WSR Gold Inc. Announces Agreement With MacDonald Mines Exploration Ltd. to Acquire 75% of the Big Mac Property, McFauld's Lake,
February 15 2008 - 12:17PM
Marketwired
TORONTO, ONTARIO ("WSR") and MacDonald Mines Exploration Ltd.
(TSX VENTURE: BMK) ("BMK") are pleased to announce that they have
entered into a Letter of Intent pursuant to which WSR has agreed to
acquire a 75% legal and beneficial interest in the Big Mac
Property. The Big Mac Property includes 51 Claim Blocks,
approximately 11,200 hectares, in the "Ring of Fire", McFauld's
Lake, Ontario, near Noront's prolific nickle copper discovery.
In order to acquire its interest in the property, WSR is
required to:
1. issue to BMK an aggregate of 5,000,000 common shares on
receiving TSX Venture Exchange and Board of Directors approval of
the Option Agreement;
2. make a cash payments to BMK in the amount of $100,000;
and
3. issue to BMK an aggregate of 1,000,000 share purchase
warrants, each entitling the holder thereof to acquire one common
share of WSR at an exercise price of $0.50 per share for a period
of two years from closing.
BMK shall have a carried interest until WSR delivers a pre
feasibility study to BMK on the Big Mac Property. After the
delivery of a pre feasibility study, BMK will be required to pay a
pro rata portion of costs related to the property to maintain its
25% interest.
Closing of the transaction remains subject to WSR's satisfactory
due diligence, the approval of the TSX Venture Exchange and WSR's
Board of Directors and execution of a definitive agreement of
purchase and sale and joint venture agreement.
Forward Looking Statements:
Some of the statements contained herein may be forward-looking
statements which involve known and unknown risks and uncertainties.
Without limitation, statements regarding potential mineralization
and resources, exploration results, and future plans and objectives
of WSR are forward looking statements that involve various degrees
of risk. The following are important factors that could cause WSR's
actual results to differ materially from those expressed or implied
by such forward looking statements: changes in the world wide price
of mineral commodities, general market conditions, risks inherent
in mineral exploration, risks associated with development,
construction and mining operations, the uncertainty of future
profitability and the uncertainty of access to additional
capital.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: WSR Gold Inc. John Tait President and Chief Executive
Officer (416) 628-5905
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