Otish Energy Inc has announced it has signed letters of intent with Kennard Gobin of East Coast Demerara, to acquire all of the hard rock mining rights for several areas in the Cuyuni mining district.
A release today said that the deal pertains to the Guyana Geology and Mines Commission Mining Permit No. 187/2010, Guyana Geology and Mines Commission Mining Prospecting Permit PPMS/626/2010 and Guyana Geology and Mines Commission Mining Prospecting Permit PPMS/627/2010 in the Cuyuni Mining District #4, Guyana SA.
“The consideration payable by the Company for the purchase of the Rights will be US$10,000 payable in cash and 600,000 common shares in the capital stock of the Company which shares will subject to the usual 4 month restricted period required by the TSX Venture Exchange and applicable securities legislation”, the release said
The purchase of the Rights is subject to due diligence by the Company and the completion of formal documentation.
Otish Energy Inc is a resource exploration company focused on the exploration and development of Gold in Guyana and Gold, Rare Earth Elements and Uranium in Quebec, Canada.