WSR and Noront Announce Definitive Options From Golden Valley Mines to Each Acquire Up to 35% Interest in Golden Valley "Luc Bou
11 9월 2008 - 9:00PM
Marketwired
WSR Resources Inc. ("WSR")(TSX VENTURE: WSR) is pleased to announce
the signing of a definitive agreement among Golden Valley Resources
Inc., Noront Resources Ltd. ("Noront") and the WSR providing WSR
and Noront the option to acquire, from Golden Valley, an aggregate
70% legal and beneficial interest (the "Option") in the Golden
Valley property located in the lowlands region (McFauld's Lake
Area) of James Bay, Ontario (the "Property").
In order for WSR to acquire its 35% interest in the Property,
WSR will be required to make payments to Golden Valley totalling
$175,000 (or $350,000 in the aggregate with the payments from
Noront), to be satisfied by the payment by each of WSR and Noront
of $25,000 in cash, and by the issuance of 340,909 common shares of
WSR, and 56,174 common shares of Noront. In addition to these
payments, WSR and Noront will also be required to incur aggregate
exploration expenditures on the Property of at least $5,000,000
over a three year period (of which $1,000,000 must be expended in
the first year).
Upon WSR and Noront earning their collective 70% interest in the
Property, WSR, Noront and Golden Valley shall enter into a joint
venture agreement. The Joint Venture Agreement will require WSR and
Noront to fund all project costs up to the start of commercial
production from the Property. Following the commencement of
commercial production, any cash flow after payment of operating
expenses and third party financing costs will be distributed to
Noront and WSR until such time as the aggregate of their project
costs, including interest, up to the commencement of commercial
production have been repaid, following which such cash flow shall
be distributed to the parties on a pro rata basis.
The transaction remains subject to the approval of the TSX
Venture Exchange and execution of the definitive option
agreement.
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 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 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: 111,515,983
To view the WSR Gold Inc. James Bay Lowlands Property Holdings
please visit the following link:
http://media3.marketwire.com/docs/WSR0910.jpg
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 Email: jtait@wsrgold.ca
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