Metallum Resources Inc. Announces the Closing of the Sale of Its Interest in Chester Township Property to Trelawney Mining and E
30 Novembre 2009 - 3:20PM
Marketwired
Metallum Resources Inc. (TSX VENTURE: MRV) (the "Company" or
"Metallum") announces that it closed on November 27, 2009 the sale
of its 92.5% undivided legal and beneficial interest in its Chester
Township, Ontario mineral property (the "Chester Property") to
Trelawney Mining and Exploration Inc. ("Trelawney") (TSX VENTURE:
TRR).
The sale of Metallum's Chester Property required approval from
its shareholders which it received by approximately 99% of the
shares voted as a special order of business at Metallum's recent
annual and special meeting held on November 25, 2009. As well,
Metallum is in receipt of all approvals required for this
transaction including that of the TSX-V.
The Chester Property claims comprise 11 patented and 18
unpatented mining claim units in Chester Township, located west of
Highway 144 approximately midway between Sudbury and Timmins,
Ontario.
Consideration for the purchase of the Company's holding in the
Chester Property by Trelawney consists of (i) the issuance to the
Company by Trelawney of five million (5,000,000) common shares in
the capital of Trelawney on the closing date, representing
approximately 12.6% of Trelawney's current issued shares; and (ii)
a 1% (one percent) net smelter return (NSR) royalty from production
to be granted to the Company at such time as the price of gold
exceeds USD $1,000 per troy ounce.
The Company acquired the 5,000,000 common shares for investment
purposes only. Depending on market indications, the Company may
from time to time in the future increase or decrease its ownership,
control or direction to acquire, additional common shares or other
securities of Trelawney through market transactions, private
agreements or otherwise.
Metallum is now focusing its attention on the five mineral
properties in the Philippines to be acquired as a result of its
proposed business combination with Solfotara Mining Corporation
(see Metallum's news releases of February 28, 2009).
Metallum also has an option to earn a 70 % interest in the M-18
gold property in Argentina. It has 53,803,828 common shares
outstanding and is listed on the TSX Venture Exchange under the
symbol MRV.
Greg Lipton, P. Geo. is the qualified person for the Company as
required under National Instrument 43-101. He is a member of the
Association of Professional Geoscientists of Ontario (APGO).
This press release contains certain forward-looking statements.
While these forward-looking statements represent our best current
judgment, they are subject to a variety of risks and uncertainties
that are beyond the company's ability to control or predict and
which could cause actual events or results to differ materially
from those anticipated in such forward-looking statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
Contacts: Metallum Resources Inc. Greg Lipton President (416)
861-8351 (416) 867-2298 (FAX) greg.lipton@metallumresourcesinc.com
www.metallumresourcesinc.com
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