MONTREAL, March 8, 2004 (PRIMEZONE) -- The O.T. Mining Corporation ("The O.T.")(Pink Sheets:OTMN) is pleased to announce an aggressive exploration program for 2004 on its eight square mile Ruby property in Jefferson County, southwestern Montana. The Ruby property is situated mid-way between the world-class mining district at Butte ("Richest Hill On Earth") and the Montana Tunnels Mine. Both the Montana Tunnels and the Continental Pit at Butte are in production.
The O.T.'s exploration program on its Ruby property will comprise state-of-the-art, cutting edge, deep-looking ground geophysical surveys and both percussion and diamond drilling. Quantec Geoscience (Toronto, Canada) has been commissioned to undertake a "Titan 24" ground geophysical survey over the Kit Carson, North Anomaly and Ruby Mine areas of the property. The "Titan 24" system has a demonstrated track record of defining mineral targets at significant depths, and, as such, the Ruby property survey will focus on diamond drill-testing of bulk mineable gold-silver and base metal targets interpreted to be present at approximately 2000' below surface. In addition, permits are in hand from the U.S Forestry Department for drill-testing of 24 targets on federal claimed ground. These targets were delineated as a result of helicopter-borne geophysical surveys, geological mapping and prospecting, rock sampling and Mobile Metal Ions (M.M.I.) soil geochemical surveys. Drilling will begin as soon as weather permits.
The O.T. believes that recent developments on the Montana mining scene, including the return of copper-molybdenum production from the Continental open pit in Butte, signal a return to a progressive approach to exploration and development in the State. Another positive indication is the recently opened underground miners school at Montana Tech in Butte.
The O.T. is also pleased to announce that it has completed a private placement for $2,000,000 plus over allotment that will give it ample money to carry out its 2004 exploration program and also provide it with working capital. In order for The O.T.'s wholly owned subsidiary, Working Interest Corporation, to maintain its percentage interest in Namex Explorations Inc. ("Namex"), The O.T. negotiated the purchase, subject to regulatory approval, of 312,500 common shares at a price of Cdn. $0.48 per share for a total investment of Cdn. $150,000. Approvals were received and the purchase, concluded on February 20, 2004, returned The O.T. to a 17.4% ownership interest in Namex. The latter, also with funding in place, is actively working on its nickel, platinum group metals and gold Sudbury properties with drilling expected to commence in April.
Note that the O.T.'s due diligence web site (www.otmining.com) has undergone a significant revamp and up date. Suggest you visit for latest information.
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.