Favourable assay results trigger staking by Transition Metals near Larder Lake

Total Shares Outstanding:  22.2 MM
Fully Diluted:  29.1 MM

TORONTO, Nov. 9, 2011 /CNW/ - Transition Metals Corp (TSXV: XTM) ("Transition Metals" or the "Company"), reported today assay results from prospecting and trench mapping work completed in Bayly Township, Ontario. The work was completed as part of project generating activities undertaken this summer near Larder Lake. Assay results from grab samples collected this summer following a program of mechanical stripping returned values up to 46.7 g/t gold and 1.55% copper associated with a trend of gold mineralization over an interpreted open strike length of approximately 200 metres. Based on the strength of the results, the Company staked approximately 2,700 hectares in Bayly and Skead Townships, Larder Lake mining division to cover interpreted extensions of favourable geology identified in this new project area.

Greg Collins, Chief Operating Officer of Transition Metals commented on these results, stating, "We are pleased with the results from our project generating activities this summer. We have identified several interesting new opportunities in Northern Ontario that the Company is actively pursuing. At Bayly, we recognized that prospective gold environments similar to those observed at Haultain and near Kirkland and Larder Lakes extended south beyond the extent of traditional gold mining camps. Our newly acquired land position in Bayly and Skead Townships will enable us to further develop this opportunity and attract partners interested in exploring a new and unexplored corner of the historic Kirkland Lake gold camp."

Table 1. Summary of the assay results from 2011 prospecting work on the Bayly Property.

Trench Sample Easting (m) Northing (m) Au (ppm) Ag (ppm) Cu (%) S (%)
1 I531770 597675 5303825 3.53 0.6 <0.01 0.01
1 I531771 597675 5303827 0.01 <0.2 <0.01 0.03
1 I531628 597676 5303831 0.07 <0.2 <0.01 0.04
2 I531768 597722 5303874 0.13 0.2 0.01 0.08
2 I531767 597722 5303875 0.01 <0.2 <0.01 0.01
2 I531766 597721 5303876 2.14 0.5 0.10 0.24
2 I531763 597718 5303879 0.04 <0.2 0.21 0.37
2 I531764 597718 5303879 0.04 <0.2 0.06 0.11
2 I531769 597722 5303880 <0.01 <0.2 <0.01 0.02
2 I531765 597719 5303880 2.07 1.7 0.48 2.17
3 I531756 597696 5303925 0.55 3.9 0.35 0.72
3 I531757 597695 5303927 0.10 0.4 0.04 1
3 I531758 597695 5303928 2.18 1 0.09 2.73
3 I531759 597695 5303930 7.04 5.8 2.59 4.22
3 I531760 597695 5303930 0.05 0.2 0.02 0.58
3 I531761 597695 5303932 2.67 1 0.02 1.48
3 I531762 597695 5303933 4.43 2.2 0.54 3.82
4 I531610 597687 5303952 0.10 0.2 0.02 0.17
4 I531609 597687 5303952 1.74 2.4 1.57 1.69
4 I531608 597686 5303952 2.30 1 0.03 0.05
4 I531606 597686 5303953 0.33 0.2 0.02 0.27
4 I531607 597686 5303953 0.27 <0.2 0.01 0.01
4 I531605 597686 5303955 0.03 <0.2 0.02 0.09
4 I531604 597686 5303955 1.91 0.9 0.04 1.05
4 I531603 597686 5303957 0.37 0.3 0.06 0.05
4 I531602 597686 5303957 0.19 <0.2 0.01 0.01
4 I531601 597686 5303959 0.90 0.9 0.37 0.89
5 I531611 597681 5303973 0.02 <0.2 0.01 <0.01
5 I531612 597680 5303974 0.02 <0.2 0.01 0.01
5 I531613 597680 5303974 0.05 <0.2 0.01 0.01
5 I531614 597678 5303976 0.02 <0.2 <0.01 0.01
5 I531615 597679 5303976 0.02 <0.2 <0.01 0.01
5 I531616 597678 5303977 0.03 <0.2 <0.01 0.01
5 I531617 597677 5303979 0.01 <0.2 <0.01 0.02
5 I531618 597676 5303981 1.09 1.9 0.66 1.1
5 I531619 597673 5303987 0.35 2.2 0.52 1.2
5 I531620 597672 5303987 0.18 0.3 0.02 0.29
5 I531621 597672 5303988 0.02 <0.2 <0.01 0.14
5 I531622 597670 5303991 0.79 0.6 0.04 0.15
6 I531754 597668 5303995 4.71 5 0.19 0.74
6 I531755 597666 5303997 0.01 <0.2 0.01 0.1
6 I531753 597666 5304000 0.46 0.6 0.05 0.25
6 I531751 597665 5304006 <0.01 <0.2 0.01 0.01
6 I531752 597668 5304006 1.01 0.8 0.03 0.07
7 I531623 597650 5304003 46.70 16 1.55 1.43
7 I531624 597653 5304005 0.01 <0.2 0.01 0.01
7 I531625 597652 5304005 >0.01 <0.2 <0.01 0.01
7 I531626 597651 5304006 >0.01 <0.2 <0.01 0.01
7 I531627 597648 5304006 >0.01 <0.2 <0.01 0.01

