TSX-V Symbol: TTQ
Frankfurt Stock Exchange Symbol: T2U
US Clearing Symbol: TTMRF
Issued and Outstanding 49,611,489
PRESS RELEASE December 8, 2008
Corporate Office:
202 ? 750 West Pender St
Vancouver, BC Canada V6C 2T7
Tel: (604) 685-1144 Fax: (604) 685-9887
Toll Free: (877) 685-1144 email: ir@ttmresources.ca web: http://www.ttmresources.ca
W. K. Crichy Clarke, President and CEO of TTM Resources Inc. (?TTM? or the ?Company?), is pleased to announce the following Corporate Developments:
TTM Engages Golder & Associates
The Company announces that it has engaged Golder and Associates to provide consulting services for Environmental and Engineering planning for its Chu Molybdenum project. An extensive search was done and the package presented by Golder & Associates was both fiscally and comprehensivly acceptable to the Company?s Board of Directors. Golder will commence a review of the Company?s operations right away and start the process of consultation and planning immediately.
TTM hires new VP Exploration
The Company also reports that it has hired Wesley Raven, P.Geo, as Vice-President Exploration. Mr. Raven brings over twenty years of exploration and mining experience to TTM. Mr. Raven will have primary responsibility for all of the Company?s properties, both operationally and with respect to required filings, and will report to the Company?s COO. Mr. Clarke says, ?We are extremely lucky to add Mr. Raven to our staff. With the addition of Golder, and our plan to move the project forward with respect to Environmental monitoring and Design planning, Mr. Warren Robb, the Company?s Chief Operating Officer, will be spending much more of his time in that endevour. To have Mr. Raven available to look after our continuing exploration program is indeed fortunate.?
Annual General Meeting/ Stock Option Plan Amended
The AGM was held on December 2, 2008. All proposals were approved by a majority of the shareholders. Included in the approved proposals was an amended Stock Option Plan that allows the Company to issue up to 20% of its issued and outstanding shares by way of option. Also approved was a re-pricing of previously granted options, ranging in price from $1.00 to $1.25, to $.60. The Company intends to cancel7,205,000 options and re-issue 7,100,000 at that lower price and is currently seeking Regulatory approval for the transaction.
Exploration Update
The Company is nearing completion of its 2008 drill program. The Camp will be shut for the Holidays around the 18th of December and re-open during the week of January 5, 2009. All pit related core will be sent to the Company?s assayers, Alex Stewart Geochemical, prior to the Camp being closed the assayers have been asked to have all core assayed and reported back to the Company by January 25, 2009. Once these have been reviewed the 2009 drill program will commence. The Company and their drill Contractor Falcon Drilling have agreed to have one drill start February 1, 2009 to focus particularly in the ?west pit area? and continue with the definition of that zone, and the Company will increase the number of drills as required. The Company has released the results from CHE-08-31 to CHE-08-37 and CHW-08-14 to CHW-08-19 completed to date. These results, and previously announced drill results from CHE-08-16 to CHE-08-30 and CHW-08-09 to CHW-08-13 (See Press Release dated October 8, 2008), can be viewed at http://ttmresources.ca/english/molybdenite-property ..
Mr. Clarke says, ?As previously mentioned, the results are not a surprise and shareholders should be aware that these results are a continuation of our ?In-fill? Program. Areas of High grade are expected and only prove and reaffirm the location and grade of the pit areas.? Mr. Warren Robb, the Company?s Chief Operating Officer, says, ?We are extremely pleased with the progress that we have made on the CHU project this year. We will have completed over 40,000 meters of drilling which will enable us to shift most of our resources from inferred to indicated and allow us to update our models and pit designs. The engagement of Wesley Raven and Golder and Associates will supplement the company?s current team of recognized professionals and will aid in the designing of both the environmental and technical programs that will allow the company to move this project forward. Initializing these various studies now will enable the company to react and plan the most cost effective and time efficient way to have Chu ?project ready? once both capital and resource markets improve. We look forward to a long and successful relationship with Golder and Mr. Raven.?
Normal Course Issuers Bid Update
From October 24, 2008 to December 4, 2008 the company has acquired in excess of 1,032,000 shares and 826,000 of these have been submitted for cancellation. The Board of Directors of the Company believe that the current and recent market prices of the Company's shares do not give full effect to their underlying value and that, accordingly, the purchase of shares will increase the proportionate share interest of, and be advantageous to, all remaining shareholders. The Bid will terminate on the earlier of October 26, 2009, or the date on which the Company has acquired all of the shares sought pursuant to the bid. Any shares acquired by the Company pursuant to the bid will be cancelled (Please see Press Release dated October 24, 2008)
The Company has 49,611,489 shares outstanding as of December 8, 2008 and $4.5 million in working capital. This amount does not include any B C Government receivables due from the BC Mining Tax Credit.
About TTM Resources Inc.
TTM Resources Inc. is a Vancouver British Columbia based Molybdenum Development and Exploration Company focused on the resource development of the Chu Molybdenum Project and three other molybdenum properties in British Columbia, Canada.
The Company has in place a comprehensive quality assurance/quality control program including standards, blanks and duplicate samples that form part of the sampling protocol. In addition the laboratory has its own quality assurance program. The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. The technical information provided in this press release was reviewed by Warren Robb, P.Geo. a qualified person for the purposes of NI 43-101.
For further information and to read a Letter to Shareholders from President and CEO, W.K.C. Clarke (dated December 9, 2008), visit the Company?s web site at www.ttmresources.ca
TTM RESOURCES INC.
?Crichy Clarke?
W.K. Crichy Clarke
President & CEO
Contact:
Main
W.K. Crichy Clarke, President & CEO
Tom Brady
604) 685-1144 or Toll Free: (877) 685-1144 Fax: (604) 685-9887
Website: www.ttmresources.ca/
Email: ir@ttmresources.ca.ca
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
