SOURCE: Raytec Development Corp.

November 20, 2007 03:05 ET

Raytec Announces Joint Venture With Triex Minerals

VANCOUVER, BC--(Marketwire - November 20, 2007) - Raytec Metals Corp. (the "Company") (TSX-V: RAY) (FRANKFURT: XZT) is pleased to announce the Company has executed an option agreement with Triex Minerals Corporation ("Triex") giving them the right to earn up to a 70% interest in two properties totaling 7 of Raytec's 17 Athabasca uranium claims, the Riverlake (Key Lake West) and Highrock (Key Lake East), located at the southern margin of the eastern Athabasca Basin.

Staked in 2004, the properties are located on either side of the Key Lake mine road. The Riverlake property (3 claims, 16,556 hectares) covers a large, circular magnetic low feature with similarities to the Pasfield Lake magnetic anomaly that the Company is currently exploring. An Athabasca Group sandstone outlier is mapped immediately to the east of the magnetic low feature. A V-TEM survey flown in 2007 identified electromagnetic conductors on both the east and west margins of the magnetic low feature. The Highrock property (4 claims; 15,206 hectares) covers an Archean basement antiform with flanking conductors, and is located only eight kilometres southeast of the Key Lake deposit situated along the northern margin of the adjacent Archean basement antiform.

Ground geophysical surveying is planned for December-January to better define the location and geometry of airborne conductors, with follow-up first-pass drilling to be carried out during the third quarter of 2008. Near-surface, basement-hosted uranium mineralization is the target on both properties.

Subject to regulatory approval, Triex will earn an initial 51% joint venture interest in the two properties by paying $25,000 in cash, issuing 25,000 common shares (with a restrictive 4 month hold period) and incurring an aggregate of $1,200,000 in staged exploration expenditures by on or before November 24, 2008. The Company can increase its ownership interest to 70% by incurring an additional $2,400,000 in staged exploration expenditures on or before November 24, 2011. Triex will be the operator of the exploration program.

Dr. Alan Armitage, Ph.D., P.Geo., Vice President of Exploration at Triex, is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Triex Mineral Corporation in the Athabasca Basin.

"We are very pleased to be working with such a well funded and strong technical Company such as Triex Minerals, their uranium exploration experience will help us thoroughly evaluate these uranium prospects to their full potential" stated Brian Thurston, President of Raytec.

The Company also wishes to announce the granting of incentive stock options to its directors, officers, consultants and employees, under its Stock Option Plan, for the purchase of up to 650,000 common shares of the Company for a period of 2 years at a price of $0.55 per share.

About Raytec Metals Corp. Raytec Metals Corp. is an exploration and development Company with interests in Uranium properties in the Athabasca Basin, Saskatchewan. The Company has filed a NI43-101 report on the Athabasca Basin Uranium Properties. The Company is well-funded, having recently closed over $1.9 million in equity financings.

On behalf of the Board,

RAYTEC METALS CORP.

Per: Brian Thurston, President

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Contact Information

  • RAYTEC METALS CORP.
    Suite 1128 – 789 West Pender Street,
    Vancouver, BC, V6C 1H2
    Tel: (604) 669-9330
    Fax: (604) 669-9335