a 100% interest in 66 mineral claims forming the Noyelles Property in the Noyelles and Bruneau Townships, Abitibi Area of Quebec (the “Property”). In consideration of the Acquisition, the Company has agreed to pay the Vendor the sum of $10,000 and issue 120,000 common shares in its capital stock upon Exchange approval and claim title transfer. The property is subject to a 1% NSR in favor of the Vendor. The Company will have the option to reduce the NSR, at any time, to 0.5% for a cash payment of $1,000,000 to the Vendor.
The Noyelles Property covers approximately 3,697 hectares and is located roughly 60 kilometres northwest of the town of Lebel-sur-Quévillon, Quebec. Several logging roads transect the Property providing an excellent access. The Property lies within the Casa Berardi – Cameron deformation corridor that hosts several orebodies and gold deposits, notably the Casa Berardi gold mine with over 5 M ounces of gold and the Discovery deposit with more than 500,000 ounces of gold. The Property is located approximately 20 kilometres from the Discovery deposit.
The Property geology consists of mafic volcanic rocks of the Taïbi Group that is in contact with miscellaneous sedimentary rocks that include sandstones, conglomerates, siltstones, mudstones, tuff and iron formations.
The Company will quickly review all the existing information relevant to this Property and recommend an appropriate exploration program. The Company plans a diamond drill campaign in the Fall of 2010 to follow-up on ground prospecting anomalies.
About Otish Energy : The Company explores for unconformity-type uranium deposits, both above and below the basin unconformity, for Rare Earth Elements and gold.
Benoit Moreau, P. Eng. Vice President, Exploration for Otish Energy, is a qualified person (is such is defined in National Instrument 43-101) and is responsible for the geological information presented herein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
For additional information please contact:
Otish Energy Inc.
Steve Smith
President
700 Pender Street W, Suite 204
Vancouver, BC V6C 1T2
Tel: (604) 642-0115
Email: steve.smith@telus.net
Otish Energy Inc.
Benoit Moreau
Vice President â Exploration
666 Sherbrooke W, Suite 1002
Montreal, QC H3B 1E7
Tel: (514) 759-8702
Email: bmoreau@otishenergyinc.com
