Western Troy Provides Update on Exploration Activities and Files Statement of Defense to the Counterclaim of Genivar Regarding the Macleod Lake Feasibility Study
(via Thenewswire.ca)
December 21, 2012, Toronto, Ontario - Western Troy Capital Resources (TSX Venture: WRY, US-OTC: WTCRF) (Western Troy or the Company) today filed a Statement of Defense to the Counterclaim of GENIVAR, Inc. The document has been filed with the Superior Court of Justice (Toronto). As previously announced, Western Troy filed a Statement of Claims on Friday, September 28, 2012, against GENIVAR Inc. for $3.3 million and certain of their professional managers for $2.2 million for professional negligence in work performed on a feasibility study for Western Troy's MacLeod Lake Copper/Molybdenum Project. On December 7, 2012, Western Troy received a Statement of Defense and Counterclaim from GENIVAR, Inc. That document asserted a counterclaim of $450,000 against Western Troy. Western Troy's filing of today asserts a defense to the counterclaim. The full text of all today's filing will be available soon on Western Troy's Website, www.westerntroy.com. Western Troy's Statement of Claims and GENIVAR's Statement of Defense and Counterclaim from GENIVAR are currently available on Western Troy's Website.
Western Troy's CEO, Rex Loesby, commented, "Western Troy intends to vigorously pursue its claims against GENIVAR to the fullest extent allowed at law. As this process unfolds, Western Troy will continue to evaluate and perform exploration activities on its mineral prospects in Quebec (see below). Our cash position is strong and we have 33.6 million shares outstanding. In addition to exploration activities on our existing prospects, we will continue to look for new opportunities to enhance shareholder value through acquisitions or business combinations."
At Western Troy's Gaspe Vanadium/Selenium/Silver/Lead/Zinc prospect, a report is expected in December, 2012, from SLR Consulting of Ireland on the appropriate techniques to explore the Mississippi Valley type mineralization that may characterize the Gaspe Prospect. The mineralogy and setting of the Gaspe Prospect closely follows the characteristics of existing mines in Ireland.
At Western Troy's Nicobi Nickel Prospect near Val d'Or, Quebec, significant results from previous drilling by Minorca in 1990 and 1991 were 37.61 meters of 0.75% copper (Cu), 0.89% nickel (Ni) including 0.82 meters of 1.08 g/t palladium and 1.05 g/t platinum in hole 90-1. Hole 91-2 intersected 36.88 meters of 0.29% Cu, 0.84% Ni and 0.03% cobalt (Co) including 4.70 meters of 0.73% Cu, 3.94% Ni and 0.09% Co. Hole 91-6 intersected 31.66 meters of 0.35% Cu, 0.73% Ni and 0.02% Co, and Hole 91-7 intersected 63.08 meters of 0.21% Cu, 0.42% Ni and 0.01% Co (the above intersections are core lengths and the true width of the structure is not known). Market conditions and cash resources permitting, Western Troy is planning a drilling program for 2013 that will test the potential for a large resource at Nicobi.
Western Troy's Northshore Iron/Titanium Prospect is located approximately 8 kilometers north of the Lac Tio titanium mine in Quebec owned by Rio Tinto. The Lake Tio deposit is a massive, coarse grained, sub-horizontal igneous sheet more than 60 meters thick. It is essentially composed of coarse ilmenite (75%) and hematite (25%). The claims staked by Western Troy cover part of the Lac au Vent deposit where historical resources are estimated at 27 million tonnes with an iron/titanium content of 75-80% (GM-40109 Quebec Assessment Files). These resources are historical in nature and the company is not treating these historical estimates as current mineral resources as defined under NI 43-101. A qualified person has not done sufficient work to classify this estimate into current NI 43-101 resources. Two other properties with similar geophysical signature as to the Lac Tio and the Lac au Vent prospects have also been staked in the area. Exploration work on the properties in 2013 may include ground investigation, geophysical surveys, and diamond drilling.
About Western Troy: Western Troy's shares trade on the TSX Venture Exchange under the symbol WRY. Western Troy has 33,589,970 shares outstanding. More information on Western Troy can be found on its Website at www.westerntroy.com.
Neither 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. Mr. Claude P. Larouche, Ing. (OIQ, Quebec), has approved the technical data presented in the news release. Mr. Larouche is an independent consultant for Western Troy and acts as the Qualified Person under National Instrument NI-43-101.
Contact Information:
Western Troy Capital Resources
Rex E. Loesby, CEO
Tel: 416-929-3268
Email: RexLoesby@aol.com
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