WSR Gold Inc.: Definitve Agreement Executed for the Big Mac Property, James Bay Lowlands
March 17 2008 - 10:56AM
Marketwired
TORONTO, ONTARIO ("WSR") and MacDonald Mines Exploration Ltd.
(TSX VENTURE: BMK) ("MacDonald Mines"), announced today that they
have executed the definitive agreement pursuant to their press
release dated February 15, 2008, on the Big Mac Properties
("Properties") whereby WSR has an option to acquire up to 75%
beneficial interest in the Claims by:
1. Spending $2.5 million on the property over two years;
2. Issuing to MacDonald 5,000,000 common shares of WSR;
3. Paying MacDonald $100,000; and
4. Issuing MacDonald 1,000,000 share purchase warrants of WSR,
each full warrant is exercisable into one common shares of WSR
within two years from the date of the agreement at $0.50 per
warrant.
MacDonald Mines shall have a carried interest until WSR delivers
a prefeasibility study to MacDonald Mines on the Big Mac Property.
After the delivery of a pre feasibility study, MacDonald Mines will
be required to pay a pro rata portion of costs related to the
property to maintain its 25% interest.
The definitive agreement is subject to standard conditions
including the approval of the TSX Venture Exchange with respect to
each of WSR and MacDonald Mines.
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". And,
WSR has agreed to acquire a 75% legal and beneficial interest in
the Big Mac Property from MacDonald Mines consisting of 51 Claim
Blocks, approximately 27,660 acres.
About MacDonald Mines
MacDonald Mines is a TSX-Venture listed, Canadian exploration
company with a deep established history in the exploration of gold
and base metals. MacDonald Mines has set upon a strategic direction
of exploration in the Central Canada Northlands, and currently has
a focus in the Sachigo Greenstone Belt in the James Bay Lowlands.
With a sizeable land position of 271 Claim Blocks (3982 Claim
Units), totaling over 63,700 hectares, the Company has positioned
itself as a value play in the Webequie/McFauld's Lake exploration
area.
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 MacDonald Mines
Exploration Ltd. Brent Nykoliation Director of Business Development
(416) 364-7024 Email: bnykoliation@macdonaldmines.com
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