WEX Western Exploration Inc

TORONTO, Feb. 1 /CNW/ -- /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ TORONTO, Feb. 1 /CNW/ - Win-Eldrich Mines Limited (TSX-V: WEX) (the "Company") is pleased to announce that it has arranged a private placement with Northern Securities Inc. (the "Agent") for gross proceeds of up to $1,750,000 million on a best efforts basis (the "Offering").  The private placement is subject to Northern Securities completing due diligence and other customary closing conditions.  The Offering will consist of up to 5,833,334 Units issued at a price of $0.30 per Unit.  Each Unit will consist of one common share ("Common Share") and one half of one common share purchase warrant (each whole warrant a "Warrant"), with each Warrant entitling the holder to acquire one Common Share at an exercise price of $0.45 for a period of two years. The Company shall be entitled to provide subscribers for up to $250,000 of the Offering. The Offering remains subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to a four-month hold period. The proceeds from the offering will be used to fund further exploration and development of Win-Eldrich's Ashdown molybdenum deposit, exploration of the Ashdown gold deposit and for general working capital purposes. The Agent will be paid a commission fee of 8% in cash and 8% in broker warrants exercisable for Units at $0.30 per Unit for a period of two years from closing. In addition, the Agent will receive a work fee of $10,000 payable on closing of the Offering. About Win-Eldrich Mines Limited: The Company is a mining exploration and development company with its principal property interests located in northern Nevada, U.S.A. The Company's operations comprise a single reporting operating segment. The Company's principal asset is its 100 % interest in an operating molybdenum mine, owned by Ashdown Project LLC ("APLLC"). The property being mined, known as the Ashdown Property, was indirectly owned by the Company since 1987 and it consists of 293 unpatented mining claims covering approximately nine square miles, located approximately 11.5 miles southwest of Denio, Nevada. Forward Looking Statements: Certain information contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond its control, and that future events and results may vary substantially from what the Company currently foresees. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2011/01/c6827.html p align="justify"Perry Muller, President, Win-Eldrich Mines Limited, at (402) 435-7206/p

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