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TORONTO, Nov. 4, 2019 /CNW/ - Central Timmins
Exploration Corp. ("CTEC" or the "Company") (TSXV: CTEC) is
pleased to announce the closing of the previously announced sale of
certain non-core claims to Goldcorp Canada Ltd., a subsidiary of
Newmont Goldcorp Corporation ("Newmont Goldcorp"). As announced on
December 21, 2018 the Company entered
into a definitive agreement for the sale of certain mineral claims
( the "Claims") for aggregate proceeds of $258,624. The Claims consist of nine patented
mineral claims in Deloro Township,
Timmins, Ontario with a total area
of approximately 132 hectares.
"Additional working capital and a focus on CTEC's strategy to
evaluate underexplored ground in one of the most prolific mining
camps in the world allows the Company to efficiently deploy capital
to advance work and add value for shareholders," stated
Charles Gryba, President, CEO and
Director of CTEC. "As we announced on September 26, 2019 CTEC's summer work program
returned encouraging results for all three of the Company's
projects. We have since been reviewing these data along with new
information generated from ongoing geophysical surveys and a review
of historical data. Our team will be using this information to help
determine further geotechnical work programs and to generate drill
targets for the upcoming winter drilling season."
About Central Timmins Exploration Corp.
CTEC is an early-stage Canadian junior exploration company with
property exclusively within the city limits of Timmins in the Porcupine Mining District in
the northeastern region of Ontario. The Company's assets are prospective
for gold as well as a suite of base metals. See the company website
at www.centraltimmins.com.
Forward Looking Information
This press release contains "forward-looking information" within
the meaning of applicable securities laws that is intended to be
covered by the safe harbours created by those laws.
"Forward-looking information" includes statements that use
forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative
thereof or other variations thereof or comparable terminology. Such
forward-looking information includes, without limitation, the
Corporation's expectations, strategies and plans for the Timmins
Properties, including the Corporation's planned exploration
activities and the intended uses of the net proceeds of the
IPO.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made. Furthermore,
such forward-looking information involves a variety of known and
unknown risks, uncertainties and other factors which may cause the
actual plans, intentions, activities, results, performance or
achievements of the Corporation to be materially different from any
future plans, intentions, activities, results, performance or
achievements expressed or implied by such forward-looking
information. See "Risk Factors" in the Corporation's final
prospectus dated October 4, 2018
filed on SEDAR at www.sedar.com for a discussion of these
risks.
The Corporation cautions that there can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, investors should not
place undue reliance on forward-looking information.
Except as required by law, the Corporation does not assume any
obligation to release publicly any revisions to forward-looking
information contained in this press release to reflect events or
circumstances after the date hereof.
Neither the Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Central Timmins Exploration Corp
