CALGARY, ALBERTA--(Marketwired - Dec 8, 2014) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the "Company") reports it has terminated its option on the Thelon project, Nunavut. The project is no longer considered core to Troymet's business as the Company seeks to further control costs.
Troymet is conducting due diligence on a number of potential business transactions. Troymet is aggressively pursuing these various opportunities and is continuing to review proposals that meet the Company's criteria for investment or acquisition.
If Troymet determines to proceed with an acquisition or a potential transaction at a future date, depending on market conditions, Troymet would likely complete a 10 old for 1 new common share consolidation (approved by shareholders at the Company's July 18, 2014 shareholder meeting) concurrently with such transaction.
Currently, Troymet has not executed any agreements, letters of intent or term sheets in relation to such potential transactions nor has it determined through negotiations or otherwise, any actual terms or conditions at this time. There is no guarantee that any of these potential transactions will occur, and it is possible that none of the potential transactions that Troymet is currently reviewing will occur.
Projects Update
Golden Eagle, British Columbia: in 2014, Troymet conducted exploration on the southern extension of Skarn zone of the 100% owned Golden Eagle project (News Release dated October 20, 2014). The program confirmed elevated to anomalous gold, silver and pathfinder geochemistry within an area of approximately 1,300 m x 900 m along the Paddy Fault system that controls the Skarn zone mineralization. Historic drilling was limited to a 265 m strike length of the fault and intersections of visually obvious mineralization ranged from 1.32 g/t Au over 3.2 m to 7.64 g/t Au over 3.5m with the best intersections occurring at the southern end. One confirmation hole, drilled by Troymet in 2011, collared in mineralization and intersected 36.45 m grading 1.27 g/t gold. This intersection demonstrated the potential for high-grade, sub-cropping, bulk tonnage gold mineralization that was not recognized in the past.
Key, British Columbia: in 2013, Troymet sold its 100% interest in the Key project to New Gold Inc. (News Release dated December 10, 2013). As part of the deal, Troymet retained a 2% net smelter royalty and New Gold committed to spend $1,500,000 on the Key property, with a minimum of $500,000 of expenditures due on or before December 31, 2014 and the balance of $1,000,000 of expenditures due on or before December 31, 2018, subject to certain conditions.
McClarty Lake Joint Venture, Manitoba: Hudbay Minerals Inc. is the Joint Venture operator of the McClarty Lake Joint Venture (Hudbay 60%; Troymet 40%). The Joint Venture is currently in the 2015 budgeting cycle. In addition to its 40% interest in the McClarty Lake Joint Venture, Troymet owns a 100% interest in the MAC claims that cover the extension of the horizon that hosts the Discovery zone on the Joint Venture claims.
Kieran Downes, P. Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information provided in this release.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo., President, CEO & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. In particular, this news release contains forward-looking information in respect of potential acquisitions, business opportunities or other transactions by Troymet and a potential consolidation of the common shares of Troymet. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. This forward-looking information reflects Troymet's current beliefs and is based on information currently available to Troymet and on assumptions Troymet believes are reasonable. These assumptions include, but are not limited to: the current share price of Troymet's common shares; the ability of Troymet to discover viable acquisition targets or business opportunities and the ability of Troymet to negotiate agreements on terms acceptable to Troymet in relation to these potential transactions; the ability to obtain adequate financing, if necessary, for any potential transaction, Troymet's general and administrative costs remaining constant; and the market acceptance of Troymet's business strategy. Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of Troymet to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of Troymet and its projects; general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities, junior market securities and mining exploration company securities; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting Troymet; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of other assumptions used to develop such forward-looking information and a description of other risk factors that may cause actual results to differ materially from forward-looking information can be found in Troymet's disclosure documents on the SEDAR website at www.sedar.com. Troymet does not undertake to update any forward-looking information except in accordance with applicable securities laws.