The exercise of common share purchase warrants issued in conjunction with a financing completed in August 2007 has earned West Timmins Mining Inc. a total of $7.8 million, the company announced Aug. 12.
Payments from these warrants have increased the company's net working capital to $20.1 million.
The money will assist West Timmins in exploration of the Porphyry and Rusk Gold Zones on the Thunder Creek Joint Venture, where Lake Shore Gold acts as the operator. It will also be used to explore the North and West Zones on the wholly owned Thorne Property, and several other high-priority gold targets through the West Timmins District.
"We are obviously very pleased that our shareholders have continued to demonstrate their support for the company through their exercise of this series of warrants and with the strong working capital positions it puts West Timmins Mining in," said Darin Wagner, president and CEO, in a release.
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