August 1, 2008
August 1, 2008 - Troymet Exploration Corp. (TSXV:TYE) (“Troymet” or the
“Company”) is pleased to provide an operational update to shareholders.
• HUDBAY subsidiary exercises its right to earn back 20% in two claims at McClarty Lake, MB
• Financing closed for $1.3 million
• Enters agreement for investor relations services
• 2008 exploration program at Golden Eagle, BC
McClarty Lake Project, MB
Troymet completed a very successful 2008 winter diamond drilling program
on the McClarty Lake project, Snow Lake, Manitoba and earned a 60%
interest in two claims from Hudson Bay Exploration and Development
Limited (HBED), a 100% owned subsidiary of HudBay Minerals Inc. Under
the terms of the Option Agreement, HBED has elected to earn back a
twenty (20%) percent undivided interest in the two claims from Troymet
by spending $750,000 on exploration over the next three years
(Reference: June 12, 2007 news release). Troymet also owns a 100%
interest in three other contiguous claims.
The McClarty volcanogenic massive sulphide (VMS) mineralization is a new
discovery in a significantly under-explored area, and the Company
believes the potential for further discovery is excellent. The property
is located approximately 24 kilometres southeast of the VMS Ventures’
Reed Lake discovery and approximately 45 kilometres south-southeast of
HudBay Minerals’ Lalor Lake discovery.
Tracy Hurley, VP Exploration of Troymet states: “The success of the 2008
exploration program and HBED’s decision to earn back in to the property
lends strong support to management’s belief that McClarty Lake is a
property of substantial merit, with excellent potential to host a
precious metal rich VMS deposit. We’re looking forward to building on
the excellent results with HudBay this coming winter.”
In July 2008, Troymet completed a non-brokered private placement
consisting of 16,250,000 units (“Unit”) at a price of $0.08 per Unit for
gross proceeds of $1,300,000. Proceeds of the financing will be used to
conduct the 2008 exploration program on the Golden Eagle project,
complete option payments on Troymet’s mineral properties and for general
and administrative expenses and working capital. (Reference: July 8,
2008 news release).
Investor Relations Agreement
The Company has engaged Senergy Communications Inc. (“Senergy”) to
provide it with investor relations services and signed an initial six
(6) month consulting agreement commencing August 1, 2008, with an option
to renew at terms mutually agreeable to each party. The agreement
requires the Company to pay Senergy $7,500 per month for investor
relations services, $1,000 per month for a dedicated surrogate office
and related administrative services, and to reimburse Senergy for all
pre-approved expenses. In addition, Senergy has been granted 125,000
incentive stock options exercisable at $0.15 per share and Shiro Rae, an
employee of Senergy, has been granted 75,000 options. The options shall
be exercisable as to 1/4 of the grant every three months from the date
of grant in accordance with Policy 4.4 of the TSX Venture Exchange.
Senergy and Shiro Rae currently own no shares of Troymet. Anthony Zelen,
owner of Senergy, directly and indirectly owns 325,000 common shares of
Troymet. The agreement is subject to the approval of the TSX Venture
Vancouver-based Senergy Communications Inc. provides investor relations
and marketing services to public companies in the natural resource
sectors. Senergy will assist Troymet in fostering productive, continuing
dialogues with analysts, brokers, potential investors, current
shareholders and other financial professionals.
Golden Eagle Project, BC
Troymet owns a 100% interest in the Golden Eagle project located within
the Tintina Gold Belt in Northwestern British Columbia. The Company is
mobilizing an extensive diamond drilling and exploration program to
build on the success of the 2005 and 2006 programs, which included the
drilling of four holes in the Tannis Zone and intersected high-grade
gold-silver mineralization along a 100-metre strike and to depths of 50
metres. The property has the potential to host several deposit types,
including high-grade gold-silver vein-hosted deposits, bulk tonnage
copper/gold porphyries with associated skarn deposits and VMS deposits.
Eleven separate mineralized zones have been identified to date over the
property’s 25-kilometre long extent.
Troymet has engaged Equity Exploration Consultants Ltd. as project
manager for the 2008 program that will include 2,500 metres of diamond
drilling, detailed mapping and sampling on the Tannis Zone and
property-wide prospecting of airborne magnetic and EM anomalies
identified in 2005. The diamond drilling program will initially target
high-grade gold-silver mineralization hosted in pyrite and
arsenopyrite-bearing quartz veins/structures within rhyolitic intrusives
in the Tannis zone.
Kieran Downes, President & CEO of Troymet commented on the upcoming
2008 Golden Eagle exploration program: “We are very excited to further
test the anomalies identified during the previous exploration seasons.
The Tannis zone is considered to have significant exploration
Key Project, BC
Troymet is finalizing plans to conduct an airborne electromagnetic VTEM
survey on its 100% owned Key Project in northern British Columbia.
Tracy Hurley, P.Geo., Troymet’s Vice-President of Exploration and
qualified person as defined by National Instrument 43-101 is responsible
for the technical data presented in this release.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact:
Troymet Exploration Corp.
Tel: 1-888-456-4952 or firstname.lastname@example.org
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. This press release may contain
“forward-looking information” within the meaning of applicable Canadian
securities legislation. All statements, other than statements of
historical fact, included herein may be forward-looking information.
Generally, forward-looking information may be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not
expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases, or by the use of
words or phrases which state that certain actions, events or results
may, could, would, or might occur or be achieved. This forward-looking
information reflects the Company’s current beliefs and is based on
information currently available to the Company and on assumptions the
Company believes are reasonable. These assumptions include, but are not
limited to, the actual results of exploration projects being equivalent
to or better than estimated results in technical reports or prior
exploration results, and future costs and expenses being based on
historical costs and expenses, adjusted for inflation. Forward-looking
information is subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of the Company 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 the Company and its projects; general
business, economic, competitive, political and social uncertainties;
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 the Company; timing and
availability of external financing on acceptable terms; conclusions of
economic evaluations; and lack of qualified, skilled labour or loss of
key individuals. Although the Company has attempted to identify
important factors that could cause actual results to differ materially
from those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to update
any forward-looking information, except in accordance with applicable
You can view the Next News item:August 7th, 2008, Troymet Commences Drilling at Golden Eagle Project
You can view the Previous News item:July 8th, 2008, Troymet Completes $1,300,000 Unit Private Placement
Back to the main News page, or press the Back button on your browser.