Otis Gold Corp. announced that a definitive option agreement ("Oakley Agreement") has been executed by Centerra Gold Inc. ("Centerra") to earn up to a 70% interest in the Oakley Property ("Oakley Project") in exchange for total exploration expenditures of USD 7,000,000 and cash payments to Otis of USD 550,000 over a 6 year period. During the term of the Oakley Agreement, Centerra will be the Operator of the project. Otis will act as Project Manager and will be paid 10% of the approved exploration expenditures for technical oversight and project management.