VANCOUVER, Canada, October 29, 2008, Otish Energy Corp. (“Otish”) (TSX-V: OEI) is pleased to announce that it has signed a letter agreement with Nanostructured Mineral Corporation (“NMC”) and ZEOX Corporation (ZEOX) (TSX-V:ZOX) whereby Otish, NMC and ZEOX will form a collaborative development joint venture to acquire mineral rights that are prospective for Potash in the province of Saskatchewan.
The intent of the JV will be to acquire as many mineral rights as possible in the province for the mutual benefit of all parties. Otish recognizes that NMC, ZEOX and its management possess the historical knowledge and technical expertise in order to efficiently explore for Potash in Saskatchewan.
ZEOX and NMC are co-owners of the Palo plant site. The Palo plant site includes 682 acres of land, Sodium Sulphate mineral leases, buildings, plant and equipment.
If the acquisition of Potash mineral rights are successful, Otish, NMC and ZEOX will enter into a joint venture agreement concerning the exploration and development of the claims. The parties initial interests in the JV will be 80% as to Otish, 10% as to NMC and 10% as to ZEOX. Otish will be the operator for so long as Otish holds a minimum 50% interest in the JV. The JV will provide that if the acquisitions of the Potash mineral rights are successful, and sufficient Potash is discovered on the claims to warrant commercial production, the JV will utilize the infrastructure located at NMC’s site in Palo, Saskatchewan and that NMC will receive an additional 10% of potential net revenues.
About ZEOX
ZEOX CORPORATION is a Canadian public company listed on the TSX Venture Exchange that trades under the symbol ZOX. ZEOX was incorporated in Alberta in 1997.
ZEOX headquarters are located in Peachland, British Columbia, Canada where the ZEOX team continuously develops its products and technologies to meet the needs of current and emerging markets globally. ZEOX Corporation supplies technologically advanced products for catalytic and cementaceous applications, environmental applications for clean air water and gas streamsand nuclear waste remediation.
On Behalf of the Board,
Otish Energy Inc.
“Steve Smith”
Steve Smith
President
