Name Change to Otis Gold Corp. and Corporate Update
January 14, 2009
VANCOUVER, B.C. - Otis Capital Corp. (“Otis” or the “Company”) is pleased to announce that it has received regulatory approval from the TSX Venture Exchange to change its name Otis Gold Corp. The name change will become effective on January 14, 2009, and the Company will continue trading under the symbol OOO. Company management feels the change of name will more accurately reflect the focus of the Company on the gold sector.
Otis achieved all its milestones in 2008. In July, the Company successfully completed its “Qualifying Transaction” and became a regularly listed company on the TSX Venture Exchange. As part of this transaction, Otis raised approximately $1.9 million by way of private placement. While the Company will need to raise additional capital as it develops its business, it has existing cash on hand to fund all committed expenditures through 2009.
In the Summer and Fall of 2008, Otis completed a comprehensive program of geologic mapping and sampling at our Blue Hill Creek and Cold Creek projects located in southern Idaho, and completed a CSAMT survey on both main project blocks (we expect to release results of the CSAMT survey shortly). Otis also staked claims in between the two projects (which are approximately three miles apart) to consolidate its land position. In the future, this combined land package will be known as the “Oakley Project”.
At the Kilgore Project, under a Plan of Operations, Otis was successful in achieving a drill permit from the U.S. Forest Service in the Fall. Otis subsequently initiated a four hole drill program that was completed in early December. Company geologists are in the process of logging and splitting the core produced from the four holes, and will submit all samples for assay early in 2009. Results will be issued as they become available.
In 2009, Otis will focus on drilling at the Kilgore Project. Additionally, it plans to continue with development efforts at the Oakley Project. Company President Craig Lindsay states: “We are very pleased with the progress we have made to date, and look forward to continued success in 2009.”
ON BEHALF OF THE BOARD
“Craig T. Lindsay”
President and CEO
For additional information, please contact:
Tel: 604.683.2507 Fax: 604.683.2506
#350 - 409 Granville Street, Vancouver, B.C., V6C 1T2
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE CONTENTS HEREIN.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.