All samples are grab samples and do not evidence continuity of grade over length intervals

About The Bayly Property

The Bayly property is located approximately 20 kilometres south of Larder Lake, Ontario. It consists of a 16 unit claim that covers the historic Bute-Larder gold occurrence, located north of Wendigo Lake and recently staked property. In 1938, the Bute Larder Gold Mining Syndicate Limited, dug and blasted a series of pits and trenches along a fracture zone obtaining elevated gold values over the length of the trench. Assay results from samples collected by Transition Metals confirm the presence of anomalous gold within this showing. The Bute Larder prospect is poorly exposed and has not been tested by diamond drilling or through the application of modern exploration methods. Numerous other undocumented pits and trenches dating back to pre-1940 have been exposed on the property that can now be accessed by road due to recent logging operations in the area.

The property is underlain by rocks of the Skead and Larder Lake formations and form part of the south-east limb of a large anticline wrapping around the eastern end of Round Lake Batholith. The rocks are locally overlain by younger sedimentary rocks of Cobalt Embayment. The newly expanded property covers approximately 10 kilometres of interpreted strike length of favourable stratigraphy and encompasses several other historic base and precious metals showings yet to be examined.

About Transition Metals Corp

Transition Metals is a public mining exploration company listed on the Toronto Venture Exchange (TSX) under the trading symbol - XTM.V.  It is focused on the identification, exploration and development of new gold opportunities in established and emerging gold districts in Canada. The Company currently owns or controls an interest in six early stage gold exploration properties in Ontario and British Columbia. The Company is committed to building shareholder value through the identification and development of new low cost, high quality exploration projects while minimizing shareholder dilution through funding partnerships and revenue generating opportunities.

Qualified Person/Quality Control Procedures

This press release has been prepared and reviewed by Mr. Greg Collins, P.Geo (APGO/APEGM), a Qualified Person under the National Instrument 43-101 guidelines. All analytical work performed on grab and chip was conducted at ALS-Chemex with sample preparation completed in Sudbury, Ontario and analyses completed in North Vancouver, B.C. The quality system used by ALS-Chemex complies with international standards ISO 9001:2000 and ISO 17025:2005.

Cautionary Note on Forward-Looking Information

Except for statements of historical fact contained herein, the information in this news release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended , or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption there from. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Transition Metals in any jurisdiction.

Figure 1: Northeastern Ontario Project Location Map

 

PDF with caption: "Figure 1: Northeastern Ontario Project Location Map". PDF available at: http://stream1.newswire.ca/media/2011/11/09/20111109_C4102_DOC_EN_6354.pdf

SOURCE Transition Metals Corp.

For further information:

Further information is available on the Company's website at: www.transitionmetalscorp.com or contact:

Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 669-0590
info@transitionmetalscorp.com

TMX Equicom
Patrick Piette
Mining Group
(416) 815-0700 - extension 267
www.equicomgroup.com 


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