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Troymet Terminates Thelon Option & Provides Corporate Update

Press Releases

December 8, 2014 – Troymet Exploration Corp. (TSXV:TYE) (“Troymet” or the “Company”) reports it has terminated its option on the Thelon project, Nunavut. The project is no longer considered core to Troymet’s business as the Company seeks to further control costs.

Troymet is conducting due diligence on a number of potential business transactions. Troymet is aggressively pursuing these various opportunities and is continuing to review proposals that meet the Company’s criteria for investment or acquisition.

If Troymet determines to proceed with an acquisition or a potential transaction at a future date, depending on market conditions, Troymet would likely complete a 10 old for 1 new common share consolidation (approved by shareholders at the Company’s July 18, 2014 shareholder meeting) concurrently with such transaction.

Currently, Troymet has not executed any agreements, letters of intent or term sheets in relation to such potential transactions nor has it determined through negotiations or otherwise, any actual terms or conditions at this time. There is no guarantee that any of these potential transactions will occur, and it is possible that none of the potential transactions that Troymet is currently reviewing will occur.

Projects Update

Golden Eagle, British Columbia: in 2014, Troymet conducted exploration on the southern extension of Skarn zone of the 100% owned Golden Eagle project (News Release dated October 20, 2014). The program confirmed elevated to anomalous gold, silver and pathfinder geochemistry within an area of approximately 1,300 m x 900 m along the Paddy Fault system that controls the Skarn zone mineralization. Historic drilling was limited to a 265 m strike length of the fault and intersections of visually obvious mineralization ranged from 1.32 g/t Au over 3.2 m to 7.64 g/t Au over 3.5m with the best intersections occurring at the southern end. One confirmation hole, drilled by Troymet in 2011, collared in mineralization and intersected 36.45 m grading 1.27 g/t gold. This intersection demonstrated the potential for high-grade, sub-cropping, bulk tonnage gold mineralization that was not recognized in the past.

Key, British Columbia: in 2013, Troymet sold its 100% interest in the Key project to New Gold Inc. (News Release dated December 10, 2013). As part of the deal, Troymet retained a 2% net smelter royalty and New Gold committed to spend $1,500,000 on the Key property, with a minimum of $500,000 of expenditures due on or before December 31, 2014 and the balance of $1,000,000 of expenditures due on or before December 31, 2018, subject to certain conditions.

McClarty Lake Joint Venture, Manitoba: Hudbay Minerals Inc. is the Joint Venture operator of the McClarty Lake Joint Venture (Hudbay 60%; Troymet 40%). The Joint Venture is currently in the 2015 budgeting cycle. In addition to its 40% interest in the McClarty Lake Joint Venture, Troymet owns a 100% interest in the MAC claims that cover the extension of the horizon that hosts the Discovery zone on the Joint Venture claims.

Kieran Downes, P. Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information provided in this release.


Kieran Downes, Ph.D., P.Geo.
President, CEO & Director

For further information, contact:
Anthony Zelen
Investor Relations
Tel: 888-456-4952
Cel: 778-388-5258
Email: [email protected]


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