MONTREAL, Feb. 3, 2012 /CNW Telbec/ - Toron Inc. (OTCBB:TRON)- (The Company) is pleased to announce that on January 25, it signed an agreement to acquire an additional 193 claims with an area of 25,730 acres which are adjacent to our 62 claims in the Tiblemont Gold Property Region for total consideration $40,000 and 8,500,000 shares of the company's common stock. Upon closing of the agreement, our total holdings in the area (including the 3 Blocks announced previously) will be a total of 255 claims encompassing 33,894 acres.
The new claims are located in the southern-east part of the Abitibi Greenstone Belt of the Canadian Shield's Superior Province. The property is located approximately 40 km northeast of the mining centre of Val D'Or, Quebec. The property is located mainly in Tiblemont and Senneterre townships, with some claims in Courville and Pascalis townships.
Micheal Whitehead, CEO of the Company, states, "we are excited about being able to acquire these claims as it will give us a presence in the west, central and the south eastern part of the Abitibi Greenstone Belt. Once we close on this latest agreement, we will be poised to begin an exploration program on claims that have the right geology, history, and characteristics of finding mineralization."
To the west of, and immediate neighbor to the Tiblemont Gold Property, is the large mining property (Courville Gold Project) held by Pershimco Resources Inc. (TSX-V:PRO) (FSE:BIZ). On 28 October 2011 Pershimco Resources Inc. and Osisko Mining Corporation (T-OSK) announced that they received final approval from the TSX Venture Exchange in connection with a previously announced (October 11, 2011) option and joint venture agreement on the Courville Gold Project. Under the terms of the Agreement Osisko Mining Corporation can earn a 51% interest in the joint venture by investing $20 million in exploration over a 5-year period. Pershimco Resources Inc. also grants to Osisko a second option to earn an additional 19% interest on or before the seventh anniversary of the Agreement, either by spending an additional $19.0 million Canadian dollars in exploration expenditures or by funding a feasibility study.
Toron Inc. (www.toroninc.com) prides itself on being a new mineral exploration company focusing its attention on projects involving gold and other valuable metals. Based in Quebec, one of Canada's richest mining provinces, Toron Inc., a Nevada company incorporated a wholly owned subsidiary, Toron Resources Inc., for the sole purpose of exploring mining projects in Canada, and specifically, in Quebec and Ontario.
Safe Harbor Statement
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, but are not limited to, statements with respect to the closing of the various stages of the Acquisition Agreement for the additional 193 claims in the Tiblemont Claim region as well as the potential results of exploration on such claims. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing and completion of contemplated financings, the actual use of proceeds, receipt of regulatory approvals and the timing and success of future exploration development and production activities. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of its mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. These statements are based on our current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: lack of operating history, transitioning from a development company to an operating company, difficulties in distinguishing Toron Inc. resources and ability to mine Toron Inc. resources, ability to secure adequate financing to ; changes in economic, political or regulatory conditions or other trends affecting the mining sectors, and our ability to attract and retain qualified personnel. Further information about these matters can be found in our Securities and Exchange Commission filings. We expressly disclaim any intent or obligation to update these forward-looking statements.
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