RE: Re: Do they know what they are doingWEST TIMMINS MINING INC
West Timmins Gold Project Exploration Update
7/11/2007
VANCOUVER, BRITISH COLUMBIA, Jul 11, 2007 (CCNMatthews via COMTEX News Network) --
West Timmins Mining Inc. (TSX:WTM) herein provides an update on exploration activities on its West Timmins Gold Project. Highlights include:
- Average 16% increase in gold grade associated with gravimetric fire assay of previously reported results from the Thorne Property
- Signing of a Formal Option Agreement on the Northshore Property
- Intersection of a 26.85 metre zone of anomalous gold mineralization on the Beach Property
- Amending of Terms of the Beach Property Option Agreement
- Vesting of a 100% interest in the Bank, Overbank, Wood and Marsh Properties
Thorne Property
Gravimetric fire assays results have now been received for a number of gold mineralized intervals from the 4800 Zone on the Thorne Property, part of the Company's West Timmins Gold Project. The gravimetric assays have resulted in an average 16% increase in the gold grade for the intervals previously reported (see Table below: NR07-11, March 28, 2007).
-------------------------------------------------------------------------- Gold Gold Fire Gravimetric %Hole From To Interval Assay Fire Assay IncreaseNo. (metres) (metres) (metres) (g/t) (g/t) (Decrease)--------------------------------------------------------------------------GS07-10 90.00 90.50 0.50 4.91 6.72 37%--------------------------------------------------------------------------GS07-11 20.00 21.50 1.50 3.46 3.41 -2% 22.90 23.70 0.80 4.38 5.07 16% 46.50 48.70 2.20 4.10 4.53 10%--------------------------------------------------------------------------GS07-12 24.50 31.50 7.00 1.99 2.19including 24.50 26.50 2.00 4.76 4.91 3%Also including 30.50 31.50 1.00 4.32 5.43 26%--------------------------------------------------------------------------GS07-13 43.00 44.50 1.50 6.60 7.35 11% 52.00 53.00 1.00 4.74 5.66 19%--------------------------------------------------------------------------GS07-14 57.20 59.55 2.35 7.04 7.22including 57.20 57.60 0.46 32.32 40.30 25%--------------------------------------------------------------------------GS07-15 59.30 60.30 1.00 8.81 10.60 20%--------------------------------------------------------------------------GS07-17 35.40 42.50 7.10 2.51 2.52including 35.40 36.50 1.10 11.40 11.56 1%--------------------------------------------------------------------------GS07-19 23.90 24.50 0.60 5.38 6.60 23%-------------------------------------------------------------------------- Average % Increase Gravimetric vs. Fire Assay 16%--------------------------------------------------------------------------
The results from 5 additional drill holes testing geophysical anomalies on the Thorne Property have now been received. Holes GS07-20, -21 and -22 intersected graphitic sediments along the eastern margin of the property and returned no anomalous gold mineralization. Holes GS07-23 and GS07-24 tested I.P. anomalies 450 and 250 metres south of the Golden River Zone respectively. Hole GS07-23 intersected two intervals of anomalous gold mineralization over narrow widths.
An additional four holes have now been completed on the Thorne Property for which results are pending.
Northshore Property
West Timmins Mining and a private company have now signed a formal option agreement, pursuant to the letter agreement initially announced September 7, 2005 (Sydney Resource Corp. news release 05-12), whereby WTM can earn up to a 70% interest in the gold exploration and development rights to the Northshore Property. The Northshore Property sits immediately north of Lake Shore Gold's 1.3 million ounce (3.3 mT @ 12.3 g/t) Timmins West gold deposit. Shafted sinking as part of an advanced underground exploration program at Timmins West is currently underway.
Under the terms of the formal option agreement West Timmins may earn an initial 50% interest in the Northshore Property by incurring $3,000,000 (minus expenditures to date) in exploration expenditures on the property prior to May 11, 2010. All other conditions originally announced on September 7, 2005 have now been met. Upon earning the initial 50% interest West Timmins may elect to earn a further 20% interest in the Property by completing a National Instrument 43-101 compliant resource statement showing a minimum resource of 750,000 ounces of gold or gold equivalent and preparing an industry standard feasibility study within an additional 5 year period.
Exploration drilling on the Northshore Property is expected to resume within the next two months.
Beach Property
West Timmins Mining and Probe Mines Ltd. (TSX VENTURE:PRB) announce that the terms of the Beach Property option agreement, originally announced November 8, 2005 (See Sydney Resource Corp. news release 05-22), whereby the Company can earn up to a 70% interest in the Beach Property, have been amended as a result of due diligence investigations by WTM. The Beach Property is located immediately northeast of the Timmins West project and adjacent to the Northshore Property.
Under the revised terms of the Beach Property option agreement WTM may earn an initial 55% interest in the Beach Property by making a single cash payment of $25,000 (a decrease of $30,000), issuing 325,000 common shares of the Company (a decrease of 75,000 shares) and completing $1,000,000 in exploration expenditures on the property (a decrease of $1,000,000) prior to June 30, 2010. The terms and conditions of the Second Option, to earn an additional 15% interest, remain unchanged.
Ten drill holes have been completed to date on the Beach Property testing geological and geophysical targets. Hole BE-05, drilled in proximity to the sediment-volcanic contact along strike from the Timmins West discovery, intersected a broad zone of anomalous gold mineralization returning 26.85 metres grading 0.23 g/t gold between 123.3-150.15 metres. This intercept is interpreted to represent 115% of true thickness. No other significant assays were returned from the drilling on the property. Drilling is expected to resume on the Beach Property within the next two weeks.
Bank, Overbank, Wash and Marsh Properties
West Timmins Mining has now successfully vested a 100% interest in each of these four properties which form part of the West Timmins Gold Project.
Quality Control and Assurance
Geochemical results reported herein are from halved drill core samples collected from the Company's West Timmins Gold project. Drill results reported were collected by the Company and are subject to the Company's quality control program. For quality control purposes blank, duplicate and analytical control standards were inserted into the sample sequence at irregular intervals. Sampling of the drill core was conducted on site at the Company's Timmins exploration office by trained personnel and sealed samples were transported to the analytical facilities of Accurassay in Thunder Bay, Ontario. Samples were assayed for gold by standard fire assay-ICP finish with a 50 gram charge. Gold values in excess of 3.00 g/t have been re-submitted for fire assay with gravimetric finish as part of the Company's quality control program. The remaining half of the drill core is stored on-site at the Company's Timmins exploration office. Mr. Darin Wagner (M.Sc., P.Geo), the Company's President, has acted as qualified person for this news release. The qualified person has examined the drill core from the holes reported and has reviewed the sampling and quality control procedures.
About West Timmins Mining Inc. (www.westtimminsmining.com)
West Timmins currently has four active drill programs, completing a total of 35,000 metres, on its gold and related base metal exploration projects in the Sierra Madre Belt of Mexico and in the Timmins Gold Camp of Northern Ontario. West Timmins is focussed on the exploration and development of district-scale gold projects in the major gold camps of North America. West Timmins Mining 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, P. Geo.
President and Chief Executive Officer