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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 25, 2009) - West Timmins Mining
Inc. (TSX:WTM) ("WTM" or the "Company") today
announced that it has purchased 100% ownership of 9 highly prospective
gold properties, and has entered into an letter agreement to acquire a
75% interest in an additional project, all located in the West Timmins
Gold District. The West Timmins Gold District is home to the Company's
Thunder Creek and Golden
River projects. The
new acquisitions further expand WTM's already
dominant land position in the rapidly evolving West Timmins Camp.
"Given the continued expansion of the Thunder Creek and Golden
River systems and the rapid evolution of the West Timmins Gold District
we are very pleased to have been able to expand our land holdings by
acquiring well positioned properties," said Darin Wagner,
President and CEO of West Timmins Mining Inc.
Explorers Package
WTM has entered into a Purchase Agreement with International Explorers
and Prospectors Inc., 6070205 Canada Inc., 6378366 Canada Inc. and Mr.
J.C. Bonhomme (collectively
"Explorers") whereby WTM has agree to acquire 100% ownership,
subject to certain pre-existing rights, of 9 properties in 4 blocks in Bristol, Denton and
Thornloe
Townships. The
acquired property rights include Explorers' interest in the precious
metal rights to the Northshore Property and
Explorers' 49% interest in the precious metal rights to the Allerston and Allerston
AMI Properties (WTM's Tide, Wash, Surf, Drift
and Wood Properties). The Explorers Package also includes the Thorne
East property which covers the eastern extension of the Golden River
Trend and several promising properties which sit adjacent to WTM's Hwy 144 and Wakemac
Properties.
Under the terms of the Purchase Agreement WTM will, upon completion of
title due diligence, receipt of title transfers and TSX Approval of the
transaction issue in favour of the Vendors a total of 1,245,000 common
shares of WTM and 600,000 common share
purchase warrants. The share purchase warrants will have a term of 18 months
and an exercise price of $2.70 per share. WTM will also reserve, in
favour of the Explorers and certain underlying parties, NSR royalty
rights ranging from 1.5% to 3.5%, portions of which can be repurchased
by the Company.
Costello Property - Red Pine Exploration Option
WTM and Red Pine Exploration Inc. have signed a Letter Agreement
whereby WTM has the option to earn a 75% in the Costello Property
located in Bristol Township. The Costello Property consists of 9 claims
located immediately east of Lake Shore Gold's Timmins Mine. The highly
prospective Bristol Fault, which intersects the Thunder Creek Fault
proximal to the Timmins Mine, crosses through the Costello Property. Initial
work by Red Pine indicates the presence of gold mineralized quartz-tourmaline
veins - which are an important component of the Timmins Mine gold
system - located in close proximity to the Bristol Fault on the
Property.
Under the terms of the Costello Letter Agreement, subject to necessary
regulatory approvals, West Timmins may vest a 75% interest in the
Costello Property by making a single cash payment of $150,000 and
issuing 150,000 common shares of WTM on receipt of regulatory and board
approvals, completion of title due diligence, and by undertaking
$300,000 in eligible exploration expenditures on the Property prior to
the 18 month anniversary of the effective date of the Letter Agreement.
About West Timmins Mining Inc. (www.westtimminsmining.com):
WTM is focussed on the exploration and development of district-scale
gold projects in the major gold camps of North
America. The Company is advancing the high-grade Rusk and
Porphyry Gold discoveries on its Thunder Creek joint venture in Timmins, Ontario
and continues to test the nearby 5.0 kilometre
long Golden River Trend, host to 11 known zones of gold mineralization.
West Timmins Mining is based in Vancouver,
British Columbia, Canada and trades on the
Toronto Stock Exchange under the symbol WTM.
On behalf of the Board of West Timmins Mining Inc.
Darin W. Wagner, President and Chief Executive Officer
For further details 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", "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.
To view the map accompanying this press release
please click on the following link: http://media3.marketwire.com/docs/WTM0825.jpg
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.
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