WSR Gold Inc. Announces Option to Acquire Interest in James Bay Lowland Properties
November 26 2007 - 10:16AM
Marketwired
TORONTO, ONTARIO ("Metalex"), WSR Gold Inc. (TSX VENTURE: WSR)
("WSR") and Arctic Star Diamond Corp. (TSX VENTURE: ADD) ("Arctic")
announced today that they have entered into a letter of intent
pursuant to which WSR has been granted the option to acquire a 50%
interest in certain claims of Metalex's and Arctic's James Bay
Properties, in the Province of Ontario. The joint venture does not
include Metalex's properties contained within the Attawapiskat
joint venture nor those claims in the T1 joint venture that contain
the T1, U1, U2 and U2NW kimberlites. WSR, Metalex and Arctic are at
arm's length.
The Properties are strategically located on and around the "Ring
of Fire" and cover approximately 36 square kilometres (8,944 acres)
of ground. Based on geophysical work completed by Metalex and
Arctic, there are 33 High Priority Volcanic Massive Sulphide
("VMS") drill ready targets that have been identified and staked.
Further flying on 100 meter spacings over the targets and other
claim blocks will commence shortly and upon review of the flight
data drilling will start.
Metalex has a complete exploration camp in the area with 2 drill
rigs, and other required amenities to effectively operate and
immediately commence an exploration program. John Tait, CEO of WSR
said, "This turn key operation allows Metalex, Arctic and WSR an
excellent opportunity immediately to implement Metalex's extensive
exploration data and to explore these highly prospective
properties." Metalex has extensive experience operating in the
James Bay lowlands, having diamond exploration programs both at
Attawapiskat and T1.
Under the terms of the letter of intent, WSR has the right to
fund a maximum of CDN$20.0 million in expenditures on the Property
over a 4 year period. For each CDN$5.0 million in expenditures, WSR
will acquire a 12.5% interest in the Property, up to a maximum 50%
interest. During the joint venture period, a management committee
will be formed. Metalex has agreed to deal exclusively with WSR
with respect to the Properties.
The letter of intent is subject to standard conditions including
the completion of due diligence by WSR, the execution of a
definitive agreement and the approval of the TSX Venture Exchange
with respect to each of WSR and Metalex. It is currently
contemplated that the definitive agreement will be signed on or
before January 7, 2008.
About Metalex
Metalex is a Canadian exploration company primarily focused on
diamonds. Metalex has a global portfolio of diamond projects
ranging from advanced stages of exploration to grass roots
including projects in Ontario, Morocco, Angola and Brazil (subject
to regulatory approval). The common shares of Metalex trade on the
TSX Venture Exchange under the symbol "MTX".
About WSR
WSR is a Canadian based mineral exploration company. WSR can
earn a 50% interest in a McFauld's Lake Project pursuant to an
option agreement with Noront Resources Limited (TSX VENTURE: NOT)
(see press release dated November 1, 2007). The area will include
15 Claim Blocks, approximately 4,400 hectares (9,600 acres) in the
Ring of Fire, McFauld's Lake, Ontario near Noront's prolific nickel
copper and Platinum Group Metals discovery. The common shares of
WSR trade on the TSX Venture Exchange under the symbol "WSR".
About Arctic Star
Arctic Star Diamond Corp. (TSX VENTURE: ADD) is a dynamic
Canadian diamond exploration company. Arctic is aggressively
developing several projects Northern Canada and Ontario. Arctic's
primary focus is our Credit Lake property, located in the Northwest
Territories.
Forward looking statements: Certain information set forth in
this news release may contain forward-looking statements that
involve substantial known and unknown risks and uncertainties.
These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of WSR,
including but not limited to the impact of general economic
conditions, industry conditions, volatility of commodity prices,
risks associated with the uncertainty of resource and reserve
estimates, currency fluctuations, dependence upon regulatory
approvals, the unavailability of future financing and exploration
risk. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and as such,
undue reliance should not be placed on forward-looking
statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: WSR Gold Inc. John Tait President and Chief Executive
Officer (416) 628-5905 Email: jtait@wsrgold.ca Website:
www.wsrgold.ca Metalex Ventures Ltd. Chad Ulansky President and
Chief Executive Officer (250) 860-8599 Email:
culansky@metalexventures.com Website: www.metalexventures.com
Arctic Star Diamond Corp. Patrick Power President (604) 689-1799
Email: ir@arcticstardiamond.com Website:
www.arcticstardiamond.com
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