Owner
Post by Franko10 ™ on Feb 17, 2005 16:40:54 GMT -5
War Eagle Negotiates 100% Interest in Mac Project
16:36 EST Thursday, February 17, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 17, 2005) - War Eagle Mining Company Inc. (TSX VENTURE:WAR) Terence F. Schorn, President is pleased to announce that War Eagle Mining Company Inc. and Strategic Metals Ltd. have agreed to an asset swap that will give War Eagle the right to earn a 100% interest in the Mac Property, a tantalum/tin/lithium prospect in southwestern Northwest Territories and Strategic a 100% interest in the Antimony Mountain gold/copper project in the Tombstone Gold Belt of west central Yukon.
Strategic has granted War Eagle the optional right to acquire a 100% working interest in the Mac property, subject to a 2% net smelter return royalty payable to Strategic, under the following terms:
1. War Eagle must transfer its 50% interest in the Antimony Mountain Joint Venture to Strategic at no cost but will retain a 0.5% net smelter return royalty payable on gold and silver production;
2. War Eagle must make a cash payment of $22,000 by February 28, 2005;
3. War Eagle must make an additional cash payment of $100,000 or issue shares to that value by February 15, 2006; and,
4. War Eagle must make an additional cash payment of $100,000 or issue shares to that value by February 15, 2007.
If War Eagle does not satisfy any of the above terms, the option will terminate immediately and War Eagle will earn no interest in the Mac property. If all of the above terms are completed, War Eagle will have the right to purchase one-half of Strategic's net smelter return royalty interest by a $1,000,000 cash payment at any time up to February 15, 2010, thereby reducing Strategic's interest to a 1% net smelter return royalty.
War Eagle will continue to fund the Tres Marias zinc/germanium mine development program in Mexico during 2005 and as a result no work is budgeted for the Mac Project during the 2005 season.
Terence F. Schorn, P. Geo, President
War Eagle Mining Company Inc.
CUSIP. No. 933901209
FOR FURTHER INFORMATION PLEASE CONTACT:
War Eagle Mining Company Inc.
Bob Faris
Vice President, Corporate Development
(604) 606-7973 or Toll Free: 1-800-877-1626
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.
16:36 EST Thursday, February 17, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 17, 2005) - War Eagle Mining Company Inc. (TSX VENTURE:WAR) Terence F. Schorn, President is pleased to announce that War Eagle Mining Company Inc. and Strategic Metals Ltd. have agreed to an asset swap that will give War Eagle the right to earn a 100% interest in the Mac Property, a tantalum/tin/lithium prospect in southwestern Northwest Territories and Strategic a 100% interest in the Antimony Mountain gold/copper project in the Tombstone Gold Belt of west central Yukon.
Strategic has granted War Eagle the optional right to acquire a 100% working interest in the Mac property, subject to a 2% net smelter return royalty payable to Strategic, under the following terms:
1. War Eagle must transfer its 50% interest in the Antimony Mountain Joint Venture to Strategic at no cost but will retain a 0.5% net smelter return royalty payable on gold and silver production;
2. War Eagle must make a cash payment of $22,000 by February 28, 2005;
3. War Eagle must make an additional cash payment of $100,000 or issue shares to that value by February 15, 2006; and,
4. War Eagle must make an additional cash payment of $100,000 or issue shares to that value by February 15, 2007.
If War Eagle does not satisfy any of the above terms, the option will terminate immediately and War Eagle will earn no interest in the Mac property. If all of the above terms are completed, War Eagle will have the right to purchase one-half of Strategic's net smelter return royalty interest by a $1,000,000 cash payment at any time up to February 15, 2010, thereby reducing Strategic's interest to a 1% net smelter return royalty.
War Eagle will continue to fund the Tres Marias zinc/germanium mine development program in Mexico during 2005 and as a result no work is budgeted for the Mac Project during the 2005 season.
Terence F. Schorn, P. Geo, President
War Eagle Mining Company Inc.
CUSIP. No. 933901209
FOR FURTHER INFORMATION PLEASE CONTACT:
War Eagle Mining Company Inc.
Bob Faris
Vice President, Corporate Development
(604) 606-7973 or Toll Free: 1-800-877-1626
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.
