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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (30906)	1/7/2009 2:35:56 PM
From: LoneClone	Read Replies (1) \| Respond to of 194042

Western Troy Outlines Plans for 2009 Wed Jan 7, 10:13 AM ca.news.finance.yahoo.com TORONTO, ONTARIO--(Marketwire - Jan. 7, 2009) - Western Troy Capital Resources Inc. (TSX VENTURE: WRY.V)("Western Troy") announced today its plans for 2009. In addition to the completion of the feasibility study for its MacLeod Lake Molybdenum/Copper Project, Western Troy plans to drill its Galloway Molybdenum Prospect, perform trenching and surface sampling at its molybdenum prospects near Inmet Mining's Troilus Mine, and perform preliminary assessments on its 8 other molybdenum, uranium, and gold prospects. All of these projects and prospects are located in Quebec, where exploration expenditures are eligible for the Province's rebates of approximately 45% of such spending. Western Troy's President, Rex Loesby, commented, "The larger mining companies have dramatically reduced or eliminated their exploration departments over the past couple of decades. To meet future demand for metals, new mines and new discoveries will be developed by the junior exploration companies like Western Troy. We have solid value at MacLeod Lake and we also have the potential to make exciting new discoveries at our other exploration prospects in Quebec. "The current economic turmoil and low commodity prices have resulted in a fundamental change in our cash flow planning. Before the dramatic drop in commodity prices, we were on a very aggressive schedule for our MacLeod Lake Project that included completion of the feasibility study and environmental permitting. This aggressive schedule would have allowed us to make a construction decision in the winter of 2010. The project's economics would have supported road building independent of the Province of Quebec's efforts to build the Otish Mountain Road into the area. With the recent changes in commodity prices, we have decided to complete the feasibility work on a somewhat delayed schedule (we now expect completion in the summer of 2009), and to suspend work on environmental permitting until 2010. These steps will preserve cash and will have the added benefit of putting the project on a development schedule that better meshes with Quebec's road work. "Quebec has awarded the feasibility contract for road engineering to Genivar of Val d'Or. Genivar is the same company that is performing our MacLeod Lake feasibility and environmental permitting work. The road feasibility work is scheduled to be completed late this year and road construction could begin in 2010. "Work is progressing well on the feasibility study for MacLeod Lake. Metallurgical testing (SGS Lakefield) is almost complete and preliminary results indicate better recoveries than was estimated in the Preliminary Assessment (Scoping Study) completed last year. Rock mechanics work indicates pit slopes of up to 70 degrees are reasonable, which is higher than the 45 degree pit slope assumed in the Scoping Study. This should result in a lower overall strip ratio for the project. We ran the Scoping Study economic model using current prices for copper and molybdenum without adjusting other factors and found that the project is a bit better than break even. This is encouraging as higher metallurgical recoveries and a lower strip ratio should improve project economics and we believe longer term prices for copper and molybdenum will rise." Western Troy's objectives for 2009 are as follows: 1) Complete the MacLeod Lake feasibility study. 2) Perform exploration work on our more encouraging prospects in Quebec. Wayne Holmstead, our VP of Exploration, has as his personal goal to find another mine. With his study of available Quebec data, he has located a number of excellent prospects. These prospects have been self-generated by Western Troy, not brought in by third parties, so we have no royalty, cash, or work commitments except the usual assessment work needed to keep the claims in good standing.. We plan to spend about $300,000 on these prospects in 2009 so we have exciting prospects for a new discovery. 3) Preserve Cash. Western Troy has sufficient cash to complete the MacLeod Lake feasibility study and perform the exploration work on other prospects and still have over $1 million in the treasury in the spring of 2010. 4) Evaluate acquisitions. We believe there will be opportunities to pick up attractive projects for very little cash in the next year as less healthy juniors are forced to close down. About Western Troy Western Troy Capital Resources Inc. is a mineral exploration company. Its 100% owned MacLeod Lake Project, located about 275 km north of Chibougamau, Quebec, hosts a well defined Main Zone of mineralization as outlined by extensive drilling. In addition, a South Zone resource and several IP anomalies of potential interest have been identified. In April of 2008, Western Troy received an independent Preliminary Assessment (Scoping Study) consistent with National Instrument 43-101 on its MacLeod Lake Property. The report has been filed on SEDAR and is available at www.SEDAR.com and on Western Troy's website, www.WesternTroy.com. Western Troy also has a number of early stage molybdenum, copper, uranium, platinum, and other minerals exploration properties in Quebec. The shares of Western Troy trade on the TSX Venture Exchange under the symbol WRY, with 19,284,970 shares outstanding. Statements in this release that are forward-looking reflect Western Troy's current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company's periodic filings with Canadian securities regulators. Such statements and information contained herein represent management's best judgment as of the date hereof based on information currently available; however actual results and events may vary significantly. The Company does not assume the obligation to update any forward-looking statement. Rex E. Loesby, P.E., is the qualified person that has reviewed the content of this press release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Contacts Rex E. Loesby, P. E. Western Troy Capital Resources President (416) 929-3268 Email: RexLoesby@aol.com Website: www.westerntroy.com