WSR and Partners to Commence Drilling on its James Bay Properties
March 31 2008 - 9:12AM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: WSR) is pleased to announce that
a 2,500 meter drill program has commenced on its recently acquired
James Bay nickel and copper properties. Through three separate
agreements WSR will operate the exploration of 17 Claim Blocks on
the northeast corner of the "Ring of Fire" on behalf of its
partners, Noront Resources Ltd. (TSX VENTURE: NOT), Metalex
Ventures Ltd. (TSX VENTURE: MTX) and MacDonald Mines Exploration
Ltd. (TSX VENTURE: BMK). The agreements allow WSR an option to earn
a 50% beneficial interest in both the NOT and MTX claims (as per
our recent press releases) and WSR has an option to earn a 75%
interest in the BMK claims (collectively the "Properties").
Since mobilization on February 25, 2008 WSR has:
1. Mobilized and completed construction of a 20 person exploration camp
with all the required equipment;
2. Mobilized an extensive exploration team;
3. Reviewed flight data and prioritized exploration targets;
4. Cut ground geophysics lines over the targets and a ground geophysics
program is underway;
5. Delineated a drill program; and
6. Mobilized a drill to the Properties.
A 2,500 meter drill program is now underway on the prioritized exploration
targets.
WSR's total land position in the Ring of Fire, James Bay, Ontario is:
Under option to acquire 50% interest: 25,900 hectares
Under option to acquire 75% interest: 11,200 hectares
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Total 37,100 hectares
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About WSR
WSR is a Canadian based mineral exploration company with
extensive property holdings strategically located on and around the
nickel/copper "Ring of Fire" in northern Ontario near James
Bay.
WSR can earn a 50% interest in the McFauld's Lake Property
pursuant to an option agreement with Noront Resources Ltd. (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.
WSR has agreed to acquire a 75% interest in the Big Mac Property
from MacDonald Mines Exploration Ltd. (TSX VENTURE: BMK) consisting
of 51 Claim Blocks, approximately 27,660 acres (see press release
dated February 15, 2008).
WSR has entered into an agreement with Metalex Ventures Ltd.
(TSX VENTURE: MTX) and Arctic Star Diamond Corp. whereby WSR has
the right to fund a maximum of $20.0 million in expenditures on the
James Bay Lowlands Properties over a 4 year period to earn a
maximum 50% interest. The James Bay Lowlands Properties comprise
approximately 214.4 square kilometers (52,980 acres) (see press
release dated March 26, 2008).
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.
Shares Outstanding: 93,737,652
To view a map of the McFaulds Lake Area map, please visit the
following link:
http://media3.marketwire.com/docs/McFaulds.pdf
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 (416) 628-5911 (FAX) Email:
jtait@wsrgold.ca
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