Western Troy Capital Resources Inc.

Western Troy Capital Resources Inc.

January 18, 2010 08:30 ET

Western Troy to Drill Galloway Molybdenum Prospect, Options Menary Township Gold Property to Kings Bay Gold

TORONTO, ONTARIO--(Marketwire - Jan. 18, 2010) - Western Troy Capital Resources Inc. (TSX VENTURE:WRY) announced today that it has begun a geophysical survey of the Galloway Molybdenum Prospect in Quebec to be followed shortly by a drilling program. Western Troy also announced that it has entered into an option agreement with Kings Bay Gold Corporation on Western Troy's Menary Township Gold Property.

Galloway Molybdenum

The Galloway molybdenum property is located approximately 200 kilometers east of Montreal in Southern Quebec. Initial visits to the property confirmed Western Troy's earlier assessment that the prospect has the potential to host significant molybdenum mineralization as indicated by historic stream and soil sampling. Western Troy's investigation of the prospect has also included historic data research. This research resulted in the discovery of a 1980 magnetometer survey on the prospect area that indicates that the area of interest is much larger than was indicated by the geochemical sampling data. (GM 36560, Quebec Assessment Files)

A Quebec Government stream sediment survey initially found anomalous molybdenum values (up to 180 ppm) in stream sediments on the property. Subsequent work was done by various companies, the most significant being work done by the Canadian Nickel Company in 1980 (GM 36560, Quebec Assessment Files). Canadian Nickel performed magnetic, VLF-EM and induced polarization geophysical surveys in the vicinity of the stream sediment anomalies. They also performed a soil geochemical survey and found a 500 by 250 meter anomalous area with values up to 228 ppm (see attached map at http://media3.marketwire.com/docs/wry0118fig1.pdf). Over 10 ppm is generally considered anomalous for this type of survey. There is no outcrop in the vicinity of the anomaly and there is no visible or historic evidence the anomaly has been drilled in the past. The magnetic surveys detected a linear anomaly that is over 1000 meters long and open on both ends close to the contact between metasediments and granitic rocks. The magnetic anomaly was also coincident with the high values of molybdenum in the soils, but it also extends north of the area of the soil anomalies and is more intense in the northern extension.

The property is 2 km south of a former molybdenum producer with non 43-101 compliant resources of molybdenum mineralization in a similar geological environment and 2.5 km north of a zone of molybdenum mineralization with non-43-101 compliant resources also in a similar geological environment. The molybdenum mineralization in the area is associated with Devonian granites similar to the Gaspé Copper mine near Murdochville, where a number of copper-molybdenum-bearing skarns and porphyries were mined for several decades.

A geophysical crew is presently on the property conducting magnetometer and MaxMin electromagnetic surveys in order to locate geophysical anomalies reported by Canadian Nickel in 1980. Western Troy has contacted a diamond drilling company in southern Quebec and a contract is being finalized. Drilling should commence before the end of January, 2010.

Menary Township Gold

An option agreement has been signed with Kings Bay Gold Corporation to acquire 100% of Western Troy's Menary Township gold property in the Kenora area of Ontario. This property was Western Troy's original property in the 1980's and the company performed a bulk sample program where 346 ounces of gold were extracted from approximately 1000 tons of quartz vein material (internal Western Troy documents). The last remaining leased claim from the original property was combined with a group of claims owned by Mr. William McNerney. The terms of the agreement are cash payments of $85,000 and stock payments of 175,000 shares of Kings Bay Gold Corporation over the three year term of the agreement. These cash and stock payments will be shared equally with Mr. McNerney. Western Troy will retain a 3 percent Net Smelter Return royalty on the combined properties held by Western Troy and Mr. McNerney.

About Western Troy: Western Troy Capital Resources Inc. is a mineral exploration company. Its 100% owned MacLeod Lake Project, located about 275 km north of Chibougamau, Quebec, hosts a well defined Main Zone of mineralization as outlined by extensive drilling. In addition, a South Zone resource and several IP anomalies of potential interest have been identified. In April of 2008, Western Troy received an independent Preliminary Assessment (Scoping Study) consistent with National Instrument 43-101 on its MacLeod Lake Property. The report has been filed on SEDAR and is available at www.SEDAR.com and on Western Troy's website, www.WesternTroy.com. Western Troy also has a number of early stage molybdenum, copper, gold, rare earths, uranium, platinum, and other minerals exploration properties in Quebec. The shares of Western Troy trade on the TSX Venture Exchange under the symbol WRY, with 23,284,970 shares outstanding. 

This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: risks related to mining and exploration operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates; accident; labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Rex E. Loesby, P.E., is the qualified person that has reviewed the content of this press release.

Neither 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 release.

Contact Information