Otis achieved many milestones in 2008. In July we successfully completed our “Qualifying Transaction” and became a regularly listed company on the TSX Venture Exchange. As part of this transaction, we raised approximately $1.9 million by way of private placement. While we will need to raise additional capital, we have existing cash on hand to fund all committed expenditures through 2009.
In the Summer, and Fall of 2008, we 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). We also staked claims in between the two projects (which are roughly three miles apart) to consolidate our 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, we secured a drill permit in the Fall. We subsequently initiated a four hole drill program that was completed in early December. We are in the process of logging and splitting the core produced from the four holes, and will submit all samples for assay early this year. Results will be issued as they become available.
In 2009, we will focus on drilling at the Kilgore Project. Additionally, we plan to continue with development efforts at the Oakley Project. We will keep you informed as to our progress at all our projects as we continue to move things forward.
I wish everyone all the very best in 2009! Thank you for your continued support; it is sincerely appreciated.
President & CEO
