About this user
Western Troy Capital Resources Inc. is a mineral exploration company focused on Quebec. Western Troy has staked a number of base and precious metals prospects in Quebec and all are initially 100 percent owned by the Company. Five prospects have been optioned to other exploration companies and Western Troy's exploration program has generated substantial interest in the form of an unrestricted investment in Western Troy by Agnico-Eagle Mines. Western Troy's 100%-owned MacLeod Lake Copper/Molybdenum Project is in the final feasibility and environmental permitting processes which are expected to be completed by year end 2012. A Preliminary Assessment (Scoping Study) completed in 2008 indicated a project with healthy financial returns at conservative forecast prices for copper and molybdenum.
Quebec has been identified as one of the world's most favorable jurisdictions for investment in mineral exploration. Quebec provides incentives for exploration that include tax refunds and mining duty rebates that approach 50% of exploration spending.
The larger mining companies have dramatically reduced or eliminated exploration departments over the past few decades. To meet future demand for metals, new mineral deposits will be discovered by junior exploration companies like Western Troy. Western Troy has evaluated over 40 prospects in Quebec in the past 4 years. Five of those prospects have led to significant discoveries and all five have attracted joint venture partners. Western Troy's Shefferville Gold Prospect has been optioned to Rockland Minerals. Under the option agreement, Rockland has earned 55% of the prospect by spending $800,000 and payment of $60,000 and 600,000 shares of Rockland to Western Troy. Western Troy's Indian Lake Prospect has been optioned to Match Capital Corporation and Match can earn 50% of the prospect by spending $250,000. Western Troy's Franelle Copper Prospect has been combined with three other claim groups in the area by Key Gold Holdings and Western Troy retains a 20% interest. Lakeside Minerals has purchased the 21m/16 Iridium Prospect in Southern Quebec by payment of $5,000 and 200,000 shares of Lakeside Minerals to Western Troy. Western Troy retains a 0.5% NSR royalty on the property. Western Troy optioned its Menary Township Gold Prospect to King's Bay Gold Corporation (TSX Venture: KBG) in January of 2010. Under the option agreement, King's Bay can earn 100 percent of the property by making cash payments of $75,000 and stock payments of 175,000 shares of King's Bay, of which Western Troy will receive 50 percent of such payments. Western Troy retains a 3 percent NSR royalty on the property.
The shares of Western Troy trade on the TSX Venture Exchange under the symbol WRY, with 33,589,970 shares outstanding (44,016,970 fully diluted). Of the approximately 10 million warrants and options outstanding, 7 million have an exercise price of 60 cents per share. Large shareholders include Pinetree Capital, John Tognetti (Chairman of Haywood Securities), Agnico-Eagle Mines, MineralFields, and Stanley Mourin (Chairman of Western Troy). These large shareholders control approximately 56 percent of the outstanding shares of Western Troy.
Country
Canada
WesternTroyCapital
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