West Timmins Vends Trout Bay Option Position
(Vancouver, December 19,
2007) West Timmins Mining Inc. (TSX: WTM)
announced today that it has agreed to sell and assign its option interest
in the Trout Bay Ni-PGE Project to Puget Ventures Inc. (TSXV: PVS.P). Under
the terms of the Assignment Agreement West Timmins will receive 5% of the
currently outstanding common shares of Puget Ventures, totalling 285,000
common shares, and cash consideration of $145,500.44 which represents 100%
of the exploration expenditures funded by West Timmins on the Trout Bay
Project to date.
Under the terms of the Trout Bay
Option Agreement between West Timmins and property vendor Goldcorp Inc. (TSX:G)
the Company holds an option to earn a 60% interest, subject to certain
back-in provisions, in the Trout Bay Project located in the Red Lake area
of Northern Ontario. Pursuant to the Assignment Agreement announced today
Puget Ventures will assume all of the rights and responsibilities assigned
to West Timmins under the Trout Bay Option Agreement.
The Assignment Agreement is
subject to the Trout Bay Project acquisition being deemed a qualifying
transaction by the TSX Venture Exchange on behalf of Puget Ventures and
Puget's successful completion, prior to March 31, 2008, of a financing in
conjunction with the property acquisition that meets the working capital requirements
of the Toronto Venture Exchange.
About West Timmins Mining
Inc. - (www.westtimminsmining.com)
West Timmins currently has four
active drill projects, completing a total of over 40,000 metres, on its
exploration projects in the Sierra Madre Belt of Mexico and in the Timmins
Gold Camp of Northern Ontario. The Company recently announced high-grade
assay results from its Thunder Creek and La Dura West discoveries in Canada
and Mexico respectively. 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 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
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 under 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", "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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