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TORONTO,- Treasury Metals Inc. (TSX: TML) and Platinex Inc. (CSE: PTX) (“Platinex”) have entered into a non-binding heads of agreement between the two companies (the “Transaction“) to create the largest combined gold focused property package in the Shining Tree District, in northern Ontario. The highlights of the agreement are, namely:
Completion of the Transaction is subject to further due diligence and the parties entering into a formal agreement on or before March 31, 2020.
Mr. James R. Trusler, Chairman of Platinex, stated, “It’s exciting to have the close working relationship with Treasury Metals. With the addition of the Shining Tree East Property, Platinex’s Shining Tree Property holdings will total 19,895 Ha (49,304ac). The expanded property will now adjoin the Pan American property in Tyrrell Township which hosts the 4 million ounce Juby gold deposit and close proximity along east west structures to the Coté Lake gold project. Significant potential for commercial gold deposits has been revealed in past exploration on Platinex’s property and management is especially looking forward to examining the underexplored 21 km stretch of the Tyrrell Ridout deformation zone which is the key locus for gold mineralization in Shining Tree and underlies the property. Platinex will seek further consolidation and strategic initiatives within the district.”
Mr. Greg Ferron, Treasury Metals Inc.’s CEO, stated that, “The consolidation of the Shining Tree properties provides multiple benefits and efficiencies between the two groups. We are very excited to make use of the Platinex team’s significant wealth of knowledge of the area to see them develop our underutilized project in conjunction with theirs. The Transaction makes for a compelling land package in a very prospective exploration camp that is starting to see a great deal of activity.”
About Treasury Metals Inc.
Treasury Metals Inc. is a gold focused exploration and development company with assets in Canada and is listed on the Toronto Stock Exchange (“TSX”) under the symbol “TML” and on the OTCQX® Best Market under the symbol “TSRMF”.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. Treasury Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.