ARMSTRONG, BC, June 29 /CNW/ - GWR Resources Inc. ("GWR") (TSX Venture: GWQ) is pleased to announce it has entered into an Option Agreement allowing GWR to earn up to 100% interest in 81 mineral claims (plus 6 pending claims) totalling about 3,250 hectares (32.50 km2) located approximately 80 km southeast of Quebec City in the Province of Quebec, Canada. GWR has also staked 32 adjoining claims, which are pending and when approved will become part of the Agreement.
The Option Agreement is over a 6 year term and calls for escalating cash payments, share issuances and exploration expenditures. To acquire 100% interest in the Property GWR must pay $310,000 cash, issue 1,575,000 common shares, and complete $4,000,000 in exploration expenditures subject to a 2% NSR royalty. Upon GWR exercising the option in full, a 2% NSR royalty interest is subject to an optional 0.5% buyback for $500,000 and a second optional 0.5% buyback for $500,000 thereby leaving the Optionor with a 1% NSR royalty interest.
Irvin Eisler, President of GWR, states: "I am pleased to augment our exploration portfolio by adding this exciting new gold and gold-polymetallic (Au-Ag-Zn-Cu) property, located in one of the best jurisdictions in the world as rated by the Fraser Institute. The claim groups show strong potential to host gold mineralization and are located immediately along strike and adjacent to the Bellechasse Property held by Golden Hope Mines Limited, which has received significant attention in recent months. The Beauce region has experienced a recent renaissance with a staking rush occurring over the last numerous months reinforcing the gold potential of the belt."
Additional information about the Sainte Sabine Property will be provided after all Regulatory Approvals have been received. GWR looks forward to commencing exploration on the new property in the next few weeks.
About GWR Resources Inc.
GWR RESOURCES INC. is an active mineral exploration company, currently exploring multiple zones containing commercial grades of copper and gold within its large Lac La Hache copper-gold porphyry project. GWR's project is in the prolific Quesnel Trough area of British Columbia, between producing mines at Imperial Metals' Mt. Polley Copper-Gold Mine and New Gold Inc.'s New Afton Copper-Gold project (Teck-Cominco's legendary Afton mine). The Lac La Hache project is well-served by rail, road and power infrastructure.
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.
For further information: For further information: please visit www.gwrresources.com or contact: Irvin Eisler, President, Telephone Number: (250) 546-8048