Oteegee Innovations Announces Spring Exploration Plans
Filed under Uncategorized
LAS VEGAS, Feb. 24, 2011 (GLOBE NEWSWIRE) — Oteegee Innovations Inc.’s (OTCBB:OTGI) wholly owned subsidiary, Tucana Exploration, wishes to announce the Company’s plans for its upcoming spring exploration program. The Company’s main exploration focus in 2011 will be the recently acquired Abigail Property located in the James Bay, Quebec region of Canada. The property is made up of 222 map-designated cells totaling 11,844 hectares (47.3 square miles) within and adjacent to Nemaska Exploration’s Whabouchi Lithium discovery. The principal exploration target for the property is lithium-bearing spodumene and the Abigail Property is on strike with the high-grade spodumene-bearing pegmatite located on the Whabouchi property. In addition, the property is easily accessible with roads, electrical power, and cell phone service throughout the region.
The Company is currently planning and strategizing its exploration program for this coming season. The program will commence with heliborne magnetic and electromagnetic (EM) surveys followed by prospecting, mapping, and a sampling and stripping program on the most promising targets.
Nemaska’s Whabouchi deposit has been confirmed as a world-class lithium deposit ranked #1 in Canada and has already confirmed 99.96% battery-grade lithium carbonate. Nemaska recently announced wide high-grade channel samples from Whabouchi with 2.05% Li2O at 35.3m, 1.73% Li2O at 39m, 1.63% Li2O at 38m and 1.58% Li2O at 43.1m. In addition, Nemaska’s 43-101 compliant Preliminary Economic Assessment contemplates an open pit-mining scenario that would produce 202,000 tonnes of 6% Li2O spodumene concentrate per year. Based on the results, the Whabouchi deposit may be economically viable and justifies Nemaska to proceed with a pilot plant and a full feasibility study, and confirms the spodumene concentrate can be economically produced and shipped to end users.
The Company also wishes to announce that the selling group of the Abigail property has agreed to convert their first payment of $100,000 which is due February 28, 2011 into common shares of the Company’s capital stock. Jordan Starkman commented, “We believe that this is a strong sign of the group’s belief in the fundamentals of our project and is seen as a strong commitment to our Company as long-term shareholders.”
Mr. Starkman also stated, “We are excited about the prospects of the Abigail property and are eager to commence our exploration of the property. We know we are situated in a Province that supports and encourages exploration, and in a region that is known to have had major discoveries.”
Certain statements in this document that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as “anticipate, “believe,” “expect,” “future,” “may,” “will,” “would,” “should,” “plan,” “projected,” “intend,” and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Oteegee Innovations to be materially different from those expressed or implied by such forward-looking statements. The Company’s future operating results are dependent upon many factors, including but not limited to: (i) the Company’s ability to obtain sufficient capital or a strategic business arrangement to fund its current operational or expansion plans; (ii) the Company’s ability to build and maintain the management and human resources and infrastructure necessary to support the anticipated growth of its business; (iii) competitive factors and developments beyond the Company’s control; and (iv) other risk factors discussed in the Company’s periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under “Search for Company Filings.
