WTM To Seek New Partner for La Bufa Gold-Copper-Silver Project
(Vancouver, November 27, 2008) West Timmins Mining Inc. (TSX: WTM), on behalf of its wholly owned Mexican subsidiary Minera Golondrina S.A. de C.V., announced today that it has formally agreed to terminate the Letter Agreement whereby Trelawney Resources Inc. (TSXV: TRR) held an option to earn a 50% interest in WTM's wholly owned La Bufa Gold-Copper-Silver Property located in Chihuahua, Mexico. In exchange for terminating Trelawney's obligations under the Letter Agreement, WTM will, subject to regulatory approval, receive 1,000,000 common shares of Trelawney. WTM will retain a 100% undivided interest in the La Bufa Property.
The La Bufa Property hosts the Carmen Copper-Gold-Silver Mine which produced approximately 1 million tonnes of copper and gold ore at average grades of 2.50% copper, 2.80 g/t silver and 2.90 g/t gold between 1947 and 1958. The Carmen vein system was mined over widths of 2 to 6 metres for 800 metres along strike. Sampling by WTM has confirmed the presence of anomalous gold mineralization (0.40 to 18.70 g/t gold) in the hanging wall to the Carmen vein which was not systematically recovered by the previous operators. The property also hosts a recently discovered high-grade copper-silver vein which has returned grab samples ranging between 4.90% and 7.20% copper and 1,470 g/t and 2,710 g/t silver.
La Bufa Azteca Property
WTM also announced, as a consequence of Trelawney's withdrawal, that it has terminated its Letter of Intent with respect to the acquisition of an interest in the adjacent La Bufa Azteca Property, announced jointly with Trelawney on December 4, 2007 (NR07-40). WTM will work with the vendor of the La Bufa Azteca Property to seek a new funding partner for the La Bufa and La Bufa Azteca properties.
Due diligence sampling completed by WTM on the La Bufa Azteca Property has identified two new gold-copper vein systems, located less than 250 metres apart, which exhibit very strong similarities to the former producing Carmen mine. Initial grab samples from these two new discoveries have returned gold values ranging from 0.10 to 21.50 g/t gold and copper values ranging from 0.05 to 0.65% copper. The Carmen Mine was vertically zoned with copper and silver values increasing with vertical depth beneath a gold-rich upper zone.
The La Bufa and La Bufa Azteca Properties are located in the Three States Mineral District of south-western Chihuahua State, Mexico which also hosts WTM's Monta�a de Oro and Lluvia de Oro projects. The properties are road accessible and located 25 kilometres east of Goldcorp's El Sauzal Gold Mine and 75 kilometres east of WTM's Monta�a de Oro Project.
Quality Control and Assurance
Geochemical results reported herein are from chip, channel and grab samples collected from WTM's La Bufa Property and the adjacent La Bufa Azteca Property held by a private group. Sampling was conducted by trained personnel and all samples were sealed on site and then transported to ALS-Chemex's preparation facilities in Hermosillo, Mexico by employees of consulting firm Minera Cascabel S.A. de C. V. on behalf of West Timmins Mining. Samples were assayed for gold by standard fire assay- ICP finish with a 30 gram charge. Samples additionally underwent 34 element ICP-MS analysis. Silver, zinc, copper and lead values in excess of 100 ppm, 1%, 1% and 1% respectively were re-analyzed by fire assay. Mr. Darin Wagner (M.Sc., P.Geo.), the Company's President, has acted as non-independent qualified person for this news release. The qualified person has visited the project site, examined a number, but not all, of the reported occurrences and has verified that there were no significant discrepancies with respect to the quality control samples submitted for analysis along with the field samples.
About West Timmins Mining Inc. - (www.westtimminsmining.com)
WTM is focussed on the exploration and development of district-scale gold and related base metal projects in the major gold camps of North America. The Company is in the midst of a multi-rig 22,000 metre drill program targeting recently discovered high-grade gold mineralization on its Thunder Creek Property in Timmins. WTM also has five exploration projects in Mexico, highlighted by the Monta�a de Oro Project in Sonora, Mexico and the high-grade Lluvia de Oro gold-silver Project in Chihuahua, Mexico. West Timmins Mining is based in Vancouver, British Columbia, Canada and trades on the Toronto Stock Exchange under the symbol WTM.
-30-
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: John Toporowski, Manager, Investor Relations West Timmins Mining Inc., Vancouver Tel: (604) 685-8311 / Toll Free: (866) 685-8311 E-mail: jtoporowski@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.
|