TSX-V Symbol: TTQ
Frankfurt Stock Exchange Symbol: T2U
CHU 07-20 interval increased to .10% MO over 183 Meters
CHU 07-21 intersects interval of 0.09 % Mo over 93 Meters and
CHU 07-22 intersects interval of 0.07 % Mo over 186 Meters
Brokered Private Placement of 3,400,000 units at $1.50 per unit
VANCOUVER, Oct. 17 /CNW/ - W.K. Crichy Clarke, President and CEO of TTM
Resources Inc. ("TTM" or the "Company") is very pleased to announce additional
assay results from the Phase 2 drill program at its 100% owned Chu Molybdenum
Project 65 Km Southwest of Vanderhoof, British Columbia, Canada.
Assay results for the bottom section of CHU 07-20 have been received and
the significant interval is re-stated here as 183 meters grading 0.096% Mo
from 68.5 to 251.5 meters including the previously reported (See Press Release
dated September 17, 2007) 0.127% Mo over 108.9 meters.
Drill hole CHU 07-21 was drilled at an azimuth 240 degrees and a dip
angle of -45 degrees to extend the high grade WEST ZONE to the southeast. It
intersected significant Mo mineralization at 5.84 meters and averaged 0.053%
Mo over the next 267.14 meters including 92.6 meters of 0.090% Mo between 73.5
and 166.1 meters.
Drill hole CHU 07-22 was drilled at an azimuth of 210 degrees and a dip
of -45 degrees to test the width and grade of the center of the WEST ZONE. It
entered the stockwork zone at 78.3 meters and averaged 0.072% Mo over the next
185.9 meters including an interval averaging 0.100% Mo over 48.87 meters from
191.10 to 239.97 meters.
Drill Hole CHU 07-23 was drilled at an azimuth of 230 degrees and a dip
of -45 degrees to test the western extension of the west high grade zone. In
this area the higher grade Mo mineralization was known to be interrupted by
barren dykes and low grade granodiorite. Significant intervals include 0.041%
Mo over 243 meters from 96.0 to 339.84 meters including 0.076% Mo over 34.3
meters from 96.0 to 130.3 meters and 0.63% Mo over 51.8 meters from 288.0 to
These drill holes now complete the previous numbering system. Future
results will be referred to as "W" referring to the west high grade open pit
zone and "E" referring to the east high grade open zone.
Drill holes CHU 001E, CHU 002E, and CHU 001W are complete and pending
assays. One drill rig is currently testing the southeast extension of the WEST
ZONE and the other drill rig is exploring the northwest extension of the EAST
A Drill Plan map is provided on the Company's website at
Third Drill Rig
The Company has requested a third drill rig for its Chu Project from
Falcon Drilling Ltd. to start as soon as possible, subject to crew
availability. This drill will be used to provide supplementary information
required for the NI 43-101 Report and exploratory drilling on new areas of the
property dictated by the recently completed IP Survey, currently being
reviewed by the Company's technical staff. Falcon will advise when the crews
are available and drill program will be established in conjunction with the NI
43-101 report author.
Brokered Private Placement
The Company is pleased to announce a private placement with Canaccord
Capital Corporation ("Canaccord" or the "Agent") of 3,400,000 Flow Through
Units at a price of $1.50 per Flow Through Unit to raise a total of up to
$5,100,000 (the "Offering"). A Flow Through Unit will consist of one Flow
Through common share and one-half of one transferable common share purchase
warrant. Each whole warrant will entitle the holder to subscribe for one
additional Non Flow Through common share (a "Warrant Share") at a price of
$1.75 for a period of one year from the date of closing.
Terms and conditions of the offering will be forthcoming.
The use of proceeds raised from this issue will be used to fund continued
exploration at the company's Chu Property. The flow through funds raised from
the issuance of the FT Units will be used for exploration expenditures, which
will constitute Canadian exploration expenses (as defined in the Income Tax
Act) and will be renounced for the 2008 taxation year.
The Company has accepted the resignation of Ms. Anastasia Ledwon as Chief
Operating Officer effective October 12, 2007. The Company thanks Ms. Ledwon
for her services and wishes her good fortune in her future endeavors.
Effective immediately Mr. Warren Robb has been appointed as
Vice-President Exploration and Chief Operating Officer.
Stock Options Granted
The Company is pleased to announce that, subject to regulatory approval,
it has granted 100,000 incentive stock options to directors, officers and
consultants of the company, exercisable at a price of $1.20 per share for a
period of five years from the date of grant. Any shares issued under the
option grant will be subject to a four-month hold period from the date of
granting, pursuant to the policies of the TSX Venture Exchange.
Analyses of samples from the current program are completed at Eco-Tech
Laboratories in Kamloops, BC. Quoted intercepts are based on analytical
analyses for molybdenum. Full assays for molybdenum were run on any molybdenum
analyses that exceeded 500ppm. The Company has in place a comprehensive
quality assurance/quality control program including standards, blanks and
duplicate samples that form part of the sampling protocol. In addition the
laboratory has its own quality assurance program. The field program is
supervised by Richard Beck, B.Sc. Geology, of Hungry Hill Geological Ltd. of
Telkwa, BC. The technical information in this news release has been prepared
in accordance with Canadian regulatory requirements as set out in National
Instrument 43-101. The technical information provided in this press release
was reviewed by Warren Robb P.Geo., a qualified person for the purposes of NI
For further information visit the Company's web site at
W.K. Crichy Clarke
President & CEO
This communication to shareholders and the public contains certain
forward-looking statements. Actual results may differ materially from those
indicated by such statements. All statements, other than statements of
historical fact, included herein, including, without limitations statements
regarding future production, are forward looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. The TSX
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
For further information: Main: W.K. Crichy Clarke, President & CEO, Tom
Brady, (604) 685-5851 or Toll Free: (888) 685-5851, Fax: (604) 685-7349,
Website: www.ttmresources.ca, Email: firstname.lastname@example.org; Europe: Small Cap Invest Ltd,
Alexander Friedrich, 49 (0) 69-24 24 93 49, 49 (0) 12 12 544 71 04 62, Email: