March 25, 2015
March 25, 2015
- Troymet Exploration Corp. (TSXV:TYE) (“Troymet
”) reports that New Gold Inc. (NGD:TSX) (“New Gold”) has
completed its committed expenditure of $1,500,000 on mineral exploration
on the Key property in British Columbia. In December 2013, Troymet
completed the sale of its 100% interest in the Key property to New Gold.
As part of the transaction, New Gold committed to spend $1,500,000 on
the Key property, with a minimum of $500,000 of expenditures on or
before December 31, 2014 and the balance of $1,000,000 of expenditures
on or before December 31, 2018.
Kieran Downes President and CEO of Troymet commented: “We view New
Gold’s decision to accelerate the expenditure schedule such that the
entire, committed $1.5 million was spent in 2014 as extremely positive
for the Key property. New Gold activities included a discovery of high
grade porphyry-style mineralization three kilometres south of its main
Blackwater deposit and within 1 kilometre of the Key property.”
Troymet retains a 2% net smelter returns royalty (“NSR”) on the Key
property, of which half can be purchased by New Gold at any time for
$2,000,000 cash, thereby reducing the NSR royalty to 1%.
The Key property adjoins the Blackwater gold-silver deposit which is currently in the permitting phase:
- Proven and Probable mineral reserves: 8.17 million ounces gold & 60.8 million ounces silver*
- Measured and Indicated mineral resources (exclusive of mineral
reserves): 1.07 million ounces gold & 12.7 million ounces silver*
- Inferred mineral resources: 0.29 million ounces gold & 1.5 million ounces silver*
Kieran Downes, P. Geo., a Qualified Person as defined by National
Instrument 43-101, has reviewed and verified the technical information
provided in this release.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact:
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
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