CALGARY, ALBERTA--(Marketwired - Feb. 19, 2014) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet") is pleased to provide a corporate strategy update to its shareholders.
Since completing the sale of the Key property to New Gold Inc. in the fall of 2014, Troymet's directors and officers have been considering various opportunities for Troymet and developing a plan to take advantage of the current state of the depressed mineral industry, and in particular, the current prices for exploration properties in the junior mineral exploration industry. As a result, Troymet is actively seeking potential opportunities to acquire new, quality mineral projects. Troymet believes that the current state of the depressed junior mineral exploration industry, coupled with Troymet's strong financial position, provides Troymet with a unique opportunity to pursue potential acquisitions of mineral projects at attractive prices. Notwithstanding the above, currently, Troymet does not have any agreement (whether binding or non-binding), or any other undisclosed material information, in relation to any potential acquisition of a mineral project.
Troymet is also evaluating how best to advance its existing portfolio of properties especially the Golden Eagle project with its gold, silver and base metals exploration opportunities. In addition, Troymet is also seeking out potential opportunities for shell companies that have cash reserves to complete private placements for securities of Troymet (a "Shell Private Placement").
If Troymet determines to proceed with an acquisition of a mineral project at a future date, depending on market conditions, Troymet would likely complete a 10 old for 1 new common share consolidation (approved by shareholders at Troymet's April 19, 2013 shareholder meeting) in conjunction with the completion of any potential acquisition.
A further press release will be issued in the event that Troymet enters into any agreement or has material information in respect of an acquisition or Shell Private Placement, or the board of directors of Troymet determines to implement a consolidation of Troymet's common shares. There is no guarantee that any potential acquisition will be pursued by Troymet, or that any potential acquisition, Shell Private Placement or any consolidation will be completed at all.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo., President, CEO & Director
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.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. In particular, this press release contains forward-looking information in respect of potential acquisitions of mineral projects by Troymet, potential Shell Private Placements and a potential consolidation of the common shares of Troymet. 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 Troymet's current beliefs and is based on information currently available to Troymet and on assumptions Troymet believes are reasonable. These assumptions include, but are not limited to: the current share price of Troymet's common shares and the share price of Troymet's common shares in the event that Troymet completes a consolidation; the ability of Troymet to discover viable acquisition targets or Shell Private Placement targets and the ability of Troymet to negotiate acquisition agreements or private placement agreements on terms acceptable to Troymet; Troymet's general and administrative costs remaining constant; and the market acceptance of Troymet's acquisition strategy. 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 Troymet 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 Troymet and its projects; general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities, junior market securities and mining exploration company securities; 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 Troymet; 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 Troymet's disclosure documents on the SEDAR website at www.sedar.com. Troymet does not undertake to update any forward-looking information except in accordance with applicable securities laws.