TORONTO, March 26 /CNW/ - Metalex Ventures Ltd. (TSX-V : MTX)
("Metalex"), WSR Gold Inc. (TSX-V:WSR) ("WSR") and Arctic Star Diamond Corp.
(TSXV : ADD) ("Arctic Star") announced today that they have executed the
definitive agreement pursuant to their press release dated November 26, 2007,
on their James Bay Lowland Claims ("Claims") whereby WSR can earn up to a 50%
beneficial interest in the Claims by spending up to $20 million over 4 years
on the Claims.
Under the terms of the definitive agreement, WSR has the right to earn up
to a 50% interest in the Claims by funding CDN$20.0 million in expenditures on
the Property over a 4 year period. For each CDN$5.0 million in expenditures
incurred by WSR on the Claims, WSR will acquire a 12.5% interest in the
Claims, up to a maximum 50% interest. Currently the claims are owned by a
91.5% Metalex: 8.5% Arctic Star joint venture. Upon the exercise by WSR of its
option to acquire its first 12.5% interest in the Claims, the parties shall
form a joint venture, during which period a management committee will be
formed to approve programs and budgets concerning the Claims. Once WSR has
earned its 50% interest, or has elected to no longer sole fund exploration
then the joint venture partners will fund the approved budgets pro rata in
accordance with their respective interests, or be subject to dilution.
The Claims are strategically located on and around the "Ring of Fire",
James Bay, Ontario. Additional staking has taken place since the original
press release (November 26, 2007) and the Claims now cover approximately
214.4 square kilometres (52,980 acres).
An airborne electromagnetic and magnetic survey over the Claims is now
underway. Preliminary results from a portion of the survey show several
conductors in the vicinity of magnetic anomalies have been detected. These
geophysical anomalies are similar to those of Noront's recent Eagle One and
Eagle Two discoveries.
The transaction remains subject to the approval of the TSX Venture
WSR is a Canadian based mineral exploration company. WSR can earn a 50%
interest in a McFauld's Lake Project pursuant to an option agreement with
Noront Resources Limited (TSX-V: 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. And, WSR has
agreed to acquire a 75% legal and beneficial interest in the Big Mac Property
from MacDonald Mines consisting of 51 Claim Blocks, approximately
27,660 acres. The common shares of WSR trade on the TSX Venture Exchange under
the symbol "WSR".
Metalex is a Canadian exploration company primarily focused on diamonds.
Metalex has a global portfolio of diamond projects ranging from advanced
stages of exploration to grass roots including projects in Ontario, Quebec,
Morocco, Angola and Brazil (subject to regulatory approval). The common shares
of Metalex trade on the TSX Venture Exchange under the symbol "MTX".
About Arctic Star
Arctic Star Diamond Corp. (TSX-V: ADD) is a dynamic Canadian diamond
exploration company. Arctic is aggressively developing several projects
Northern Canada and Ontario. Arctic's primary focus is our Credit Lake
property, located in the Northwest Territories.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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.
For further information:
For further information: John Tait, President and Chief Executive
Officer, WSR Gold, (416) 628-5905, email@example.com; Chad Ulansky, President
and Chief Executive Officer, Metalex Ventures Ltd., (250) 860-8599,
firstname.lastname@example.org, or visit Metalex's website at
www.metalexventures.com; Patrick Power, President, Arctic Star Diamond Corp.,
(604) 689-1799, email@example.com, or visit Arctic Star's website at