Western Troy Plans Drilling at MacLeod Lake
Troy Capital Resources Inc. announced that it will perform a 2000 meter drilling program at MacLeod Lake in February and March of 2007. The company has sufficient funds to perform the program and continue operating the company through mid-2008 without diluting existing shareholders with additional share offerings.
Western Troy’s President, Rex Loesby, commented, “We are having a thorough review of all of the MacLeod Lake geophysical data performed by Marc Boivin, a geophysical specialist that has worked in the region for over 20 years. We are hopeful that Marc will help us better target drilling of numerous IP anomalies in the Northeast Area. The drilling is intended to further test the Northeast Area, expand the South Zone, and test the zinc target to the northeast. Following this drilling, the next step in the development process at MacLeod Lake is to begin the final feasibility process. Based on a comparison of grade and tonnage with other operating surface mines, we believe the Main Zone alone will be able to support a mining operation at molybdenum and copper prices substantially below current levels.”
Western Troy’s Board of Directors has also granted options to management. A total of 235,000 options to purchase common shares of Western Troy have been granted pursuant to Western Troy’s Stock Option Plan. The options have a term of 5 years and are exercisable at a price of 44.5 cents per share (the closing price of Western Troy on December 27, 2006). As a result of the granting of these options, and other recent share transactions, there are now 10,658,761 shares outstanding (13.0 million fully diluted). Prior to these recent changes, there were 10,146.453 shares outstanding (13.0 million fully diluted).
About Western Troy
Western Troy Capital Resources Inc. is a mineral exploration company. Its 100%-owned MacLeod Lake Property hosts a well defined Main Zone of mineralization as outlined by extensive drilling, as well as the South Zone and several IP anomalies of potential interest. The shares of Western Troy trade on the TSX-Venture exchange under the symbol WRY, with 10,658,761 shares outstanding. Last October, Western Troy received an independent Technical Report consistent with National Instrument 43-101 on its MacLeod Lake Property located about 275 km north of Chibougamau, Quebec. The report has been filed on SEDAR and is available at www.SEDAR.com and on the company’s website, www.WesternTroy.com.
Statements in this release that are forward-looking reflect Western Troy’s current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company’s periodic filings with Canadian securities regulators. Such statements and information contained herein represent management’s best judgment as of the date hereof based on information currently available; however actual results and events may vary significantly. The Company does not assume the obligation to update any forward-looking statement.
The TSX Venture Exchange has not reviewed and does not accept responsibility for accuracy or adequacy of this release.
Contacts: Western Troy Capital Resources Rex E. Loesby, P. E. President (416) 929-3268 Email: RexLoesby@aol.com