Metalex, Arctic Star and WSR Gold Execute Definitive Agreement for "Ring of Fire" Properties
March 26 2008 - 12:30PM
Marketwired
TORONTO, ONTARIO ("Metalex"), WSR Gold Inc. (TSX VENTURE: WSR)
("WSR") and Arctic Star Resources Inc. (TSX VENTURE: ADD) ("Arctic
Star") announced today that they have executed the definitive
agreement pursuant to their press release dated November 26, 2007,
on their James Bay Lowland Claims ("Claims") whereby WSR can earn
up to a 50% beneficial interest in the Claims by spending up to $20
million over 4 years on the Claims.
Under the terms of the definitive agreement, WSR has the right
to earn up to a 50% interest in the Claims by funding CDN$20.0
million in expenditures on the Property over a 4 year period. For
each CDN$5.0 million in expenditures incurred by WSR on the Claims,
WSR will acquire a 12.5% interest in the Claims, up to a maximum
50% interest. Currently the claims are owned by a 91.5% Metalex:
8.5% Arctic Star joint venture. Upon the exercise by WSR of its
option to acquire its first 12.5% interest in the Claims, the
parties shall form a joint venture, during which period a
management committee will be formed to approve programs and budgets
concerning the Claims. Once WSR has earned its 50% interest, or has
elected to no longer sole fund exploration then the joint venture
partners will fund the approved budgets pro rata in accordance with
their respective interests, or be subject to dilution.
The Claims are strategically located on and around the "Ring of
Fire", James Bay, Ontario. Additional staking has taken place since
the original press release (November 26, 2007) and the Claims now
cover approximately 214.4 square kilometres (52,980 acres).
An airborne electromagnetic and magnetic survey over the Claims
is now underway. Preliminary results from a portion of the survey
show several conductors in the vicinity of magnetic anomalies have
been detected. These geophysical anomalies are similar to those of
Noront's recent Eagle One and Eagle Two discoveries.
The transaction remains subject to the approval of the TSX
Venture Exchange.
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. 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. The common shares of WSR trade on the TSX Venture
Exchange under the symbol "WSR".
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, Quebec, Morocco, Angola and Brazil
(subject to regulatory approval). The common shares of Metalex
trade on the TSX Venture Exchange under the symbol "MTX".
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 John Tait President and Chief Executive
Officer (416) 628-5905 Email: jtait@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
Windstorm Resources Inc. (TSXV:WSR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Windstorm Resources Inc. (TSXV:WSR)
Historical Stock Chart
From Jul 2023 to Jul 2024