West Timmins Mining Inc.
TSX : WTM

West Timmins Mining Inc.

August 09, 2007 13:40 ET

West Timmins Mining Closes $13 Million Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION THROUGH U.S. NEWSWIRE SERVICES

West Timmins Mining Inc. (TSX:WTM) (the "Company") announced that it has closed a brokered private placement financing for gross proceeds of $13,000,001 announced July 19, 2007. Cormark Securities Inc. acted as lead agent for the financing along with a syndicate of agents including PI Financial Corp., Canaccord Capital Corporation, Haywood Securities Inc. and J.F. Mackie & Company Ltd. (collectively the "Agents"). Proceeds from the placement will be used for exploration and drill testing of the Company's projects in Mexico and Canada, new property investigations and acquisitions and for general working capital.

The private placement raised gross proceeds of $13,000,001 through the issuance of 10,833,334 units (the "Units") at a price per unit of $1.20. 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 whole Warrant entitles the holder thereof to purchase one Common Share for a period of 12 months following the closing date of August 9, 2007 at an exercise price of $1.50 per whole Warrant. All securities issued under the private placement will be subject to a hold period expiring December 10, 2007.

The Agents were paid a cash commission of 3.85% of the gross proceeds of the financing.

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 U.S. persons absent an exemption from the registration requirements of such Act.

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

West Timmins Mining Inc. is focused on the exploration and development of district scale gold and related base metal projects in North America. West Timmins Mining is the largest land holder in the West Timmins Gold District, adjacent to the 70 million ounce Timmins Gold Camp in Ontario, Canada and recently announced a significant new gold discovery on its Thunder Creek Property. West Timmins is also active in the Sierra Madre gold belt in Mexico, home to the Company's Montana de Oro, Lluvia de Oro and Yoquivo projects. Drill testing is ongoing on the Montana de Oro project which hosts the recently announced La Dura polymetallic discoveries and the El Rodeo Gold-Silver Zone. 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.

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 and planned use of the proceeds from the financing. 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
    Website: www.westtimminsmining.com