| ||June 12, 2008|
Hudson Bay to Earn Back Interest in Troymet's McClarty Lake VMS Project
| ||June 12, 2008 - Troymet Exploration Corp. (TSXV:TYE) (the "Company") is pleased to report that under the terms of an Option Agreement with Hudson Bay Exploration and Development Limited (HBED), Troymet has completed its earn-in for a 60% working interest in two claims totalling 252 hectares, which are part of the McClarty Lake project located near Snow Lake, Manitoba. Troymet also owns a 100% interest in three other contiguous claims, which are also part of the McClarty Lake project.|
Under the terms of the Option Agreement, HBED retained the right 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.
Troymet is pleased to report that it has received formal notification from HBED that it has elected to earn back a 20% interest in the two claims. Following exploration expenditures of $750,000 by HBED, the two claims will be held in a joint venture between HBED (60%) and Troymet (40%).
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(s). The sulphide mineralization and associated alteration system at McClarty Lake is very similar to that associated with the Chisel Lake and the newly discovered Lalor Lake volcanogenic massive sulphide deposits of the Snow Lake area.
Tracy Hurley, PGeo, Vice President, Exploration and qualified person as defined by National Instrument 43-101 has reviewed the content of this release.
For further information, contact:
Tracy Hurley email@example.com
Kieran Downes (250) 729-0453; 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 securities laws.
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