Otis Gold Corp. has signed a Letter of Intent to Joint Venture its Oakley Project with Lateral Gold Corp. Oakley is a high-potential, classic epithermal hot spring-type gold project that is host to an existing NI 43-101 compliant Inferred resource of 235,000 ounces Au at a grade of 0.55 gpt.

The Agreement allows Lateral to earn up to an initial 70% interest in Oakley in exchange for a combination of cash, property expenditures and Lateral shares as follows: Lateral shall pay a total of $915,000 to Otis according to the following schedule: $15,000 upon execution of this Agreement (paid); $35,000 as of the date Lateral receives the acceptance of the TSX Venture Exchange (the ‘Exchange') to the Option (the ‘Acceptance Date'); $115,000 on or before the first anniversary of the Acceptance Date; $250,000 on or before the second anniversary of the Acceptance Date; $250,000 on or before the third anniversary of the Acceptance Date; and $250,000 on or before the fourth anniversary of the Acceptance Date. Additionally, Lateral shall incur a total of $5,700,000 of work expenditures on the Project subject to the following minimum obligations: a minimum of $300,000 shall be incurred within 12 months following the Acceptance Date with at least 50% to be spent directly on drilling; a further minimum of $700,000 shall be incurred within 24 months following the Acceptance Date; a further minimum of $1,300,000 shall be incurred within 36 months following the Acceptance Date; a further minimum of $1,500,000 shall be incurred within 48 months of the Acceptance Date, and a further minimum of $1,900,000 shall be incurred within 60 months of the Acceptance Date.