Symbol on the TSX Venture Exchange TUM
QUEBEC, Jan. 28 /CNW Telbec/ - Tom Exploration Inc.(TSX Venture: TUM)
issues this press release at the request of the Autorité des marchés
financiers (the "AMF").
Complying with the Autorité des marchés financiers (the "AMF"), the
company has withdrawn from its website the following information;
- The announcement in May 2007 entitled "Tom Exploration becomes a gold
- The presentation entitled "Project Oko Guyana and Duncan Creek Yukon
Estimates concerning grade content and quantity as well as the
announcement stating that the Company becomes a gold producer in the May 2007
press release and the presentation entitled "Project Oko Guyana and Duncan
Creek Yukon exploration project" published on the company's website are not
based on technical reports, therefore the information provided is not in
accordance with Regulation 43-101 and Appendix 43-101A1. Investors should not
rely on this data to base their decision. Hence any reference to an upcoming
start of production of the Oko Guyana project is inadmissible since the
economic viability has not yet been demonstrated.
On April 30th 2007, management agreed upon setting aside all existing
projects in Canada. The decision to focus on new projects in Guyana led to the
difficult decision to relinquish the projects in Canada. Therefore, the
company has concluded to write-off all its Canadian mining properties. It has
no plan to continue exploring its Canadian properties during the coming year.
On August 8, 2007, the company signed a letter of intent to acquire the
Duncan Creek property in Yukon (Placer type property). At this time, the
company has not reached a final agreement towards the acquisition of this
property. Therefore, it will not go ahead with the development of this
project. Instead, it will focus on the development of their newly acquired
properties in Guyana.
On September 25, 2007, Excel Gold Guyana Inc. a subsidiary wholly owned
by Tom Exploration Inc. signed a joint venture agreement with Harricharran the
legal holder of two Placer type concessions covering 9.35 square kilometres at
the junction of the Oko and Cuyuni rivers in Guyana. The agreement is valid
for a twenty-year period. Harricharran will receive from Excel Gold a 5%
royalty on any gold, gems and precious metals produced on those concessions.
Last November 6, Excel gold Guyana also announced that it had just added
six new mining properties in the Rupununi district of Guyana. The concessions
recently obtained are also placer type deposits. These six claims (medium
size) cover between 4 and 5 km2 each and are the property of Guyanese citizens
who yielded all their prospecting and mining permits to Excel Gold Guyana for
a 25 years period.
Since the beginning of 2007, new board members have been appointed. The
new directors are: Mr. Martin Harvey, January 19 2007, Mr. Patrick Lessard,
January 19 2007, Mr. Rémi St-Jean, February 21 2007 and Mr. Stéphane
Fréchette, June 28 2007. They joined Mr. Daniel Pauzé, who has been a board
member since October 28 2002. The new management decided to redirect the
orientation of the company and to concentrate their efforts and the financing
proceeds on the newly acquired projects in Guyana.
Under agreements with underwriters, the company is committed to spend
$1,112,500 and $435,092 in Canadian exploration expenses prior to December 31,
2006 and 2007 respectively. A balance of $904,101 (December 31, 2006) and
$435,092 (December 31, 2007) of exploration expenditures foregone to investors
is still outstanding as only $208,399 has been used for exploration purposes.
The above mentioned balances were used for the current affairs of the company
including the study and analysis of the Beacon project.
The company will produce amended forms (T-101) for the exploration funds
that were used towards other purposes. The investors will therefore be able to
produce an amended declaration if so desired. They can also choose to wait for
the reception of a notice of assessment issued by the authorities.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
For further information:
For further information: Daniel Pauzé, President, Tom Exploration Inc.,
(514) 951-7776, www.explorationtom.com