Exploring the East Timmins Gold District
Potential to earn a 60 percent interest in property located adjacent to Goldcorp's Hollinger and McIntyre mines
Message: McLaren Update on the TimGinn Exploration Project Timmins, Canada
TORONTO, ONTARIO--(Marketwire - May 23, 2012) - McLaren Resources Inc. ("McLaren") (CNSX:MCL)(FRANKFURT:3ML) is pleased to provide and update on exploration progress at the TimGinn Property located on strike and adjacent to the Goldcorp owned Hollinger/McIntyre mine complex that has produced over 30m oz of gold to date.
Following the success of the initial exploration drill program which was announced on February 13, 2012, McLaren has filed on Sedar an initial NI 43-101 geological report on the TimGinn property authored by Kenneth Guy, P.Geo designated Qualified Person.
The TimGinn property contains a 2,000 metre mineralized strike length running from North East to South West. Mining has occurred on three sides of the property at neighbouring mines including the Hollinger Mine and the McIntyre Mine that are situated in central Timmins.
Previous exploration work on the TimGinn property identified several areas of interest for future exploration. The Company's management team has designed an exploration drill program to follow up on the success of the recent drill program. The focus of the exploration drilling will be to further expand the gold mineralized zones along strike and to depth in the area of historic production that took place during the period of 1929 to 1937 where underground production occurred to a depth of 500 feet.
Exploration drilling is planned to commence during early summer 2012 to follow up on the positive results of McLaren's initial drill program which was reported on February 13, 2012 and included 7.4 gpt over 7.0 m, 24.2 gpt over 1.1 m and 6.0 gpt over 3.0 m between surface and a depth of 500 feet. The property has seen limited exploration at shallow depths and is virtually unexplored below 900 feet. Adjacent neighbouring properties have produced significant quantities of gold to depths exceeding 6,000 feet.
About the TimGinn Property
The TimGinn property consists of 9 mining claims covering 238 hectares (588 acres) in Tisdale Township in Central Timmins located adjacent to the Goldcorp owned Hollinger Mine (19.3 million oz) and McIntyre Mine (10.7 million oz). There was brief gold production on the TimGinn property by Consolidated Gilles Lake Gold Mines where a two compartment shaft was sunk on the property to a depth of 940 feet and mined to a depth of 500 feet.
Key Terms of Property Option Agreement
McLaren can earn a 60 percent interest in the property by incurring $4 million dollars of exploration expenditures by April 30, 2016, McLaren can earn an initial 50 percent interest by incurring $2 million in exploration expenditure by April 30, 2015. See additional details of the terms in the news release dated November 8, 2011.
McLaren Resources Inc. is a Canadian based junior exploration company engaged in acquiring, exploring and developing resource properties in Canada.
For more information visit our web site at www.mclarenresources.com or contact Ivan Buzbuzian, President and CEO of McLaren Resources, at 416-203-6784 x 4850.
Certain statements contained in this press release constitute "forward looking statements". These statements are based on current expectations of management, however are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. The Company does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
The Canadian National Stock Exchange has neither approved, nor disapproved on the contents of this press release.
Source: Marketwire Canada (May 23, 2012 - 7:00 PM EDT)
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