| ||July 09, 2012|
Troymet Files NI 43-101 Technical Report for Golden Eagle Gold Project
| ||July 9, 2012 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") is pleased to announce the SEDAR filing of a National Instrument ("NI") 43-101 technical report in support of future exploration at its Golden Eagle project in northern British Columbia.|
The new NI 43-101 technical report is based on a compilation of all available technical and related information and recommends a geochemical, geophysical and diamond drilling program that is estimated at CDN$1,222,500 million and includes concurrent programs of reclamation and rehabilitation of drill areas and access trails.
The report was prepared by independent Qualified Person, John Michael Wark, P.Geol., of Aurora Geosciences Ltd. Mr. Wark has been familiar with the geological aspects of the project since 2011. Troymet's President and CEO, Kieran Downes, is a Qualified Person for the Golden Eagle project and has reviewed, verified and approved the contents of this release.
Troymet has also today granted 1.45 million options to purchase common shares of Troymet to directors, officers, and consultants of Troymet in accordance with the Company's stock option plan. All of the options have an exercise price of $0.10 per share and vest immediately. Out of these options, 300,000 options were issued to consultants of the Corporation. These options granted to consultants expire two years from the date of grant. The remaining 1.15 million options granted to directors and officers of the Corporation expire 5 years from the date of issuance.
Troymet has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the options to the directors and officers of the Corporation (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).
About Troymet Exploration Corp.
Troymet is a well-financed junior exploration company with strategically located assets in British Columbia, Manitoba and Nunavut, Canada. The Golden Eagle project offers significant discovery potential for gold mineralization especially in the Skarn, West Gully and Tannis zones.
Troymet's flagship project, the Key, is strategically located immediately adjacent to New Gold's Blackwater property. On March 7, 2012, New Gold announced the following NI 43-101 compliant mineral resource estimate on the Blackwater gold deposit:
- Indicated gold resource: 174 million tonnes at an average grade of 0.98 grams per tonne containing 5.5 million ounces of gold at a 0.4 gram per tonne cut-off grade.
- Inferred gold resource: 92 million tonnes at an average grade of 0.78 grams per tonne containing 2.3 million ounces of gold at a 0.4 gram per tonne cut-off grade.
The Key project is the Company's principal focus of exploration with a CDN$1 million exploration and drill program currently underway.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact:
Tel: 1-888-456-4952 or firstname.lastname@example.org
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. This press release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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