WSR-Metalex-Arctic Star Joint Venture Announces a Correction on the Hole 5.01-09 Co-Ordinates in Press Release Dated June 16, 20
June 16 2008 - 12:47PM
Marketwired Canada
WSR Gold Inc. (TSX VENTURE:WSR), Metalex Ventures Ltd. (TSX VENTURE:MTX)
("Metalex"), and Arctic Star Diamond Corp.'s (TSX VENTURE:ADD) ("Arctic Star")
announce that there was an error in their press release dated June 16, 2008. The
co-ordinates of Hole 5.01 -09 were misstated at 1+50E, 0+00N. The actual
co-ordinates of the hole are 1+50E, 1+00N. This is a significant step out from
the previously released Hole 5.01 -06 (see press release dated June 4, 2008)
showing growth and continuity over a 50 meter step out to the north of hole 5.01
-06.
The table should have read as follows:
---------------------------------------------------------------------------
Location Hole Mineralization
-------------------------------------------------------------- Visual
Hole No E.ing N.ing Dip Az EoH From To Width Description
-------------------------------------------------------------- of Minerali-
meters meters meters zation
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Minor iron,
copper
5.01-09 1+50E 1+00N -60 180 249.7 42.0 103.5 61.5 sulphides
---------------------------------------------------------------------------
Semi-
massive,
iron,
copper,
zinc
103.5 154.0 50.5 sulphides
---------------------------------------------------------------------------
Iron,
copper,
zinc
154.0 183.8 29.8 sulphides
---------------------------------------------------------------------------
Semi-
massive
iron,
copper,
zinc
183.8 201.2 17.4 sulphides
---------------------------------------------------------------------------
Near-
massive
iron,
copper
201.2 235.4 34.2 sulphides
---------------------------------------------------------------------------
The anomaly 5.01 Project is managed and operated by Metalex for the Joint
Venture partners under supervision of Dr. Charles Fipke, Chairman of Metalex.
Dr. Fipke and John Harvey, P.Eng, a consulting geologist for WSR, prepared this
release.
John Archibald, P.Eng. and a Qualified Person, has reviewed the drill core and
confirms the visual descriptions described herein. Assay results are pending for
all holes completed to date.
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 has entered into an agreement with Metalex Arctic Star whereby WSR has the
right to fund a maximum of $20.0 million in expenditures on the James Bay
Properties Property over a 4 year period to earn a maximum 50% interest. The
James Bay Properties comprise approximately 214.4 square kilometers (52,980
acres) (see press release dated March 26, 2008).
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 and Noront have agreed to earn a 35% interest each in the Luc Bourdon
Prospect from Golden Valley Mines Ltd. (TSX VENTURE:GZZ) consisting of
approximately 9,000 hectares (see press release dated June 6, 2008). The Luc
Bourdon Prospect surrounds the recently announced Volcanic Derived Sulphide
(VDS) Mineralization by Metalex and WSR to the north, east and south.
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.
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