(TheNewswire)
Toronto, ON - TheNewswire – 3November, 2021 - Otso Gold Corp. (“Otso” orthe “Company”), (TSXV:OTSO) (OTC:FIEIF) is pleased to announce the restart ofproduction and completion of the first gold pour at the Otso Gold Mine(the “Site”).
The restart of production and the gold pour is theculmination of the completion of all the preparatory works and thehiring and training of over 140 full time staff now on site with afurther 128 contractors retained to provide permanent services to themine.
The Company is currently processing approximately 4,000tonnes of ore a day and blasting ore in mining areas four times aweek, as we ramp up towards name plate capacity of 6,000 tonnes of orea day. We expect to sell the first gold dore from the Site over thenext week.
Additionally, during the past month the Company hascompleted a further 6,000 meters of grade control reverse circulationdrilling to underpin detailed mine planning.
Brian Wesson, CEO, stated “this is a major milestonefor the Company and represents the dedication and commitment of theteam. We look forward to continuing towards long term, sustainablecommercial production over the following weeks”.
For further information, please contact:
Clyde Wesson
Vice President
1 917 287 0716
info@otsogold.com
www.otsogold.com
Caution
The Company cautions that it has notdefined or delineated any proven or probable reserves for the OtsoMine Project and mineralization estimates may therefore requireadjustment or downward revision based upon further exploration ordevelopment work or actual production experience. Mineral resourcesthat are not mineral reserves do not have demonstrated economicviability.
The Company also cautions that thedecision by the Company to proceed to develop the Osto Mine Projectand extract mineralization proceeded without the Company firstestablishing reserves supported by a technical report and completing apre-feasibility or feasibility study. Accordingly, there is a higherrisk of technical and economic failure at Osto because developmentproceeded without first establishing reserves supported by a technicalreport and completing a feasibility study. This is particularlyrelevant as the Company has proceeded with development at Osto onindicated and inferred resources without first completing apreliminary economic report.
Forward-lookingStatements
This press release containsforward-looking statements regarding the Company based on currentexpectations and assumptions of management, which involve known andunknown risks and uncertainties associated with our business and theeconomic environment in which the business operates. All suchstatements are forward-looking statements under applicable Canadiansecurities legislation. Any statements contained herein that are notstatements of historical facts may be deemed to be forward-lookingstatements. By their nature, forward-looking statements require us tomake assumptions and are subject to inherent risks and uncertainties.We caution our readers of this press release not to place unduereliance on our forward-looking statements as a number of factorscould cause actual results or conditions to differ materially fromcurrent expectations. Please refer to the risks set forth in theCompany's continuous disclosure documents that can be found on SEDAR( www.sedar.com ) under the Company’s issuer profile. TheCompany does not intend, and disclaims any obligation, except asrequired by law, to update or revise any forward-looking statementswhether as a result of new information, future events orotherwise.
About the Company
Otso Gold Corp. wholly owns the Otso Gold Mine near thetown of Raahe in Finland. The Otso Gold Mine is developed, fullypermitted, has all infrastructure in place, two open pits and iscurrently in the ramp up towards commercial production at name platecapacity of 2 million tonnes per annum.
Neither the TSX Venture Exchange nor its Regulation Services Provider(as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of thisrelease.
Copyright (c) 2021 TheNewswire - All rights reserved.