VANCOUVER, March 28, 2012 /CNW/ - The Directors of WCB Resources Ltd ("WCB" or the "Company") (TSXV: WCB) advise that the Company has withdrawn from the Letter Agreement regarding the Maroon Project in British Columbia with Angel Jade Mines Ltd. Details of this agreement were previously announced on January 27, 2010.
Commenting on this, President and CEO Mr Cameron Switzer said "WCB continues to rank and evaluate our project portfolio in order to best determine the most prospective project to enhance stakeholder value via discovery. We have evaluated the Maroon Project via systematic channel sampling in combination with drill testing returning modest results. Our focus now is clearly on the recent Farm-In acquisition at Misima announced December 20, 2011. The Misima Project has the potential to be a transformational project for the company. We wish Angel Jade Mines Ltd the best with their endeavours on the Maroon Project."
About the Maroon Property
The 1059 hectare Maroon Property lies 35 kilometers north of Terrace, British Columbia. The historic exploration of the Maroon property, completed by several individuals and corporations over the last 90 years, has been successful in locating the Bear vein system, an 1800 metre auriferous, polymetallic vein system. Most of the historic effort has been directed toward the section of the Bear Vein system known as the Bear occurrence, which was developed by three adits and several surface pits and trenches. Two mineralized lenses have been identified within the Bear occurrence: the southwest lens and the northeast lens. WCB Resources evaluated the extensions of the 1800 metre long Bear Vein occurrence.
Work completed by WCB included the completion of trenching over the identified extensions of the vein system followed by 600m of drill testing in six holes. Information relating to this was released August 20, 2010. The results identified the extensions of the vein system.
On behalf of the Board of Directors
President and Chief Executive Officer
Neither 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.
Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals in respect of the transaction, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with operating in foreign jurisdictions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Mineral exploration and development of mines is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review their annual filings that are available at www.sedar.com.
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