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Publication of the Feasibility Study

(TheNewswire)

Otso Gold Corp.

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.

Copyright (c) 2021 TheNewswire - All rights reserved.

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