West Timmins Mining Inc.

West Timmins Mining Inc.

June 04, 2009 11:29 ET

West Timmins Mining Announces Closing of $11.5 Million Bought Deal Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 4, 2009) -


West Timmins Mining Inc. (TSX:WTM) (the "Company") announced today it has closed the bought deal private placement announced May 21, 2009 with a syndicate of underwriters led by Raymond James Ltd. and including Canaccord Capital Corporation, Haywood Securities Inc., and Wellington West Capital Markets Inc. (collectively the "Underwriters"). The Underwriters have purchased and placed $11,500,000 of securities of the Company (the "Offering") comprised of 6,666,667 units (the "Units") at an issue price of $0.75 per Unit, for gross hard dollar proceeds of $5,000,000 and 7,558,140 flow-through shares at an issue price of $0.86 per flow-through share, for gross flow-through proceeds of $6,500,000.

Each Unit consists of one common share in the capital of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share of the Company for a period of 18 months from the date of closing at an exercise price $0.95.

The net proceeds raised from the Offering will be used by the Company for exploration of its mineral properties in Ontario and for general working capital purposes. All securities issued under the Offering will be subject to a standard four month hold period from the date of closing.

The Underwriters have been paid a cash fee equal to 6% of the gross proceeds raised from the Offering and have been granted underwriter warrants equal to 3% of Units and 3% of flow-through shares issued as part of the Offering. Each underwriter warrant is exercisable for a period of 18 months from the date of closing at an exercise price of $0.95.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. person absent an exemption from the registration requirements of such Act.

About West Timmins Mining Inc. (www.westtimminsmining.com):

WTM is focussed on the exploration and development of district-scale gold projects in the major gold camps of North America. The Company is advancing the high-grade Rusk and Porphyry Gold discoveries on its Thunder Creek joint venture in Timmins, Ontario and continues to test a number of high-grade gold discoveries located along the Golden River Trend on the adjacent 100% owned Thorne Property. WTM also has active gold exploration projects in Mexico, highlighted by the high-grade Lluvia de Oro gold-silver Project in Chihuahua State. West Timmins Mining is based in Vancouver, British Columbia, Canada and trades on the Toronto Stock Exchange under the symbol WTM.

On behalf of the Board of West Timmins Mining Inc.

Darin W. Wagner, President and Chief Executive Officer

For further details on West Timmins Mining Inc. please refer to prior disclosure at www.sedar.com.

This press release contains forward looking statements within the meaning of applicable Canadian and U.S. securities regulation, including statements regarding the future activities of the Company. Forward looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "expected to", "plans", "planned" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward looking statements is subject to a number of risks, including those described in the Company's annual information form as filed with the Canadian securities regulators which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward looking statements.

The TSX has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

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