Business
Transition Metals Spins out Abitibi Gold Projects to Canadian Gold Miner
Transition Metals Spins out Abitibi Gold Projects to Canadian Gold Miner Transitio...
About this update from Transition Metals Corp.
[{"type":"text","content":"\n\n\n\nTransition Metals Spins out Abitibi Gold Projects to Canadian Gold Miner\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nTransition Metals Spins out Abitibi Gold Projects to Canadian Gold Miner\nCanada NewsWire\nSUDBURY, ON, March 2, 2016\n\n\n\n\n\n\nSUDBURY, ON, March 2, 2016 /CNW/ - Transition Metals Corp (XTM – TSX.V) (\"TMC\" or \"the Company\"), is pleased to announce the formation of a new private subsidiary named Canadian Gold Miner Corp. (\"Canadian Gold Miner\"). The subsidiary was formed to acquire, advance and finance a large portfolio of high quality gold exploration projects situated along key breaks/faults in the southern Abitibi Greenstone Belt. Historical gold production within this region from camps including Timmins, Kirkland Lake, Val D'Or, and Malartic is estimated to exceed 170 million ounces from over 100 mines. Canadian Gold Miner has entered into agreements with the Company to acquire a 100% interest in an approximate 60 square kilometer portfolio of early stage gold exploration projects located along the Cadillac Larder and Ridout structures in the Larder lake Mining District of Ontario. In addition, Canadian Gold Miner has entered into discussions and agreements with third parties to further expand and consolidate its land holdings in the southern Abitibi Greenstone Belt.\n\nCompany CEO and President Scott McLean explained: \"Transition Metals Corp is taking advantage of the current down cycle in exploration by leveraging our investment and expertise in the southwest Abitibi to assemble a district scale portfolio of very prospective gold exploration projects in one of the world's premier and politically stable gold mining districts. We think now is the right time to consolidate quality gold exploration projects in the Abitibi. The formation of Canadian Gold Miner is consistent with the Project Generator business model that Transition Metals Corp follows and is a proven mechanism to bring value to our shareholders while minimizing equity dilution in the parent.\"\n\nSummary of Assignment Terms...