NEWS RELEASE
Friday June 29, 8:32 am Eastern Time
Press Release
The O.T. Mining Corporation: Press Release
BUTTE, Mont.--(BUSINESS WIRE)--June 29, 2001--The O.T. Mining Corporation, a Montana corporation, has completed a 17 square mile helicopter-borne magnetic and electromagnetic geophysical survey over its Ruby Mine property in Jefferson County, Montana.
The Company has successfully identified several magnetic anomalies in volcanic rocks within a 5 square mile zone of intense alteration. Such magnetic features within the altered zone in context with geologic data could be indicative of deep seated sulphide mineralization and are considered compelling potential drill targets that warrant investigation. Further interpretation of geophysical data is on going.
Preliminary and follow-up Mobile Metal Ions Process (MMI) soil surveys conducted over the Ruby Mine in December, 2000, and May, 2001 have delineated exceptional responses in gold, silver, copper and zinc. Additionally, MMI sampling was conducted over several of the geophysical anomalies on the property. Analytical results from soil samples collected every 500' over these anomalies have confirmed the presence of high gold and silver with associated copper and zinc in multiple samples. Detailed follow-up MMI surveys are planned to better define these geochemical responses. Geological mapping is currently in progress and will assist in the definition of drill targets. Drill testing of integrated geological, geophysical and MMI soil geochemical survey targets is scheduled for later this summer.
The Ruby Mine between 1885 and 1912 produced per ton grades as high as 10.82 troy ounces of gold and 149.26 ounces of silver.
The Company has recently completed a $1,000,000 U.S. private placement. The proceeds are funding the on-going exploration program and corporate working capital.
CONTACT: James W. Hess, President
The O.T. Mining Corporation
4333 Ste.Catherine St. West, Suite #610
Montreal, Quebec, H3Z 1P9 Canada
(514) 935-2445
(514) 935-8161 FAX
info@otmining.com
www.otmining.com
Symbol: OTMN in the Pink Sheets
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. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents from time to time with the U.S. SEC.
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Contact:
The O.T. Mining Corporation
James W. Hess, 514/935-2445 |
