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TORONTO, ONTARIO--(Marketwire - Feb. 25, 2011) - Trelawney Mining and Exploration Inc. (TSX VENTURE:TRR)(FRANKFURT:RTW) ("Trelawney") announces that it has entered into an agreement to purchase three patented mining claims located in Chester Township, Ontario in consideration of the issuance of 50,000 common shares of Trelawney and a cash payment of $344,256.
In addition, Trelawney has entered into an asset purchase agreement to purchase confidential geological data, consisting mainly of historical drill logs, with respect to the Chester Project in consideration of the issuance of an aggregate of 500,000 common shares of Trelawney.
Both transactions are subject to receipt of regulatory and corporate approvals, including approval of the TSX Venture Exchange. The securities to be issued in connection with the transactions will be subject to a four month hold period from the date of issuance.
Trelawney is a Canadian junior mining and exploration company with a focus on Archean gold deposits. The Company's current focus is directed towards the development and continued exploration of the Chester Project, located in Chester Township 20 kilometres southwest of Gogama, Ontario.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT: Greg Gibson
Trelawney Mining and Exploration Inc.
President and CEO
416-363-8567
416-216-8535 (FAX)
ggibson@trelawneymining.com
