Thu, September 3, 2009
Wed, September 2, 2009
Tue, September 1, 2009
Mon, August 31, 2009
Fri, August 28, 2009
Thu, August 27, 2009
Wed, August 26, 2009
Tue, August 25, 2009
Mon, August 24, 2009
Fri, August 21, 2009
Thu, August 20, 2009
Wed, August 19, 2009
Tue, August 18, 2009
Mon, August 17, 2009
Sun, August 16, 2009
Fri, August 14, 2009

West Timmins Mining Inc.: WTM Acquires 10 Additional Properties in the West Timmins Gold District


//business-finance.news-articles.net/content/200 .. roperties-in-the-west-timmins-gold-district.html
Published in Business and Finance on , Last Modified on 2009-08-25 14:17:55 by Market Wire   Print publication without navigation


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.



Publication Contributing Sources