Otish Energy to Acquire Alphonso Gold Property, Purini, Guyana

Otish Energy Inc. (the "Company") (TSX VENTURE:OEI) is pleased to announce it
has signed an assignment agreement with Trevor Taylor ("Taylor") of Ajax,
Ontario (the "Agreement") whereas Taylor agrees to transfer to the Company,
Taylor's exclusive and sole right to purchase all of Henry Alphonso and Salim
Kayum's (the "Optionors") right, title and interest in the contiguous land block
comprised of six (6) Medium Scale Prospecting Permits, comprising approximately
6,900 acres, located in Puruni, Mazaruni Mining District No. 3, Guyana (the
"Property").


To earn the 100% interest in the Property, the Company must:



(1)  pay to the Optionors the sum of Cdn$10,000 on closing; and            
(2)  upon receipt of a Large Scale Prospecting Licence on the Property:    
     (a)  pay to the Optionors the further sum of Cdn$40,000;            
     (b)  issue to the Optionors 700,000 common shares of the Company and 
          issue to Taylor 2,800,000 common shares of the Company; and     
     (c)  grant to the Optionors a 2% Net Smelter Royalty ("NSR") on      
          production from the Property.                                   



The Company will have the right, at any time, to purchase 50% of the NSR, being
1%, upon payment to the Optionors of the sum of Cdn$1,000,000 and will have the
further right to purchase the remaining NSR upon payment to the Optionors of the
further sum of Cdn $2,000,000.


The closing of this transaction is subject to a 30 day due diligence review by
the Company of the Properties and receipt of TSX Venture approval.


The Property

The Property is located in the tropical rain forest on the Puruni River about
160 km southwest of Georgetown the capital of Guyana. The nearest developed
settlement is Bartica approximately 90 km away at the junction of the Essequibo,
Mararuni and Cuyuni Rivers. The Property can be reached by road, helicopter or
river boat. A gravel road from the mouth of the Mazaruni River passes within a
few hundred meters of the property. The helicopter trip takes about 30 minutes
from Cheddi Jagan International Airport at Timerhi.


The Property is bounded to the north by Guyana Goldfields Inc.'s Peters Mine
Concession. The area around the Property has been subjected to a number of
regional airborne and ground exploration surveys that were focused on the Peters
Mine Concession. The Property has a history of alluvial and saprolite mining in
the active river channel and on land adjacent to the river bank. An ongoing land
mining operation on the Property, using pitting and hydraulicing, has exposed
numerous large quartz veins similar to what was the discovery outcrop on the
Peters Mines Concession in the late 1890s.


The Property has a number of quartz veins exposed which seems to be similar in
grade and character to the quartz veins at the Peters Mine. Hand specimen has
visible gold impregnated throughout the specimen and it is reported that most of
the veins are similar to the hand specimen. The first step in evaluating this
property is to have an independent Geological NI 43-101 completed which will
recommend an initial exploration program that will include line cutting, soils
sampling, geological mapping and chip sampling, channel sampling of the quartz
veins and the saprolite, trenching, a ground gradient magnetic survey and
diamond drilling.


Prospecting Licenses

The term of a prospecting licence is for three years, with two rights of renewal
of one year each. The Mining Act 1989 stipulates that three months prior to each
anniversary date of licence, a work program and budget for the following year
must be presented for approval for the work to be undertaken during the
following year.


At any time during the term of the prospecting licence, and for any part or all
of the prospecting licence area, the licensee may apply for a mining licence.
This application will consist of a Positive Feasibility Study, Mine Plan, an
Environmental Impact Statement and an Environmental Management Plan. Rental for
a Mining Licence is currently fixed at US$5.00 per acre per year and the licence
is usually granted for twenty years or the life of the deposit, whichever is
shorter; renewals are possible.


Guyana

Guyana is a Parliamentary style Democracy based on proportional representation
with an Executive President and a unicameral National Assembly. Guyana has
demonstrated itself to be a mining friendly and stable democratic country
towards direct foreign investments in the mining sector. Land tenure act, legal
statute and the legal system are based on the Roman Dutch Laws modified by
British Common Laws with magistrates' court, a High Court and a Court of Appeal.
Guyana has well developed and uniformly administered tax, mining laws and
general business systems, especially geared towards the mining sector that
includes duty and tax free imports for mining and forestry equipment.


Several major and successful natural resource deposits have been commissioned by
foreign investors including Omai Gold Mines-IamGold Inc, Aurora Gold Deposit
-Guyana Goldfields Inc, Arorima Bauxite Mine-United Company Rusal of Russia and
Guymine Bauxite Mine -Bosai Mineral of China.


There are also a number of Canadian junior exploration companies operating in
Guyana including Sandspring Resources, Shoreham Resources, GMV Minerals, Gold
Port Resources and First Bauxite Inc.


Finders' fees may be payable on the assignment agreement, in accordance with the
policies of the TSX Venture Exchange.


On Behalf of the Board of Otish Energy Inc.

Steve Smith, President

This news release may contain forward-looking statements based on assumptions
and judgments of management regarding future events or results. Such statements
are subject to a variety of risks and uncertainties which could cause actual
events or results to differ materially from those reflected in the
forward-looking statements. The Company disclaims any intention or obligation to
revise or update such statements.
Otish Energy Inc. (TSXV:OEI)
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