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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: Rocket Red who wrote (66870)	8/25/2009 8:31:52 PM
From: loantech	Respond to of 78424

Getting more land still a great play: West Timmins acquires more land in West Timmins camp Ticker Symbol: C:WTM West Timmins acquires more land in West Timmins camp West Timmins Mining Inc (C:WTM) Shares Issued 138,035,216 Last Close 8/24/2009 $2.48 Tuesday August 25 2009 - News Release Mr. Darin Wagner reports WTM ACQUIRES 10 ADDITIONAL PROPERTIES IN THE WEST TIMMINS GOLD DISTRICT West Timmins Mining Inc. (WTM) has purchased 100-per-cent ownership of nine highly prospective gold properties and has entered into an letter agreement to acquire a 75-per-cent 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 landholdings by acquiring well-positioned properties," said Darin Wagner, president and chief executive officer of West Timmins Mining. Explorers package WTM has entered into a purchase agreement with International Explorers and Prospectors Inc., 6070205 Canada Inc., 6378366 Canada Inc. and J.C. Bonhomme, whereby WTM has agree to acquire 100-per-cent ownership, subject to certain pre-existing rights, of nine properties in four blocks in Bristol, Denton and Thornloe townships. The acquired property rights include the explorers' interest in the precious metal rights to the Northshore property, and the explorers' 49-per-cent 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 Highway 144 and Wakemac properties. Under the terms of the purchase agreement, WTM will, upon completion of title due diligence, receipt of title transfers and Toronto Stock Exchange 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 (net smelter return) royalty rights ranging from 1.5 per cent to 3.5 per cent, 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-per-cent interest in the Costello property located in Bristol township. The Costello property consists of nine 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-per-cent 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. 2009 Canjex Publishing Ltd