- For Cash, Shares, Warrants, NSR and $2 million Exploration Commitment
VANCOUVER, June 20 /CNW/ - Novawest Resources Inc. (TSXV - "NVE";
Frankfurt - "NWN"), is pleased to announce that it has completed the sale of a
100% interest in its Raglan Assets to Goldbrook Ventures Inc. (TSXV - "GBK").
For its Raglan Interests Novawest received from Goldbrook $4 million in cash,
5 million common shares of Goldbrook, 2 million warrants to purchase an
additional 2 million common shares of Goldbrook at $0.35 per share at any time
within 5 years, a 1% Net Smelter Royalty on future production proceeds should
any occur on any of the Raglan Interests that do not have a pre-existing
Royalty obligation, and a guarantee of a minimum $2 million exploration
program on the Interests to be carried out in summer 2007.
By way of Novawest's new share position in Goldbrook and its now enlarged
Raglan holdings, Novawest's stakeholders continue to be serious participants
in the future of the Raglan Ni-Cu-PGE Camp.
Due largely to the early exploration carried out by Novawest at Raglan
and the attention it brought the Raglan Camp, the Raglan Camp today is one of
the most actively explored Ni-Cu-PGE camps in the world. The Novawest Board
and management team would like to acknowledge and thank all of the
explorationists that have worked with Novawest over the years in developing
this Ni-Cu-PGE project into what it is today. Novawest would also like to
congratulate Mr. David Baker and his Goldbrook team for continuing to believe
whole-heartedly in the potential of the Raglan Camp and Novawest will continue
to support and applaud their determination and continued efforts at Raglan as
they move the project forward.
Novawest will be focusing on the exploration and development of its
Chibougamau Copper-Gold and Uranium Projects with an aggressive approach in
the works. Novawest is currently carrying out an extensive staking and
acquisition agenda at Chibougamau and will be advising its shareholders on
these matters in the coming weeks. In the last week alone the company has
added at least 115 sq km of key additional claims to its existing Chibougamau
holdings. Management is very encouraged by all the recent activity in the
Chibougamau camp and is quite confident it has chosen a very good exploration
area on which to build Novawest's next thrust.
ON BEHALF OF THE BOARD OF DIRECTORS OF NOVAWEST RE
"Patrick D. O'Brien"
Patrick D. O'Brien - Chairman
Novawest invites the public to visit its website at
http://www.novawest.com or e-mail the company at firstname.lastname@example.org to be
added to the company's e-mail list for press releases and updates.
S.E.C.Exemption12(g)3-2(b) File No. 82-3822, Standard & Poors Listed, Dun
& Bradstreet Listed
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS
RELEASE SHALL NOT CONSTITUITE AN OFFER TO SELL OR THE SOLICITATION OF AN
OFFER TO BUY SECURITIES IN ANY JURISDICTION. "SAFE HARBOR" STATEMENT
UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THIS NEWS
RELEASE CONTAINS FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS
AND ARE SUBJECT TO RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY FROM THOSE SET FORTH IN OR IMPLIED HEREIN.
For further information:
For further information: Novawest Resources Inc., Suite 1000, The Marine
Building, 355 Burrard Street, Vancouver, BC, V6C 2G8, Phone: (604) 683-8990 or
Toll Free: 1-800-663-8990, Fax: (604) 683-8903