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OTMN
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Oct 29-2015
Publié le 31 octobre 2015
The O.T. Mining Corporation
October 28, 2015
Dear Shareholders,
The O.T. Mining Corporation (�O.T.�) is pleased to announce that Machineco of Montreal, Quebec have been commissioned to commence a practical evaluation and further exploration program on O.T.'.s properties in Montana including the old Ruby and Columbia gold mines (effectively closed since 1912). O.T. will also examine and assess the present condition of O.T'.s Basin Mill in Basin, Montana. Preparation work involving research into documentation of mining records and historical reports on the Ruby Mine began several months ago.
Machineco's main business and expertise consists of the acquisition, refurbishing and resale of industrial equipment and buildings. Machineco employs experienced technical personnel who can assess, rebuild, and re-commission older equipment as well as designing, building, and commissioning new automated purpose-built equipment.
Machineco's president, Robin Doak, is a trained geologist (McGill) who has worked in geology across Canada from Newfoundland and Labrador to the Yukon. He is experienced in gold, silver, and base metal exploration and geologic mapping (private and government). He has also been a successful boulder-tracing uranium explorer, both in Labrador (part of the Michelin ore body bears his name) and in Saskatchewan where he did the boulder tracing as consulting geologist during the discovery phase of the large Cluff Lake Uranium deposit. (He is also a seasoned hand with a gold pan - having done hobby placer mining in Quebec, and regional heavy mineral survey mapping in Labrador)
Dan Morrison, a Machineco manager, is an experienced designer-builder of custom machinery, with skills in mechanics, electronics, automation, remote sensing and robotics. Given the likelihood of cave-ins in the historical workings of the Ruby Mine and the flooding which eventually stopped production in 1912, specially modified mining or exploratory equipment may be conceived which could help in further exploration activities.
For additional support on this year's exploration program O.T. has invited Don Schofield to the site. He is a mining engineer and geologist with over thirty years of worldwide experience in the mining (and petroleum) industries, with an interest in oceanographic submersible equipment technology. O.T.'s Vice-President exploration, Mark Fedikow, has provided crucial input based on his many years of accumulated experience with the Ruby claims. O.T.'s seasoned technical team of specialists in geology and mining engineering will also be available for consultation. There is also a local blasting expert available. OT is very much looking forward to the results of the activities of the combined efforts of its technical team in tandem with the members of Machineco, A thorough report will be sent out to the shareholders and interested parties sometime around the end of the season in December when weather conditions will dictate an end to exploration activities on the property
The aims include but are not limited to:
1. Attempt to access the workings of the old Ruby Mine for gob or backfill. Previous reports have mentioned possible gold concentrations of up to .5 opt. and remaining quantities exceeding 12,500 tons. Areas where samples were previously taken need to be verified (but cave-ins and flooding are anticipated).
2. The Ray (and possibly Degner) ore shoots, which are closer to the 150 foot level Columbia portal, will be accessed and explored if possible as these ore bodies have not been exploited below that depth. All the other shoots were mined to the 300 foot level where historical work stopped due to excessive flooding.
3. The 600-foot level cross-cut adit running north-south will be re-opened and its condition explored if possible. Work on this adit, excavated for a few hundred feet in 1912, was resumed in 1965 when it was driven to its present length (3200 feet) by the Ruby Silver Mine Company, hoping to drain the water from the overlying 300 level workings and intersect the downward extension of the known bonanza ore shoots. The company ran out of funds before accomplishing all its intended work. OT Mining has received many recommendations by geologists over the years, to verify the downward extension of the original bonanza ore shoots which were only high-graded by pick and shovel mining in the original operations. Estimates have been given that as much as 600,000 tons of ore may be awaiting the drill bits in the Ruby Mine.
4. The 600-foot level adit also intersected a very significant base metal vein in 1965 which was completely unexpected. This vein (not parallel to the Bonanza gold and silver ore shoots) was never adequately traced to source. The 192 tons mined from this vein in 1965 gave a smelter return of 1.33% Copper, 5.19% Zinc, 7.6% Lead, and 4.3 ounces of Silver per ton. Could this be a porphyry copper main stage vein shoot? Butte, the richest hill on earth, is nearby. What lies below O.T.s claims?
5. The present condition of the equipment in the Basin Mill will also be evaluated with a view to possibly refurbishing its 150 ton a day permitted capacity. The Mill is wholly owned by O.T. and might serve to process mined ore from the Ruby Mine at a lower cost would be the case with shipping it to contract mills at more distant locations.
The O.T. Mining Corporation is motivated to start bringing value from the ground to the surface. This first phase is crucial as a precursor to the potential extraction of riches from the mine. Up to 30,000 tons of ore can be removed on a bulk sample exploration basis - and a positive cash flow would serve a long way to rehabilitate the mine and face the costs required to begin production in compliance with all the pertinent regulations.
DISCLOSURE OF LITIGATION:
This past summer, a very recent group of investors headed by Mr. Michael Litwin engaged in an unsuccessful attempt to wrest away the control and management of O.T. Mining for their own purposes. After their failed attempt to do so, they then sued The O.T. Mining Corporation (�O.T.�), together with three of its Directors - Rosemary Christensen, Arthur Seligman and Thomas Fitzgerald - and its C.E.O., P.Y. Le Dilicocq. The complaint alleges, among other things, that they had been fraudulently induced to invest in O.T., breach of contract, breach of fiduciary duty, and they also claimed that a receiver should be appointed.
O.T. has retained a Montana attorney, who first filed a motion to dismiss, which was denied. Then an answer denying the material allegations of the complaint was filed, as was a counter claim against Mr. Litwin and his group, with the extension of the suit to the two third party defendants who were involved. These are Mr. Corey Safran (a person admitted to the Board as was required by Mr. Litwin) and Mr. Randal Stephenson (A New-York based banker). O.T. Mining's counter suit is a request for damages in the amount of $3,000,000 for having colluded to deny O.T. and all its co-defendants the ability to obtain financing for O.T. and for having interfered with the defendants obtaining such financing for O.T.
Management is also determined to defend the shareholders from all forms of predatory activity such as any unlawful attempts that would alienate the assets of the corporation, whether these are the hard assets such as the patented claims and the Basin Mill installation and equipment, or its unpatented claims, or its tax accumulated benefits. It shall vigorously resist all attempts to intimidate members of the Board of Directors. OT Mining has promising prospects and despite its debts and obligations, has a sound investor base that is not prepared to relinquish a potential wealth on the brink of realization for distressed values. We are presently firmly engaged in negotiations with serious investors capable of providing the OT Mining Corporation with all the exploration and development capital required.
Shareholders will be advised of all further developments.
P.Y. Le Dilicocq, C.E.O.
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