TRR Trelawney Mining And Exploration

Trelawney Mining and Exploration Inc. (the "Company" or "Trelawney") (TSX
VENTURE:TRR)(FANKFURT:RTW) is pleased to announce that it has completed the
exercise of its options on the Chester Property. Under the terms of an amending
agreement dated November 22, 2011, between the Company and Treelawn Investment
Corp. ("Treelawn"), the Company has accelerated the terms of the mining option
agreement (the "Chester 1 Option Agreement") dated August 11, 2009, and has
earned 70% of Treelawn's interest in the Chester 1 Property, which is comprised
of 2 mining leases covering approximately 152 hectares. Treelawn received a
final payment of $2,500,000 and 3,000,000 common shares of the Company,
representing the outstanding consideration payable under the Chester 1 Option
Agreement. In consideration of waiving certain commercial production
requirements under the Chester 1 Option Agreement, Treelawn's residual 30%
working interest in the Chester 1 Property has been converted into a 30% free
carried net profits interest.


The Company has also earned a 92.5% interest in the Chester 3 Property, which is
comprised of 1 mining lease, 20 patented claims and 29 unpatented mining claims
covering approximately 890 hectares and contains the Cote Lake Deposit. Under
the terms of an amending agreement dated November 22, 2011, between the Company
and Treelawn Group Inc. ("Treelawn Group"), the Company accelerated the terms of
the mining option agreement (the "Chester 3 Option Agreement") dated December
21, 2009, and has earned 92.5% of Treelawn Group's interest in the Chester 3
Property. Treelawn Group received a final payment of $90,000 and 8,000,000
common shares of the Company, representing the outstanding consideration payable
under the Chester 3 Option Agreement. In consideration of accelerating the
exercise of the Chester 3 Option Agreement Treelawn's residual 7.5% working
interest in the Chester 3 Property has been converted into a 7.5% free carried
interest.


The Company anticipates that documentation effecting the transfer of the
interests in the Chester 1 and Chester 3 Properties to Trelawney will be filed
shortly.


Trelawney is also pleased to announce the appointment of Mr. Tim Peterson to the
Board of Directors of the Company. Mr. Peterson has been a director of Augen
Gold Corp., a recently acquired wholly-owned subsidiary of Trelawney, since
March 2009 and Chairman of Augen Gold Corp. since September 2010. From 2003 to
2007, Mr. Peterson served as a Member of the Provincial Parliament of Ontario of
Mississauga South. Mr. Peterson has had extensive experience in the mining
industry in Northern Ontario acting as President and then Chairman of Nordex
Explosives Ltd, a TSX listed company that manufactures explosives for the mining
and road building industries. Mr. Peterson has served as an officer and director
of several public and not-for-profit companies.


Trelawney is a Canadian junior mining and exploration company with a focus on
Archean gold deposits. The Company's current focus is directed towards the
continued exploration and development of the Cote Lake Deposit, located in
Chester Township, 20 kilometres southwest of Gogama, Ontario.


This news release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future events and
conditions and, therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements.

Trelawney Mining And Exploration (TSXV:TRR)
Historical Stock Chart
From Oct 2024 to Nov 2024

Trelawney Mining And Exploration (TSXV:TRR)
Historical Stock Chart
From Nov 2023 to Nov 2024