Western Troy has staked a number of base and precious metals prospects in Quebec and all are initially 100 percent owned by the Company. Four prospects have been optioned to other exploration companies and Western Troy's exploration program has generated substantial interest in the form of an unrestricted investment in Western Troy by Agnico-Eagle Mines.
Quebec has been identified as one of the world's most favorable jurisdictions for investment in mineral exploration. Quebec provides incentives for exploration that include tax refunds and mining duty rebates that approach 50% of exploration spending.
The larger mining companies have dramatically reduced or eliminated exploration departments over the past few decades. To meet future demand for metals, new mineral deposits will be discovered by junior exploration companies like Western Troy. Western Troy has evaluated over 40 prospects in Quebec in the past 4 years. Four of those prospects have led to significant discoveries and all four have attracted joint venture partners. Western Troy's Schefferville Gold Prospect has been optioned to Rockland Minerals. Under the option agreement, Rockland has earned 55% of the prospect by spending $800,000 and payment of $60,000 and 600,000 shares of Rockland to Western Troy. Western Troy's Indian Lake Prospect has been optioned to Match Capital Corporation and Match can earn 50% of the prospect by spending $250,000. Western Troy's Franelle Copper Prospect has been combined with three other claim groups in the area by Key Gold Holdings and Western Troy retains a 20% interest. Western Troy optioned its Menary Township Gold Prospect to King's Bay Gold Corporation (TSX Venture: KBG) in January of 2010. Under the option agreement, King's Bay has earned 100 percent of the property by making cash payments of $75,000 and stock payments of 175,000 shares of King's Bay, of which Western Troy will receive 50 percent of such payments and stock. Western Troy retains a 3 percent NSR royalty on the property.
The shares of Western Troy trade on the TSX Venture Exchange under the symbol WRY, with 33,589,970 shares outstanding (36,436,970 fully diluted).