MONTREAL, March 9, 2012 /PRNewswire/ - Toron Inc. (OTCBB: TRON) - (The Company) is pleased to announce that on February 29 it closed on the purchase of 193 claims in the Val-d'Or area of Quebec. The claims were acquired for cash payment of $40,000 and the issuance of 8,500,000 common shares of Toron Inc. With the acquisition of these 193 claims and the already existing 62 claims, Toron now hold outright ownership over a total of 255 claims which cover 33,894 acres. The company has also contracted to acquire an additional 140 claims in the area which, if closed, will bring the total to 295 claims covering an area of 53,547 acres.
The (now-expanded) Tiblemont Gold Property is located in the southern-east part of the Abitibi Greenstone Belt of the Canadian Shield's Superior Province. The properties are located approximately 40 km northeast of the mining centre of Val-d'Or, Quebec. The property is located mainly in Tiblemont and Senneterre townships, with some claims in Courville and Pascalis townships.
To the west of, and immediate neighbor to the Tiblemont Gold Property, is the large mining property (Courville Gold Project) held by Pershimco Resources Inc. (TSX-V:PRO) (FSE:BIZ). On 28 October 2011 Pershimco Resources Inc. and Osisko Mining Corporation (T-OSK) announced that they received final approval from the TSX Venture Exchange in connection with a previously announced (11 October 2011) option and joint venture agreement on the Courville Gold Project. Under the terms of the Agreement Osisko Mining Corporation can earn a 51% interest in the joint venture by investing $20 million in exploration over a 5-year period. Pershimco Resources Inc. also grants to Osisko a second option to earn an additional 19% interest on or before the seventh anniversary of the Agreement, either by spending an additional $19.0 million Canadian dollars in exploration expenditures or by funding a feasibility study
Toron Inc. (www.toroninc.com) prides itself on being a new mineral exploration company focusing its attention on projects involving gold and other valuable metals. Based in Quebec, one of Canada's richest mining provinces, Toron Inc., a Nevada company incorporated a wholly owned subsidiary, Toron Resources Inc., for the sole purpose of exploring mining projects in Canada, and specifically, in Quebec and Ontario.
Safe Harbor Statement
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, but are not limited to, statements with respect to the closing of the additional 140 claims. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing and completion of contemplated financings, the actual use of proceeds, receipt of regulatory approvals and the timing and success of future exploration development and production activities. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of its mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. These statements are based on our current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: lack of operating history, transitioning from a development company to an operating company, difficulties in distinguishing Toron Inc. resources and ability to mine Toron Inc. resources, market acceptance of our products and services; operational difficulties relating to combining acquired companies and businesses; our ability to form and maintain mutually beneficial relationships with customers and strategic partners; changes in economic, political or regulatory conditions or other trends affecting the mining sectors, and our ability to attract and retain qualified personnel. Further information about these matters can be found in our Securities and Exchange Commission filings. We expressly disclaim any intent or obligation to update these forward-looking statements
SOURCE Toron Inc.