Transition Metals Resumes Drilling at its Sunday Lake Platinum Discovery, Ontario

 Transition Metals Resumes Drilling at its Sunday Lake Platinum Discovery,  Ontario  SUDBURY, ON, March 31, 2014 /CNW/ - Transition Metals Corp. (XTM - TSX.V)   ("Transition", "the Company") is pleased to announce that it has initiated a  2,500 metre diamond drilling program at its Sunday Lake Platinum discovery  near Thunder Bay Ontario, with Joint Venture Partner Impala Platinum Holdings  Limited (Implats).  The program objective is to further expand the extent of  mineralization reported in January (please refer to news release dated January  27, 2014 - Transition Metals and Implats Make Platinum Discovery at Sunday  Lake, Intersecting 20.2 meters grading 3.22 Combined PGM's).  The discovery  was the culmination of a 5 year strategic alliance between Implats and  Transition (through its wholly owned subsidiary, HTX Minerals Corp) which has  now been converted into a new Joint Venture at Sunday Lake.  Under the terms  of the Joint Venture agreement, Implats will fund 100% of expenses on the  project and Transition will hold a 25% free carried interest through to the  completion of a Feasibility Study.  Transition retains the right to secure a  controlling interest in the project in the event that Implats chooses to  discontinue or limit future funding.  Company CEO Scott McLean commented "Our discovery at Sunday Lake was the  result of a team effort between Transition Metals and Implats. We are now  excited to take this promising project forward with Implats continuing as a  strong partner."  Seef Vermaak, Group Executive - Mineral Resource Management for Implats, the  world's second larger platinum producer, stated, "We are pleased to have  achieved our goals under the Alliance by making a new platinum discovery in an  emerging PGM district. We look forward to a continued partnership with  Transition Metals as we jointly seek to advance the Sunday Lake project."  Sunday Lake Project Update  The next phase of exploration work at Sunday Lake will focus on expanding the  extent of mineralization intersected during the discovery program. The planned  drill program will include physical properties and borehole EM surveys to  further advance the geological, geochemical and geophysical understanding of  the Sunday Lake Intrusion. Roads and drill pads to facilitate the next phase  of drilling are being cleared and the drill has been mobilized to site.  The company has now assembled approximately 2,590 hectares of property  consisting of staked and optioned claims and privately owned property at  Sunday Lake which included the acquisition of an additional 290 hectares  following the discovery of the platinum-rich mineralization  Implats Strategic Alliance and Sunday Lake Joint Venture Agreement  The Strategic Alliance agreement between Transition and Implats has been  converted in to a new Joint Venture agreement on the Sunday Lake Property. As  part of the new arrangement, the balance of projects generated under the  Alliance, totaling 26,960 hectares, have been assigned 100% to Transition  Metals subject to 1.0% to 1.5% net smelter return royalty payable to Implats.  Transition is now actively seeking other partners to further advance these  properties using the successful exploration model developed for Sunday Lake.  Company CEO Scott McLean further commented "The new partnership arrangement  between our company and Implats demonstrates the successes that can be gained  through the Project Generator Business Model.  Through this partnership,  excellent technical synergies between the partners, operational know how and  sustained funding over five years has resulted in a new discovery which the  partners will now take forward together."  About the Sunday Lake Property  The Sunday Lake Property is located approximately 25 km north of Thunder Bay  and 25 km west of Panoramic Resources Limited's, Thunder Bay North deposit and  consists of staked claims and privately owned land optioned in 2013 from Rio  Tinto Exploration Canada Inc. (RTEC) and other property holders. The property  covers a 3.5 km diameter circular reversely-polarized magnetic anomaly  associated with a large buried mafic-ultramafic intrusion interpreted to be  Proterozoic in age and related to the Midcontinental Rift (MCR). The MCR is a  2,000 km long geological rift in the center of North America that formed when  the North American craton began to split apart about 1.1 billion years ago.  Early phases ('early-rift') of mafic to ultramafic intrusive rocks, with high  associated PGMs occur within the MCR. In recent years, several deposits have  been discovered in the MCR, including:        --  Lundin Mining Corporation's Eagle deposit: 5.33 Mt @ 3.1% Ni,         2.5% Cu, 1.32 g/t PGM (Probable) ¹     --  Panoramic Resource Limited's Thunder Bay North deposit: 9.83 Mt         @ 2.87 g/t Pt-Eq for 0.741 Moz Pt-Eq (Indicated) + 0.53 Mt @         2.87 g/t Pt-Eq for 0.05 Moz Pt-Eq (Inferred)²  Qualified Person  The technical elements of this press release have been reviewed and approved  by Mr. Grant Mourre, P.Geo. (APGO), a Qualified Person under National  Instrument 43-101..  (1) Resource reported by Lundin Mining, July 2013 NI 43-101 Technical Report  on the Eagle Mine, Upper Peninsula of Michigan, USA  ² Resource reported by Panoramic Resources, Thunder Bay North deposit: 2011  JORC compliant mineral resources estimate prepared by AMEC Americas Ltd.  About Transition Metals Corp  Transition Metals Corp (XTM -TSX.V) is a Canadian-based, multi-commodity  project generator that specializes in converting new exploration ideas into  Canadian discoveries. The award-winning team of geoscientists has extensive  exploration experience in established, emerging and historic mining camps, and  actively develops and tests new ideas for discovering mineralization in places  that others have not looked, which often allows the company to acquire  properties inexpensively. The team is rigorous in its fieldwork, and combines  traditional techniques with newer ones to help unearth compelling prospects  and drill targets. Transition uses the project generator business model to  acquire and advance multiple exploration projects simultaneously, thereby  maximizing shareholder exposure to discovery and capital gain. Joint venture  partners earn an interest in the projects by funding a portion of higher-risk  drilling and exploration, allowing Transition to conserve capital and minimize  shareholder's equity dilution. The company, which went public in 2011, has an  expanding portfolio that currently includes 30 gold, copper, nickel and  platinum projects primarily in Ontario, Nunavut and Saskatchewan.  Cautionary Note on Forward-Looking Information  Except for statements of historical fact contained herein, the information in  this news release constitutes "forward-looking information" within the meaning  of Canadian securities law. Such forward-looking information may be identified  by words such as "plans", "proposes", "estimates", "intends", "expects",  "believes", "may", "will" and include without limitation, statements regarding  estimated capital and operating costs, expected production timeline, benefits  of updated development plans, foreign exchange assumptions and regulatory  approvals. There can be no assurance that such statements will prove to be  accurate; actual results and future events could differ materially from such  statements. Factors that could cause actual results to differ materially  include, among others, metal prices, competition, risks inherent in the mining  industry, and regulatory risks. Most of these factors are outside the control  of the Company. Investors are cautioned not to put undue reliance on  forward-looking information. Except as otherwise required by applicable  securities statutes or regulation, the Company expressly disclaims any intent  or obligation to update publicly forward-looking information, whether as a  result of new information, future events or otherwise.  Neither the TSX Venture Exchange nor its Regulation Services Provider (as that  term is defined in the policies of the TSX Venture Exchange) accepts  responsibility for the adequacy or accuracy of this release.    SOURCE  Transition Metals Corp.  Further information is available at www.transitionmetalscorp.com or by  contacting: Scott McLean, President and CEO, Transition Metals Corp., Tel:  (705) 669-0590; Robert Thaemlitz, Financial Communications, Renmark, Tel.  (514) 939-3989  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/March2014/31/c2585.html  CO: Transition Metals Corp. ST: Ontario NI: MNG