MONTREAL, Dec. 9, 2004 (PRIMEZONE) -- The O.T. Mining Corporation ("O.T.") (Pink Sheets:OTMN) is pleased to provide an update on its exploration program currently underway on its 8 square mile Ruby base and precious metal Property in Montana and to announce the expansion of its technical team.
Currently, the O.T. is diamond drill testing integrated exploration targets on its Ruby Property. These targets were identified subsequent to interpretation of geological mapping, helicopter-borne magnetic and electromagnetic geophysical surveys, soil geochemical surveys and a recent deep-looking "Titan 24" ground geophysical survey (induced polarization "IP"). The "Titan 24" survey was undertaken by Quantec Geoscience Inc. (Toronto) and included 30,000 feet of IP surveys. Interpretation of the "Titan 24" data by Quantec has identified 9 priority targets. Seven of these targets occur within linear, northeast-trending zones that attain lengths of up to 6,000 feet and widths of up to 1,200 feet and are interpreted to represent alteration zones accompanying epithermal gold-silver mineralization. Two "Titan 24" targets and one Mobile Metal Ions target identified in the North Anomaly area are thought to represent bulk mineable porphyry copper-molybdenum mineralization hosted within the Boulder Batholith. The Boulder Batholith is the host rock to the "Richest Hill On Earth" at Butte that began production of base and precious metals in 1866 and continues today.
Epithermal gold-silver targets are currently being tested by inclined drill holes in several areas on the property including the Kit Carson area and the North Anomaly. Preliminary drill results indicate zones of disseminated and veinlet pyrite accompanied by the zinc and lead-bearing minerals, sphalerite and galena, respectively as well as the silver-bearing mineral, argentite. Mineralization occurs in strongly altered (clay and silica-rich) Lowland Creek volcanic rocks. These metals and associated alteration are common in epithermal precious metal systems.
The O.T. has mobilized a second drill rig to test sulphide mineralization related IP targets in the Boulder Batholith. Drilling will continue until restricted by The Montana Department of Environmental Quality/U.S. Forest Service due to weather.
All samples for assay are being processed by SGS Minerals. Currently the time to log core, prepare and send samples for assay and receive assay results is ranging from 4 to 6 weeks due to the increase in analysis demand by the mining industry. O.T. will release detailed results once the 2004 drill program is complete and assay results have been reported by SGS Minerals and analyzed by the O.T.'s technical team.
As a result of the 2004 exploration program, the O.T. has expanded its technical team. Effective immediately, Fess Foster, B.Sc., Ph.D., Certified Professional Geologist, will assume responsibilities as Project Manager for the O.T. on the Ruby Property exploration program. Dr. Foster has 27 years of primarily industry experience. His background includes exploration geology, mine permitting, environmental evaluations, project management and public/government affairs. He was formerly Director of Geology and Environmental Affairs at the three million ounce plus Golden Sunlight Mine near O.T.'s Ruby Property, and was later Vice President of Exploration for American Bonanza Gold Mining Corp.
At the Golden Sunlight Mine, Dr. Foster instituted a strong exploration program that resulted in the delineation of 1.1 million ounces of gold reserves at a cost of $4 per ounce, and was personally responsible for the discovery of a 330,000 ounce gold deposit. He also initiated a progressive environmental program and has extensive experience with Montana permitting and regulatory issues.
The second new member of the O.T. team is Mr. John Bernt, who joined the group as a consulting geologist and technical advisor. He holds a B.Sc. in Geology and Geophysics from the Missouri School of Mines and a M.Sc., in Geology from the University of Idaho. In addition, he has 26 years experience with mineral exploration and development in Alaska, Canada, Mexico, Australia, Indonesia, Papua New Guinea, the Fijian Islands, New Zealand and throughout the western United States.
Mr. Bernt's experience includes detailed geologic mapping, structural analysis and mineralogic studies of porphyry copper-molybdenum, copper-gold skarn (at Grasberg-Ertsberg), volcanogenic base metal massive sulphide, epithermal gold-silver vein, Carlin-type gold and Archean gold deposits. Mr. Bernt has been successful as an independent exploration geologist following extensive work for the Anaconda Copper Company, Freeport Minerals Company, and Noranda-Pacific.
Dr. Foster and Mr. Bernt will report to Mr. Oliver Maki, Chief Geologist, and Dr. Mark Fedikow, Vice President Exploration.
For further information contact:
James W. Hess, President 4333 Ste. Catherine St. West, Suite No. 610 Montreal, Quebec, H3Z 1P9 Canada Tel: (514) 935-2445 Fax: (514) 935-8161 E-mail: info@otmining.com Web site: www.otmining.com
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.