MONTREAL, Aug. 19, 2004 (PRIMEZONE) -- The O.T. Mining Corporation (Pink Sheets:OTMN) is pleased to announce the beginning of the first 5,000 foot (1,524 meters) segment of a scheduled 10,000 foot (3,049 meters) diamond drill program for 2004. Initial drilling will begin on the Kit Carson prospect, one of four large targets identified on its 8-square mile (2,072 hectares) Ruby property.
The property is located in southwest Montana midway between the world-class Butte mining camp, referred to for over 100 years as the "Richest Hill On Earth," and the Montana Tunnels Mine.
The Ruby property encompasses the past-producing high-grade Ruby gold-silver deposit, which produced an average of 2.44 ounces per ton gold and 38.66 ounces of silver per ton. A 193 ton bulk sample of a high-grade base metal mineralized zone associated with the Ruby deposit returned 7.6% lead, 5.19% zinc and 1.31% copper per ton.
Multiple geophysical and geochemical targets have also been identified on the property as a result of O.T.'s aggressive and integrated exploration program. The geological characteristics of these targets are consistent with bulk tonnage million ounce gold equivalent zones and high-grade gold-silver veins. The rich nature of precious and base metal mineralization in these vein systems is characteristic of and illustrated by the past-producing Kit Carson mine. This deposit is situated adjacent to the Ruby property and according to old reports contained 0.88-34.28 ounces per ton gold, 35-527 ounces per ton silver, 1.96-11.84% lead, and up to 5% copper. O.T. controls the extension of this high-grade vein system from the border of the original Kit Carson mine.
This year's diamond drill program will focus on targets identified by integrated and consistent geological, geophysical and geochemical indicators. A recently completed Quantec Titan 24 deep-looking ground geophysical (induced polarization, resistivity and magneto-telluric) survey has delineated multiple targets with characteristics indicative of sulphide mineralization. Each of these is associated with a Mobile Metal Ions (MMI) soil geochemical anomaly including a 2500' by 750' (762 by 229 meters) gold-silver response located on the Kit Carson target area. A significant Titan 24 anomaly has also been delineated on the North Anomaly target area and this response is interpreted to indicate the presence of mineralized and altered Boulder Batholith, host rocks to the mineralization at Butte. A copper, zinc and cobalt MMI anomaly occurs over this target.
Bush Drilling (Belgrade, Montana) has been contracted to perform drilling services. A drill will be on site on Saturday, August 21 to begin diamond drilling on O.T.'s Kit Carson target area. A second drill will be brought to the property and devoted to the Boulder Batholith geophysical and geochemical target at the North Anomaly.
Drill core will be transported to O.T.'s Basin Mill facility for logging and sampling. Assay results for these holes will be released as soon as they become available.
Disclaimer: This news release contains certain "Forward-Looking Statements". All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.