SUDBURY, ON, July 26, 2012 /CNW/ - Transition Metals Corp. (XTM - TSX.V) is pleased to announce it has acquired a 100% interest in two new gold projects located in the southern portion of the Abitibi Greenstone belt in Ontario. With the addition of the Golden Elk and Elephant Head properties, Transition Metals now has seven projects and an interest in approximately 225 km2 of prospective land in this region (see map). Initial exploration results from its New Kirkland project near Kirkland Lake, Ontario have also led to the identification of new gold occurrences and strongly altered horizons hosting semi-massive to massive sulphide.
New Projects:
Exploration Update
Option Agreement: On July 16th, 2012 Transition entered into an option agreement with a private landowner with surface and mining rights in Tudhope Township, in the district of Timiskaming, Ontario. Under the terms of the agreement, Transition can earn a 100% interest in the mining rights subject to a 3% NSR by making cash payments totalling $25,000 and issuing 60,000 common shares to the property holders. Transition retains the right to purchase up to 1% of the NSR for $0.75 million.
About Transition Metals Corp
Transition Metals Corp (XTM -TSX.V) is a Canadian-based, gold-focused project generator that specializes in converting new exploration ideas into Canadian discoveries. The team has over 60 years of collective exploration experience in the established, emerging and historic mining camps of northern Ontario, and actively develops and tests new ideas for discovering gold mineralization in places that others have not looked, which often allows the company to acquire properties inexpensively. The team is rigorous in its fieldwork, and combines traditional techniques with newer ones to help unearth compelling prospects and drill targets. Transition's business model is to acquire and advance multiple grassroots exploration projects simultaneously, thereby maximizing shareholder exposure to discovery and capital gain. Joint venture partners fund a significant portion of higher-risk drilling and exploration, allowing Transition to conserve capital and minimize shareholder's equity dilution. The company, which went public in 2011, has an expanding portfolio that currently includes ten early stage gold projects, and two additional ones that are being explored by partners.
Qualified Person / Quality Control Procedures
This press release has been reviewed by Mr. Greg Collins, P.Geo (APGO), a Qualified Person under the National Instrument 43-101 guidelines.
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.
1 Mineralization at the Côté Lake gold deposit may not be representative of mineralization on Transition Metals' Elephant Head property.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
PDF available at: http://stream1.newswire.ca/media/2012/07/26/20120726_C2841_DOC_EN_16458.pdf
SOURCE: Transition Metals Corp.
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
George McTaggart
VP Investor Relations & Marketing
Transition Metals Corp.
Tel: (705) 669-0590
Tel: (613) 513-5118
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