THE PIG WILL HAVE A WEEKEND UPDATE ON THE BLOG TONIGHT.......
Troymet Completes $500,000 Financing
COMOX, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2010) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet"): Further to a press release dated December 8, 2009, Troymet has completed the closing of a non-brokered private placement consisting of 10,000,000 units at a price of $0.05 per unit for gross proceeds of $500,000. Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable into one common share at a price of $0.10 per common share for two years from the date of issuance. Proceeds of the private placement will be used for Troymet's drilling program at McClarty Lake, MB, and for general corporate purposes. A finder's fee of $31,200 was paid to a finder by the issuance of 624,000 common shares of Troymet. In addition, 624,000 finder's warrants were issued with each finder's warrant being exercisable into one common share at a price of $0.05 per common share for a period of two years from the date of issuance of the finder's warrants. All of the securities issued in connection with the private placement are subject to a four-month hold period (until May 23, 2010).
The completion of the private placement is subject to final TSX Venture Exchange approval. One officer of Troymet participated in the private placement and Troymet has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the units to such officer of Troymet (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than $2,500,000). After giving effect to the private placement, Troymet has 65,417,113 common shares issued and outstanding.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the corporation's disclosure documents on the SEDAR website at www.sedar.com. The corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Troymet Exploration Corp.
Kieran Downes
(250) 729-0453
Allana Resources Commences Trading as Allana Potash Corp. and Announces Election of Dr. Mark D. Stauffer to Board of Directors
TORONTO, ONTARIO--(Marketwire - Jan. 22, 2010) - Allana Resources Inc. (TSX VENTURE:AAA) ("Allana" or the "Company"), today announces that the Company's shareholders approved the Company's change of name to Allana Potash Corp. at its Annual Meeting of Shareholders held on January 13, 2010. As of market open today, the Company will commence trading on the TSX Venture Exchange under its new name, "Allana Potash Corp.". The Company's ticker symbol remains unchanged as "AAA".
In addition, the Company is pleased to announce that Dr. Mark D. Stauffer, Ph.D. and P.Ag. has been elected to the Company's Board of Directors. Dr. Stauffer is the former President of the Potash and Phosphate Institute of Canada ("PPIC"), and former Senior Vice President of International Programs, at the Potash and Phosphate Institute ("PPI", now the International Plant Nutrition Institute). He currently serves on the board of Migao Corporation, a China based specialty potash producer listed on the Toronto Stock Exchange.
Dr. Stauffer has a long and productive career in agriculture development and the fertilizer business. He has worked in both the public and private sectors in research, education and chemical production and sales. In 1988, Dr. Stauffer became a regional director of PPI and PPIC and in 1994 was promoted to the position of Vice President, International Programs at PPI and became the President of PPIC. During his tenure as President of PPIC, Dr. Stauffer coordinated PPIC's seven international research and education based potash and phosphate market development programs throughout Asia and Latin America. Dr. Stauffer has lectured on the role of potash and phosphate in increasing food production and the role of balanced fertilizer practices in maximizing crop yield and income opportunities for the farming community.
Dr. Stauffer obtained his B.Sc. (Agriculture) and M.Sc. from the University of Guelph and obtained his Ph.D. in Agronomy from the Virginia Polytechnic Institute & State University.
Farhad Abasov, President and CEO of Allana, stated: "We are very pleased with the results of our Annual Meeting of Shareholders. Our shareholders have shown a very strong support to Allana's management team and overwhelmingly voted for the name change and election of Dr. Stauffer to the board. The change of name to Allana Potash reflects the singular focus of the Company to develop its Ethiopian and Argentine potash projects. We are honoured to have Dr. Mark Stauffer join our board. Dr. Stauffer brings invaluable expertise in critical areas of our potash project development such as potash project infrastructure, potash distribution including off-take supply agreements and product use."
In conjunction with his appointment, Allana has granted Dr. Stauffer 150,000 stock options pursuant to the stock option plan of the Company. The options will be exercisable for $0.36 per option and shall expire on January 22, 2015. Such options shall vest immediately subject to the applicable regulatory hold period. The grant of options remains subject to the receipt of all required regulatory approvals.
About Allana Potash Corp.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (see News Release Sept. 17, 2008). Allana has approximately 96.5 million shares outstanding and trades on the TSX-Venture exchange under the symbol "AAA".
