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Post by Franko10 ™ on Jan 4, 2005 9:17:11 GMT -5
War Eagle Mining Company Inc.: Candle Lake Agreement Completed
VANCOUVER, British Columbia, Dec 31, 2004 (BUSINESS WIRE) -- (BusinessWire)
War Eagle Mining Company Inc. ("War Eagle", "WAR") (TSX VENTURE:WAR) and Great Western Minerals Group Ltd. ("Minerals", "GWG") announces that GWG has completed the acquisition of War Eagle's undivided 20% interest in the Candle Lake Joint Venture (the "CLJV"), consisting of 34 diamond claims (the "Claims") located in the Candle Lake area of Saskatchewan. As a result of this acquisition, GWG and its affiliates now own a 100% undivided interest in the Claims and WAR will retain an over-riding royalty equal to 1.5% of the gross proceeds from the sale of minerals produced from the Claims.
In consideration for this acquisition, GWG will pay $150,000 and issue 500,000 of its common shares to WAR and an affiliate of GWG will issue 500,000 special warrants to WAR. The 500,000 common shares of GWG are subject to a four month hold period ending May 1, 2005. War Eagle has also been granted an option to repurchase an undivided 20% interest in the Claims for $100,000 in the event certain conditions are not satisfied prior to April 1, 2005.
Terence F. Schorn, P. Geo, President War Eagle Mining Company Inc CUSIP. No. 933901209
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.
SOURCE: War Eagle Mining Company Inc.
War Eagle Mining Company Inc. Bob Faris Vice President, Corporate Development (604) 606-7973 or Toll Free: 1-800-877-1626
Copyright (C) 2004 Business Wire. All rights reserved.
VANCOUVER, British Columbia, Dec 31, 2004 (BUSINESS WIRE) -- (BusinessWire)
War Eagle Mining Company Inc. ("War Eagle", "WAR") (TSX VENTURE:WAR) and Great Western Minerals Group Ltd. ("Minerals", "GWG") announces that GWG has completed the acquisition of War Eagle's undivided 20% interest in the Candle Lake Joint Venture (the "CLJV"), consisting of 34 diamond claims (the "Claims") located in the Candle Lake area of Saskatchewan. As a result of this acquisition, GWG and its affiliates now own a 100% undivided interest in the Claims and WAR will retain an over-riding royalty equal to 1.5% of the gross proceeds from the sale of minerals produced from the Claims.
In consideration for this acquisition, GWG will pay $150,000 and issue 500,000 of its common shares to WAR and an affiliate of GWG will issue 500,000 special warrants to WAR. The 500,000 common shares of GWG are subject to a four month hold period ending May 1, 2005. War Eagle has also been granted an option to repurchase an undivided 20% interest in the Claims for $100,000 in the event certain conditions are not satisfied prior to April 1, 2005.
Terence F. Schorn, P. Geo, President War Eagle Mining Company Inc CUSIP. No. 933901209
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.
SOURCE: War Eagle Mining Company Inc.
War Eagle Mining Company Inc. Bob Faris Vice President, Corporate Development (604) 606-7973 or Toll Free: 1-800-877-1626
Copyright (C) 2004 Business Wire. All rights reserved.
