Vancouver, B.C. - War Eagle Mining Company Inc. (TSX Venture Exchange -- WAR) Terence Schorn, President, is please to report that the Company has reached an agreement with Great Western Minerals Group Ltd. (TSX Venture Symbol: GWG) to sell its remaining interest in the Candle Lake diamond project in Saskatchewan.
The purchase price consists of a cash payment of $150,000 and the issuance of 500,000 common shares of the Company to War Eagle by April 15, 2004. The Company has also agreed to issue to War Eagle, 500,000 shares of Great Western Diamonds Corp ("GWD), currently a wholly owned subsidiary of the Company. War Eagle will retain a 1.5% net royalty in the project. The purchase is contingent on GWD becoming a publicly traded entity within 180 days. For further information contact: Bob Faris, Vice President, Corporate Development at 1-800-877-1626 or 604-606-7973.
Terence F. Schorn, P. Geo President War Eagle Mining Company Inc
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