Central Timmins Exploration Corp.
Central Timmins Exploration Corp. (CTEC) is an early-stage Canadian junior exploration Company with property exclusively in the Porcupine Mining District in the northeastern region of Ontario. The Company's assets are prospective for gold as well as a suite of base metals.
On December 21, 2018 Goldcorp Inc. (“Goldcorp”) acquired 5,000,000 common shares of CTEC representing approximately 9.74% of the issued and outstanding common shares of CTEC (“Common Shares”). Goldcorp is a prolific gold producer in the Timmins Region. Additionally, CTEC and Goldcorp have entered into a definitive agreement (the “Definitive Agreement”) outlining the sale of certain non-core CTEC mineral claims (the “Claims”) for proceeds of $258,624. The Claims include nine previously explored patented claims in Deloro Township, Timmins, Ontario with a total area of approximately 327 acres. This sale speaks to the strategic nature of CTEC’s land package and the Company’s ability to finance growth through non-dilutive means.