Peter J. MacLean, Ph.D., P. Geo., Allana's VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.
Forward-Looking Statement
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the effect of the name change and appointment on the Company, the receipt of all required regulatory approvals, estimated production, the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; litigation liabilities; limitations on insurance coverage and the effect of terminating the investor relations contract. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Allana Resources Inc.
Farhad Abasov
President and CEO
+1-416-309-2691
fabasov@allanaresources.com
High Grade Channel Samples Returned From Houston Lake Mining's West Cedartree Gold Project
Filing Services Canada Inc.
High Grade Channel Samples Returned From Houston Lake Mining's West Cedartree Gold Project
Assays Encounter Gold Grades of up to 105.1 g/t over 0.50m from Dogpaw Vein No. 5 Continues 4000 m Drill Program on Dubenski Property
Sudbury, Ontario CANADA, January 22, 2010 /FSC/ - Houston Lake Mining Inc. (HLM - TSX Venture, HLKMF - OTCBB_Pink_Sheets), an advanced exploration company seeking gold, platinum group and rare metal deposits in Ontario, is pleased to provide assay results from an 18 channel sample exploration project at the Dogpaw Lake Property. The property forms part of eight contiguous properties which together constitute the Company's West Cedartree Gold Project near Kenora.
"These high grade channel sample results are significant as Vein No. 5 becomes an additional target for future exploration on the Dogpaw property," said Trevor R. Walker, Interim President. "The Dogpaw Vein No. 5 occurs 470 meters north-northeast of Vein No. 1, and occurs in the same gabbroic host rocks as the Vein No. 1, No. 2, No. 4 and No. 6 gold mineralizing system. We believe that Dogpaw is an important part of our West Cedartree project that will contribute to our overall tonnage target and compliment our Dubenski and Angel Hill properties."
Table 1: Dogpaw Vein No. 5 Gold Bearing Channel Sample Results, Winter, 2010
-***-
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CHANNEL SAMPLE CUT IN METRIC WIDTH GOLD WIDTH GOLD
INTERVALS FROM NORTH TO SOUTH (M.) (G/MT.) (FT.) (OZ./ST.)
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LINE 5 - 7.5m South 1.00 0.474 3.28 0.014
incl. 0.45 1.020 1.48 0.030
-----------------------------------------------------------------------
LINE 6 - 10.5m South 1.00 5.418 3.28 0.158
incl. 0.30 1.150 0.98 0.034
incl. 0.25 19.750 0.82 0.577
-----------------------------------------------------------------------
LINE 8 - 12.5m South 1.35 14.542 4.43 0.425
incl. 0.45 4.610 1.48 0.135
incl. 0.25 4.000 0.82 0.117
incl. 0.25 66.190 0.82 1.933
-----------------------------------------------------------------------
LINE 9 - 13.75m South 1.35 39.348 4.43 1.149
incl. 0.50 105.100 1.64 3.069
incl. 0.50 1.070 1.64 0.031
-----------------------------------------------------------------------
LINE 10 - 15m South 1.85 1.314 6.07 0.038
incl. 0.50 4.790 1.64 0.140
-----------------------------------------------------------------------
LINE 11 - 17m South 1.55 18.837 5.09 0.550
incl. 0.40 49.870 1.31 1.456
incl. 0.30 4.820 0.98 0.141
incl. 0.35 22.010 1.15 0.643
-----------------------------------------------------------------------
LINE 12 - 18.5m South 2.10 1.205 6.89 0.035
incl. 0.60 3.880 1.97 0.113
-----------------------------------------------------------------------
LINE 13 - 20m South 2.95 0.569 9.68 0.017
incl. 0.40 1.240 1.31 0.036
Incl. 0.40 2.250 1.31 0.066
-----------------------------------------------------------------------
-****-
The No. 5 Vein is a 28.5 m (94 ft.) long 0.30 to 0.50 m thick quartz carbonate alteration zone at surface. The vicinity of this vein system has been stripped, washed and sampled. Channel samples were cut approximately perpendicular to the strike of the vein. A total of 91 samples from 18 channels on the Dogpaw Vein No. 5 were analyzed by fire assay. The best channel intercept was on Line 9 which assayed 39.348 g/t Au over a width of 1.35 m (1.149 oz/t Au over 4.43 ft.) which included 105.100 g/t Au over a width of 0.50 m (3.069 oz/t Au over 1.64 ft.).
