October 29, 2008
Otish Signs LOI With Nanostructured Minerals Corporation and ZEOX Corporation to Aquire Saskatchewan Potash Mineral Rights
Otish Energy Inc. ("Otish")(TSX VENTURE: OEI) is pleased to announce that it has signed a letter agreement with Nanostructured Mineral Corporation ("NMC") and ZEOX Corporation (ZEOX)(TSX VENTURE: ZOX) whereby Otish, NMC and ZEOX will form a collaborative development joint venture to acquire mineral rights that are prospective for Potash in the province of Saskatchewan.
The intent of the JV will be to aquire as many mineral rights as possible in the province for the mutual benefit of all parties. Otish recognizes that NMC, ZEOX and its management possess the historical knowledge and technical expertise in order to efficiently explore for Potash in Saskatchewan.ZEOX and NMC are co-owners of the Palo plant site. The Palo plant site includes 682 acres of land, Sodium Sulphate mineral leases, buildings, plant and equipment.
If the acquisition of Potash mineral rights are successful, Otish, NMC and ZEOX will enter into a joint venture agreement concerning the exploration and development of the claims. The parties initial interests in the JV will be 80% as to Otish, 10% as to NMC and 10% as to ZEOX. Otish will be the operator for so long as Otish holds a minimum 50% interest in the JV. The JV will provide that if the acquisitions of the Potash mineral rights are successful, and sufficient Potash is discovered on the claims to warrant commercial production, the JV will utilize the infrastructure located at NMC's site in Palo, Saskatchewan and that NMC will receive an additional 10% of potential net revenues.
ZEOX CORPORATION is a Canadian public company listed on the TSX Venture Exchange that trades under the symbol ZOX. ZEOX was incorporated in Alberta in 1997.
ZEOX headquarters are located in Peachland, British Columbia, Canada where the ZEOX team continuously develops its products and technologies to meet the needs of current and emerging markets globally. ZEOX Corporation supplies technologically advanced products for catalytic and cementaceous applications, environmental applications for clean air water, and gas streams and nuclear waste remediation.
On Behalf of the Board,
Otish Energy Inc.
Steve Smith, President
Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors identified above and in the corporation's periodic filings with the British Columbia Securities Commission and the U.S. Securities Exchange Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The corporation does not intend to update this information and disclaims any legal liability to the contrary.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Otish Energy Inc. Steve Smith President (604) 642-0115 (604) 642-0116 (FAX) Email: [email protected] Website: www.otishenergyinc.com
SOURCE: Otish Energy Inc.