Otso Gold CEO Brian Wesson: Aiming to Restart the Otso Gold Mine in April 2021
“We’re fully licensed in Finland, which is a great country for mining, ranking number two in the world.”
Otso Gold (TSXV:OTSO) CEO Brian Wesson recently joined the Investing News Network to discuss his company’s progress bringing the Otso gold mine back into production, including a four-phase redevelopment program aimed at bringing the project back online.
The Otso gold project is located in Finland between Helsinki and Lapland, providing the company with a fair climate from which to conduct exploration work. Wesson believes that Finland’s reputation as a mining jurisdiction is one of the many positives of the project. “We’re fully licensed in Finland, which is a great country for mining, ranking number two in the world. Thirty percent of the population has a degree and we have a mining university up the road,” said Wesson. “Royalties in Finland are only .15 percent. We’ve done projects in probably 20 countries around the world and we have never seen royalties as low as .15 percent. The people are educated and the systems work. It’s one of the great places to operate in.”
According to Wesson, Otso Gold follows a unique strategy to its project acquisitions, focusing on projects that have seen significant investment that also offer the potential for development.
“We look for projects which have had money spent on them but have fallen by the wayside for some reason. They often have huge value to unlock, which is our greatest focus,” said Wesson. Otso Gold is currently focused on geological work on the property including drilling that is aimed at improving the company’s understanding of the property.
“We started a drilling program, we’ve done 1900 meters and we are sending about 570 assays off to the lab tomorrow morning, with another thousand to go. Once that is done we will start our drilling program again,” said Wesson. “We’re going to redo the PEA with John T. Boyd out of Denver. His last PEA in 2018 put an NPV of $1700 gold with US$201 million on it including a 71.5 percent IRR. The PEA that is already out in the market shows it’s highly profitable, but we will update the PEA while looking at the mine plan.”
According to Wesson, Otso Gold is aiming to restart the mine in April 2020 following the exploration work to be conducted on the property. Before Otso Gold is able to fully restart the mine, the company intends to release a new PEA on the property that is expected to include the company’s latest drill results. “We’ve been busy doing the work, it’s an exciting time. We intend to get into production with over 90,000 ounces in April.”
For a comprehensive update from Otso Gold CEO Brian Wesson, watch the video above.
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