Precious metals bull Excellon buys Otis Gold

The share price of Vancouver-headquartered Otis Gold surged 28% on Monday, following the news that Toronto-listed Excellon Resources would buy the company.

The combined business would combine Excellon’s Platosa high-grade silver mine, in Mexico, with Otis’ “high-return, low-risk” Kilgore development project, in the US.

“We believe that we are at the dawn of a new bull market in precious metals. The Kilgore deposit multiplies our resource base and increases our precious metal exposure from approximately 50% to over 90%,” said Excellon president and CEO Brendan Cahill.