Table 2: Dogpaw Vein No. 5 Gold Bearing Channel Sample Results continued, Winter, 2010
-***-
-----------------------------------------------------------------------
CHANNEL SAMPLE CUT IN METRIC WIDTH GOLD WIDTH GOLD
INTERVALS FROM NORTHWEST TO (M.) (G/MT.) (FT.) (OZ./ST.)
SOUTHEAST
-----------------------------------------------------------------------
LINE 14 - 22.5m South 1.55 0.487 5.09 0.014
incl. 0.60 1.170 1.97 0.034
-----------------------------------------------------------------------
LINE 15 - 24.5m South 1.05 0.861 3.45 0.025
incl. 0.25 3.360 0.82 0.098
-----------------------------------------------------------------------
LINE 16 - 26m South 1.10 3.440 3.61 0.101
-----------------------------------------------------------------------
incl. 0.50 7.560 1.64 0.221
-----------------------------------------------------------------------
LINE 17 - 27m South 1.40 1.210 4.59 0.035
incl. 0.30 2.600 0.98 0.076
incl. 0.25 2.570 0.82 0.075
-----------------------------------------------------------------------
LINE 18 - 28.5m South 0.60 0.923 1.97 0.027
incl. 0.25 2.050 0.82 0.060
-----------------------------------------------------------------------
-****-
Dogpaw has an extensive exploration history dating back to the 1940's. At least five main gold zones and ten documented gold occurrences have been discovered thus far on the property. An historic resource (non NI 43-101 compliant) estimate of 53,741 metric tonnes grading 15.43 g/t Au (59,240 short tons grading 0.45 oz/st Au) remains after the extraction of a 454 metric tonne (500 short ton) bulk sample grading 8.23 g/t Au (0.24 oz/t Au).
Houston Lake is also currently drilling a 4,000 m program on its Dubenski property, which is one of eight properties that make up the West Cedartree Gold Project. In addition, Mr. E. Grayme Anthony has resigned from Houston Lake's board of directors effectively immediately.
About Houston Lake Mining Inc.
Houston Lake is an advanced, vertically integrated resource exploration company. The Company is actively exploring for gold, platinum group metal and rare metal deposits in northwestern Ontario with a strategic focus on the West Cedartree gold project. Houston Lake's objective is to become a gold producer by surface mining its West Cedartree gold project and developing its 100% owned and optioned properties. The Company has a total of 42,497,638 common shares issued and outstanding. For additional information, please visit us at www.houstonlakemining.com.
Due Diligence
All samples reported were shipped to TSL Laboratories, an ISO accredited facility, of Saskatoon, Saskatchewan. Samples taken from the core of the mineralized zone were analyzed utilizing a screen metallic assay method. This methodology provides a higher level of assurance by testing a large quantity of sample (1,000g) and by monitoring the size distribution of the gold. Samples taken from the shoulders of the mineralized zone were analyzed by fire assay utilizing a 50 gram charge. All samples were assayed with an AA finish and those samples assaying above 3 g/mt gold were retested utilizing a gravimetric finish. The samples will also be re-checked at a second qualified laboratory in keeping with the Company's standard due diligence procedures.
The tonnages, grades, assays and other technical data are taken from historical records prior to the implementation of NI 43-101. While the data are believed to have been acquired, processed and disclosed by persons believed to be technically competent, it is unverifiable at present.
A qualified person as defined under NI 43-101 has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Houston Lake is not treating the historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and the historical estimate should not be relied upon.
Dean R. Cutting, P. Geo., an independent consulting geologist, is the Qualified Person under the guidelines of NI 43-101 for the technical aspects of this news release.
Company Contacts
Houston Lake Mining In Canada: Linx Partners Ltd.
Trevor R. Walker, MBA Wanda Cutler Tel: 416-603-4646
Interim President
Tel: 705-897-7622 In United States: ICS
Fax: 705-897-7618 George Duggan Tel: 818-542-6880
Forward-looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings that are available at www.sedar.com.
www.houstonlakemining.com
Source: Houston Lake Mining Inc. (TSX-V: HLM) (Pink Sheets: HLKMF) http://www.houstonlakemining.com
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