McLaren announced it has signed a binding Letter of Intent with Timginn Exploration Limited to earn a 60 percent interest in a past producing gold property located in the heart of the Timmins Gold Camp and adjacent to Goldcorp's Hollinger and McIntyre mines which have combined production of over 30 million ounces of gold to date. The property contains the favorable gold mineralized horizon which was a source of production at both the Hollinger and McIntyre mines. Exploration drilling will initially focus on targets between surface and 300 metres deep on the favorable gold mineralized horizon that trends along portions of the property. Drilling is planned to commence in 30 days.

Key Terms of Property Option Agreement

McLaren can earn a 50 percent interest in the property by incurring $2 million dollars of exploration expenditure by April 30, 2015 and then McLaren can earn an additional 10 percent interest by incurring an additional $2 million in exploration expenditure by April 30, 2016 to earn a total 60 percent interest for $4 million in total expenditure. See additional details of the terms in this news release.

About The Timginn Property

The Timginn property consists of 9 mining claims covering 238 hectares (588 acres) in the Tisdale Township in Central Timmins which hosts the favourable gold mineralized horizon known as the 95/63 contact which trends onto the adjacent Hollinger Mine (19.3 million oz), McIntyre Mine (10.7 million oz) and Moneta Mine (150,000 oz) please see map below. There was brief production on the property during the 1920's by the Consolidated Gilles Lake Gold Mine which produced 15,000 ounces of gold and was an extension of the Hollinger ore zone. A two compartment shaft was sunk on the property to a depth of 940 feet.

To view the Property geology Map, please visit the following link: .http://media3.marketwire.com/docs/TimminsProperty2.pdf

IR Hub / Corporate Profile / Discussion Forum