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.  

Mining Method		Reserve Classification		Cutoff		Tonnes		Au g/t		Au Troy Ozs
Open Pit - High Grade		Proven		0.700		678,000		1.853		40,400
Open Pit - High Grade		Probable		0.700		4,780,000		1.622		249,300
Open Pit - High Grade		Proven + Probable		0.700		5,458,000		1.651		289,700
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 Ore Tonne		$11.78
Mill - Low Grade Processing Cost		US$/Mill Ore Tonne		$10.22
G&A Cost		US$/Feed Tonne		$2.20
Mill Gold Recovery (at cutoff)		%		92.0%
Mill - Low Grade Gold Recovery (at cutoff)		%		80.0%
Mill Annual Capacity (Both High & Low Grade)		Tonnes		1,500,000
Gold Price		US$/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.