Publication of the Feasibility Study

November 05, 2021 at 01:16 pm

(via TheNewswire)

November 5, 2021 – TheNewswire -Toronto, ON. – Otso Gold Corp. (“Otso” or the “Company”), (TSXV:OTSO)(OTC:FIEIF) is pleased to announce the completion of a National Instrument 43-101 compliant feasibility study (the “Feasibility Study”) for the Otso Gold Mine. The Feasibility Study, prepared by John T. Boyd Company (“BOYD”) of Denver, Colorado, has now been filed on SEDAR.

The Feasibility Study includes the mine designs and production plan which will underpin the Company’s long term production as well as optimisations to the milling circuit being implemented by the Company.

The following table summarizes the findings included in the Mineral Reserves of the Feasibility Study.


----------------------------------------------------------------------------------
 |                    | |Reserve          | |      | |          | |     | |Au     |
 |Mining Method       | |Classification   | |Cutoff| |Tonnes    | |Au   | |Troy   |
 |                    | |                 | |      | |          | |g/t  | |Ozs    |
 |--------------------------------------------------------------------------------|
 |                    | |                 | |      | |          | |     | |       |
 |--------------------------------------------------------------------------------|
 |Open Pit -          | |Proven           | |0.700 | |678,000   | |1.853| |40,400 |
 |High Grade          | |                 | |      | |          | |     | |       |
 |--------------------------------------------------------------------------------|
 |Open Pit -          | |Probable         | |0.700 | |4,780,000 | |1.622| |249,300|
 |High Grade          | |                 | |      | |          | |     | |       |
 |--------------------------------------------------------------------------------|
 |Open Pit -          | |Proven + Probable| |0.700 | |5,458,000 | |1.651| |289,700|
 |High Grade          | |                 | |      | |          | |     | |       |
 |--------------------------------------------------------------------------------|
 |Open Pit - Low Grade| |Proven           | |0.323 | |547,000   | |0.466| |8,200  |
 |--------------------------------------------------------------------------------|
 |Open Pit - Low Grade| |Probable         | |0.323 | |4,488,000 | |0.468| |67,500 |
 |--------------------------------------------------------------------------------|
 |Open Pit - Low Grade| |Proven + Probable| |0.323 | |5,035,000 | |0.468| |75,700 |
 |--------------------------------------------------------------------------------|
 |Total Open Pit      | |Proven           | |0.323 | |1,225,000 | |1.234| |48,600 |
 |--------------------------------------------------------------------------------|
 |Total Open Pit      | |Probable         | |0.323 | |9,268,000 | |1.063| |316,800|
 |--------------------------------------------------------------------------------|
 |Total Open Pit      | |Proven + Probable| |0.323 | |10,493,000| |1.083| |365,400|
 ----------------------------------------------------------------------------------

Brian Wesson stated: “Otso is pleased with the results of the Feasibility Study and thanks BOYD for their significant contribution to the project. The Feasibiltiy Study provides the Company with reserves to underpin a minimum of five years of mine life. The Company will continue its exploration and infill drilling program to replace and expand our reserve base on an ongoing basis. The publication of reserves is the first time the project has had proven and probable reserves since its acquisition by the Company”.

The Reserves are based on the parameters set forth below.


-----------------------------------------------------------------
 |Item                             | |Units          | |Laiva    |
 |---------------------------------------------------------------|
 |                                 | |               | |         |
 |---------------------------------------------------------------|
 |Open Pit Waste Mining Cost       | |US$/Waste Tonne| |$1.90    |
 |---------------------------------------------------------------|
 |Open Pit Ore Mining Cost         | |US$/Ore Tonne  | |$2.73    |
 |---------------------------------------------------------------|
 |Underground Mining Cost          | |US$/Ore Tonne  | |$75.00   |
 |---------------------------------------------------------------|
 |Mill - High Grade Processing Cost| |US$/Mill       | |$11.78   |
 |                                 | |Ore Tonne      | |         |
 |---------------------------------------------------------------|
 |Mill - Low Grade Processing Cost | |US$/Mill       | |$10.22   |
 |                                 | |Ore Tonne      | |         |
 |---------------------------------------------------------------|
 |G&A Cost                         | |US$/Feed Tonne | |$2.20    |
 |---------------------------------------------------------------|
 |Mill Gold Recovery (at cutoff)   | |%              | |92.0%    |
 |---------------------------------------------------------------|
 |Mill - Low Grade Gold            | |%              | |80.0%    |
 |Recovery (at cutoff)             | |               | |         |
 |---------------------------------------------------------------|
 |Mill Annual Capacity             | |Tonnes         | |1,500,000|
 |(Both High&Low Grade)            | |               | |         |
 |---------------------------------------------------------------|
 |Gold Price                       | |US$/Troy Ounce | |$1,600.00|
 |---------------------------------------------------------------|
 |Selling Cost                     | |US$/Troy Ounce | |$2.55    |
 |---------------------------------------------------------------|
 |Royalty                          | |%              | |0.15%    |
 |---------------------------------------------------------------|
 |NSR Royalty*                     | |%              | |2.5%     |
 -----------------------------------------------------------------

*excluded in determination of Reserves.

Brian Wesson

President and CEO
Otso Gold Corp.

For further information, please contact:

Clyde Wesson
Vice President

Otso Gold Corp.

1 917 287 0716

info@otsogold.com
www.otsogold.com

The technical disclosure in this news release has been reviewed and approved by Gregory B. Sparks, P. Eng., Managing Director – Metals for John T. Boyd Company, a Qualified Person as defined by National Instrument 43-101.

About the Company

Otso Gold Corp. wholly owns the Otso Gold Mine near the Town of Raahe in Finland. The

Otso Gold Mine is developed, fully permitted, has all infrastructure in place, two open pits

and is currently in the ramp-up towards commercial production at name plate capacity 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 this release.

	1st Jan change	Capi.
FRANCO-NEVADA CORPORATION	+13.83%	23.61B
GOLD FIELDS LIMITED	+2.84%	14.01B
ZHONGJIN GOLD CORP.,LTD	+50.90%	10.02B
HARMONY GOLD MINING COMPANY LIMITED	+44.45%	5.87B
ENDEAVOUR MINING PLC	+2.15%	5.47B
EVOLUTION MINING LIMITED	-8.08%	4.81B
TRIPLE FLAG PRECIOUS METALS CORP.	+23.13%	3.21B
KOZA ALTIN ISLETMELERI	+11.42%	2.04B
PT ANEKA TAMBANG TBK	-22.29%	1.95B

1st Jan change

Capi.

FRANCO-NEVADA CORPORATION

+13.83%

23.61B

GOLD FIELDS LIMITED

+2.84%

14.01B

ZHONGJIN GOLD CORP.,LTD

+50.90%

10.02B

HARMONY GOLD MINING COMPANY LIMITED

+44.45%

5.87B

ENDEAVOUR MINING PLC

+2.15%

5.47B

EVOLUTION MINING LIMITED

-8.08%

4.81B

TRIPLE FLAG PRECIOUS METALS CORP.

+23.13%

3.21B

KOZA ALTIN ISLETMELERI

+11.42%

2.04B

PT ANEKA TAMBANG TBK

-22.29%

1.95B

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