West Timmins Mining and Trelawney Resources Expand
La Bufa Copper-Gold Project, Mexico
(Vancouver, December 4,
2007) West Timmins Mining Inc. (" West
Timmins"; TSX: WTM), on behalf of its wholly owned Mexican subsidiary
Minera Golondrina S. De R.L. De C.V., and Trelawney Resources Inc. ("Trelawney";
TSX.V:TRR) announced today that they have jointly entered into a Letter of
Intent to acquire a combined 100% interest in the La Bufa Azteca Property.
The 135 square kilometre La Bufa Azteca Property adjoins West Timmins
La Bufa Property
where Trelawney can earn a 50% interest as announced November 26, 2007 (see
NR07-39). The La Bufa Azteca Property hosts the former producing Caballero
Azteca gold zone and a number of similar copper-gold occurrences. The La
Bufa area is located in south-western Chihuahua State, Mexico, 25
kilometres east of Goldcorp's El Sauzal Gold Mine and 75 kilometres east of
West Timmins' Monta�a de Oro Project.
Historically reported sampling
of the Caballero Azteca gold zone by Francisco Gold (now Goldcorp) and
COREMI (the Mexican Geological Survey) returned between 0.30 and 50.00 g/t
gold and 6.65 to 29.70 g/t silver from grab samples of both in-situ and
dump material. Recent chip sampling by the property vendor of silicified
breccias in the walls of the Caballero Azteca gold zone returned 4.04 g/t
gold over 6.00 metres. The Caballero Azteca gold zone is interpreted to represent
the upper, gold-rich portion of a vertically zoned copper-gold system
similar to the Carmen Mine on the adjacent La Bufa Property. Historical records indicate that
the Carmen Mine produced approximately 1 mT of copper and gold ore at
average grades of 2.50% copper, 2.90 g/t gold and 2.80 g/t silver.
"We are very pleased to be able to significantly expand our
holdings in the La Bufa area at minimal cost to the Company," said
Darin Wagner, President and CEO of West Timmins Mining. "The similarities
between a number of the mineralized zones on the newly acquired property
and the historically productive Carmen Mine are numerous and indicate the
presence of a large copper-gold system."
Under the terms of the Letter of Intent with vendor Minera Cascabel
S.A de C.V. ("Cascabel"), West Timmins and Trelawney will have
the right to earn a 100% interest in the La Bufa Azteca Property by making
a series of cash payments and issuing payments of common shares over four
years, and annually completing twice the minimum annual work expenditures
on the Property required under Mexican mining legislation. West Timmins may
vest its 50% interest in the Property by making cash payments totalling
CDN$135,000 in years three and four of the agreement and issuing 225,000
commons shares over four years. West Timmins will be the operator of the La
Bufa Project.
Trelawney will fund the initial US$1,000,000 in exploration
expenditures on the combined La Bufa and La Bufa Azteca Property position
(the "La Bufa Project"). Upon successful vesting of their
respective 50% interests West Timmins and Trelawney will grant to Cascabel
a 1% NSR royalty on base metal and a 2% NSR royalty on precious metal
production from the La Bufa Azteca Property. West Timmins will also, subject
to successful vesting of its La Bufa Azteca interest, grant to Cascabel a
1% NSR royalty on base and precious metal production from its adjacent La
Bufa Property. The Letter of Intent and contemplated option agreement
are subject to final board and regulatory approvals.
Mr. Darin Wagner (M.Sc., P.Geo.), the President and CEO of West
Timmins Mining Inc., has acted as non-independent qualified person for this
news release. The qualified person has visited the project site and
reviewed both the historic records and recent analytical results which have
been confirmed by due diligence sampling conducted on behalf of West
Timmins.
About West Timmins Mining Inc. - (www.westtimminsmining.com)
West Timmins is focussed on the exploration and development of
district-scale gold and related base metal projects in the major gold camps
of North America. West Timmins Mining currently has five drills testing
high grade gold and base metal targets on its West Timmins Gold Project in
Ontario and on its Monta�a de Oro Project in Sonora, Mexico. Drilling
continues on the Thunder Creek gold discovery in Timmins and on the La Dura
East and West polymetallic discoveries at Monta�a de Oro in Mexico. West
Timmins Mining is based in Vancouver, British Columbia, Canada and trades
on the Toronto Stock Exchange under the symbol WTM.
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On behalf of the Board of
West Timmins Mining Inc.
"Darin W.
Wagner"
Darin W. Wagner, P. Geo.
President and Chief Executive Officer
For further information contact:
Jordann Nettles, Manager, Investor Relations
West Timmins Mining Inc., Vancouver
Tel: (604) 685-8311 / Toll Free: (866) 685-8311
E-mail: info@westtimminsmining.com
The TSX has not reviewed and does not accept responsibility for the
accuracy or adequacy of this news release, which has been prepared by
management.
For further detail on West Timmins Mining Inc. please refer to
prior disclosure at www.SEDAR.com.
The securities described in this press release have not been and
will not be registered under the United States Securities Act of 1933, as
amended, or under any U.S. state securities laws, and such securities may
not be offered or sold in the United States absent an exemption from such
registration requirements.
This press release contains forward looking statements within the
meaning of applicable Canadian and U.S. securities regulation, including
statements regarding the future activities of the Company. Forward
looking statements reflect the current beliefs and expectations of
management and are identified by the use of words including
"will", "anticipates", "expected to",
"plans", "planned" and other similar words. Actual
results may differ significantly. The achievement of the results
expressed in forward looking statements is subject to a number of risks,
including those described in the Company's annual information form as filed
with the Canadian securities regulators which are available at www.SEDAR.com.
Investors are cautioned not to place undue reliance upon forward looking
statements.
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