updated 11/29/2010 11:46:33 AM ET 2010-11-29T16:46:33

LAS VEGAS, Nov. 29, 2010 (GLOBE NEWSWIRE) -- Oteegee Innovations Inc. (OTCBB:OTGI) is pleased to announce it has signed a Definitive Agreement to acquire 100% interest in the Abigail Lithium Project located in the James Bay, Quebec region. The property is made up of 222 map-designated cells totaling 11,844 hectares. The Company will issue 15 million common shares restricted under Rule 144 to the group of sellers plus a cash payment of $250,000 over a six-month period. In addition, the Company will commit to a minimum initial exploration work budget of $300,000 to commence no later than May 16, 2011. The Company has agreed to pay the selling group a 3% royalty on any commercial producing mineral deposit. The acquisition is expected to close within the next week.

The Abigail Property is on strike with the spodumene-bearing pegmatite located on the Whabouchi property held by Nemaska Exploration Inc. The property is located 1.5 km east of Nemaska Exploration's Whabouchi lithium project. Nemaska has recently confirmed battery-grade lithium carbonate (Li2CO3) grading at 99.96% produced from its spodumene concentrate. This grading amplifies the overall value of the Abigail property and the Company is anxious to begin its testing and drilling in order to confirm its battery grade lithium carbonate percentage.

The Abigail property is easily accessible which greatly enhances the economics of the project, as "Route du Nord" crosses the south part of the property. This road originates in the town of Chibougamou, approximately 280 km to the SSE, and leads to the village of Nemaska and the Route de la Baie-James. A Hydro-Quebec powerline has been built along the "Route du Nord" in the region of the Abigail property, and the Nemiscau airport is located 20 km west of the property, serviced by Air Creebec and chartered flights. The village of Nemaska and the Relais Routier CCDC located respectively 35 and 15 km to the west of the Abigail property may be used to house workers and service the property. In addition, the Abigail property is covered by the cellular networks.

On closing, the property will be held by Oteegee's wholly owned subsidiary Tucana Exploration Inc. The Company believes the acquisition of the Abigail Property will create significant value for Oteegee shareholders. Jordan Starkman, CEO of Oteegee Innovations stated, "This is an important step in our Company's direction. We are excited to begin our airborne geological survey on the Abigail property and we are currently seeking additional strategic acquisitions that are inline with our growth plans."

The Oteegee Innovations, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7579

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.40%
$30K home equity loan FICO 5.80%
$75K home equity loan FICO 4.54%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.70%
13.70%
Cash Back Cards 17.66%
17.91%
Rewards Cards 17.05%
17.17%
Source: Bankrate.com