News Release: 2011-07-14
Otterburn Announces Termination of Option Agreements with Lake Victoria Mining Company, Inc.
Vancouver, B.C., July 14, 2011 - OTTERBURN VENTURES INC. (CNSX: OTB) (the "Company" or "Otterburn") announces that, following the review of the Company's initial exploration results relating to the Singida gold project, it has determined that it will not be proceeding with the exercise of its option to acquire up to a 70% interest in certain primary mining licenses and prospecting licenses in Tanzania as previously announced on May 29, 2011. After careful consideration of the initial exploratory drilling at the Singida gold project, the Board of Directors believes it is in the best interests of shareholders to terminate all four options. "Although we are disappointed with the results from the Singida project we are encouraged by the discipline and financial responsibility our geological and management team have shown in coming to the decision to release the option on all four projects. We have a responsibility to our shareholders and we have decided to preserve the majority of our treasury to invest in more advanced-stage projects. This will also allow Lake Victoria Mining Company, Inc. the freedom to find a more suitable partner for these less advanced projects in Tanzania's gold-producing 'Lake Victoria Greenstone Belt'" stated Peter Hughes, CEO of the Company.
Otterburn will continue to focus its attention on identifying and evaluating opportunities for the acquisition, exploration, and if warranted, development of a mineral resource property of merit. Otterburn is well funded with approximately $5.28 million in cash and approximately 34,920,775 common shares issued and outstanding.
For more information about the Company, please visit: www.otterburnventures.com
On behalf of the board of directors of Otterburn Ventures Inc.,
CEO and Director
FOR MORE INFORMATION, PLEASE CONTACT:
Peter Hughes, CEO
The CNSX does not accept responsibility for the adequacy or accuracy of this release.