Dec 20 2010
Otish Energy Inc. (TSX VENTURE:OEI) has announced it has signed letters of intent with Mr. Kennard Gobin of East Coast Demerara, Guyana, SA to acquire all of the hard rock mining rights for the Guyana Geology and Mines Commission Mining Permit No. 187/2010, Guyana Geology and Mines Commission Mining Prospecting Permit PPMS/626/2010 and Guyana Geology and Mines Commission Mining Prospecting Permit PPMS/627/2010 in the Cuyuni Mining District #4, Guyana SA.
The consideration payable by the Company for the purchase of the Rights will be US$10,000 payable in cash and 600,000 common shares in the capital stock of the Company which shares will subject to the usual 4 month restricted period required by the TSX Venture Exchange and applicable securities legislation.
The purchase of the Rights is subject to due diligence by the Company and the completion of formal documentation.
The Company is also pleased to announce that the assignment agreement with Trevor Taylor of Ajax, Ont., (previously announced in Stockwatch June 25, 2010) whereas Mr. Taylor agrees to transfer to the company his exclusive and sole right title and interest in the contiguous land block comprising six medium-scale prospecting permits, comprising approximately 6,900 acres, located in Puruni, Mazaruni mining district No. 3, Guyana is near completion. The Company anticipates commencing a detailed exploration program on the Purini project in early January 2011.
Source: Otish Energy Inc.