Some exciting news on Sept. 7, 2017 for shareholders of Otis Gold and investors of various Idaho based projects with the announcement of Revival Gold (TSX.V: RVG) acquiring the past producing open pit, heap leach Beartrack Mine from a subsidiary of Yamana Gold Inc. The Beartrack mine was in production from 1994 until 2000 and produced approximately 600,000 ounces of gold with reported recoveries in the region of 87%. Please see the news release here.
On June 30, 2017, Otis Gold completed a transaction whereby it sold 2 non-core projects to Revival Gold in exchange for 2.75 million common shares of Revival representing 11% of the issued and outstanding capital. Additionally, Otis received $100,000 in cash and a 1% royalty. Not only will this benefit Otis and their shareholders as the shares of Revival appreciate in value, but this also brings more attention to the mining friendly state of Idaho. Further, as major and intermediate gold producers seek to replace their gold resources, which are decreasing as a result of production, they will focus on junior exploration companies with attractive projects that “check all the boxes”. Companies such as Otis and Revival are developing project portfolios that fit this profile.
Stated Otis CEO Craig Lindsay: “We congratulate Revival on both putting together a strong team of professionals and for consolidating the land position at and around the Beartrack Mine.”