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
TORONTO, ONTARIO , 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.
Shares Outstanding: 112,085,708
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
Website: www.wsrresources.ca
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