West Timmins Mining Inc.
TSX : WTM

West Timmins Mining Inc.

March 01, 2007 08:00 ET

West Timmins Mining Announces Agreement to Advance GQ Diamond Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 1, 2007) - West Timmins Mining Inc. (TSX:WTM) announced today that it has signed a Letter of Intent with Dianor Resources Inc. (TSX VENTURE:DOR) which will grant Dianor the right to enter into an Option Agreement to earn a 60% interest in the Company's GQ Diamond Project, located in the Wawa Diamond District of north-central Ontario.

"We are very pleased to have entered into an agreement with Dianor which has the potential to lead to the further exploration and advancement of the GQ Diamond Project," said Darin Wagner, President and CEO of West Timmins Mining. "Dianor brings a wealth of local diamond exploration expertise to the project allowing WTM to continue to focus on the exploration and development of its gold projects in Mexico and Canada."

The GQ Diamond Project hosts a number of occurrences of diamondiferous heterolithic conglomerate/breccia from which over 20,000 diamonds have been recovered during prior exploration of the Project by the Company. Substantial portions of the project area remain to be mapped and prospected.

Pursuant to the terms of the Letter of Intent, the payment of twenty five thousand ($25,000) dollars CAD to West Timmins, and completion of satisfactory due diligence, Dianor will have the right to enter into an Option Agreement with the Company to acquire a 60% undivided interest in the Project. Under the proposed terms of the Option Agreement, Dianor will earn its 60% interest by incurring exploration expenditures of $2.5 million over a four year period, including a firm work commitment of $500,000 during the first year of the agreement. Upon the execution of the Option Agreement Dianor would also be required to make a further cash payment of $25,000 and issue 100,000 common shares to the Company. Dianor would be committed to do all things necessary to maintain the Property and its underlying agreements in good standing.

The Letter of Intent and the Option Agreement are subject to the approval of the Board of Directors of Dianor and West Timmins Mining. The "GQ Diamond Project" covers an area of 39 square kilometres directly north of the Metalex-Mori-Dianor joint venture property and 10 kilometres north-west of Dianor's Leadbetter Property.

Mr. Darin Wagner (M.Sc., P.Geo), the Company's President, has acted as qualified person for this news release.

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

West Timmins Mining Inc. is focused on exploring and developing district scale gold projects in North America. West Timmins Mining is the largest land holder in the West Timmins district, adjacent to the 70 million ounce Timmins Gold Camp in Ontario, Canada. The Company is currently in the midst of a 10,000 metre diamond drilling program on its West Timmins Gold Project. West Timmins Mining Inc. is also active in the Sierra Madre gold belt in Mexico, home to the Company's Montana de Oro and Yoquivo projects. Drill testing is on-going on the Montana de Oro project and will include drill testing of the El Rodeo, La Concepcion and La Fronteriza mineralized zones. West Timmins 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 detail on West Timmins Mining Inc. please refer to prior disclosure at www.SEDAR.com.

The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, or under any U.S. state securities laws, and such securities may not be offered or sold in the United States absent an exemption from such registration requirements.

This press release contains forward looking statements within the meaning of applicable under 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" 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.

Contact Information

  • West Timmins Mining Inc.
    Darin W. Wagner
    President & CEO
    (604) 685-8311 or Toll Free: 1-866-685-8311
    or
    West Timmins Mining Inc.
    Elaine Einarson
    Manager, Corporate Development
    (604) 685-8311 or Toll Free: 1-866-685-8311
    Website: www.westtimminsmining.com