COMOX, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2012) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the "Company") is pleased to announce it has signed a formal joint venture agreement with a subsidiary of HudBay Minerals Inc. ("Hudbay"), in respect of two claims (DYC3606 & DOL78; 252 hectares) that form part of its McClarty Lake project located near Snow Lake, Manitoba. The participating interests are Hudbay - 60% and Troymet - 40%. Under the terms of the joint venture agreement, Hudbay must contribute $1,151,052 in joint venture expenditures before Troymet is required to fund its participating interest. Thereafter, Hudbay and Troymet will share all future exploration and development expenditures pro-rata based on their participating interests.
Kieran Downes, President and CEO of Troymet, stated: "We are pleased to have concluded the formal joint venture agreement and look forward to advancing the property together with Hudbay. We believe the McClarty Lake project is a property of substantial merit with excellent discovery potential for a precious metal rich VMS deposit(s). We also believe Hudbay is the best partner to explore and develop the project."
The McClarty Lake project lies ~45 kilometres south of Hudbay's Chisel North and Lalor VMS deposits. The zinc-copper-gold Discovery zone found by Troymet in 2007 exhibits a VMS mineralization style and associated alteration system that is similar to that associated with the Chisel North and Lalor Lake deposits. Hudbay's 2011 drilling extended the Discovery zone to 300 metres vertical depth.
Troymet also owns a 100% interest in three claims (MAC-1, MAC-2 & MAC-3; 344 hectares) that adjoin the joint venture claims. Exploration by Troymet has identified the northern extension of the horizon that hosts the Discovery zone on the joint venture claims, indicating the presence of a +2,000 metre long stratigraphic horizon that carries base metal mineralization in the two locales where tested. The identification of a productive, base metal mineralized horizon extending through Troymet's 100% owned claims increases the possibility of a significant VMS discovery on Troymet's 100% owned ground.
About Troymet Exploration Corp.
Troymet is a well-financed junior exploration company with strategically located assets in British Columbia, Manitoba and Nunavut, Canada.
The Key gold project (8,854 hectares), in north central British Columbia, is Troymet's principal focus of exploration with a CDN$1 million exploration and drill program currently underway. The Key project is strategically located adjacent to New Gold Inc.'s Blackwater gold deposit where an updated National Instrument 43-101 compliant mineral resource estimate was recently announced (New Gold news release of July 18, 2012):
- Indicated mineral resource: 230 million tonnes at an average grade of 0.96 grams gold per tonne containing 7.1 million ounces of gold at a 0.40 gold-equivalent gram per tonne cut-off grade
- Inferred mineral resource: 98 million tonnes at an average grade of 0.77 grams gold per tonne containing 2.5 million ounces of gold at a 0.40 gold-equivalent gram per tonne cut-off grade
Kieran Downes, P. Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the contents of this release.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
This press release may contain certain forward-looking information. In particular, this press release contains forward-looking information in respect of potential expenditures and a potential discovery on the McClarty Lake project. All statements included herein, other than statements of historical fact, are 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. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports or prior exploration results, that the results it has received and the interpretation thereof are reliable and future costs and expenses being based on historical costs and expenses, adjusted for inflation. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of the Company and its projects; general business, economic, competitive, political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting the Company; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of other assumptions used to develop such forward-looking information and a description of other 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.
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.