WAR EAGLE MINING COMPANY INC. ("WAR") BULLETIN TYPE: Property-Asset Agreement BULLETIN DATE: February 20, 2006 TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation of a Letter Agreement dated February 14, 2005 between the Issuer and Strategic Metals Ltd. ('Strategic') whereby the Issuer will have the right to earn a 100% interest in the Mac Property located in southwestern Northwest Territories.
Strategic has granted to the Issuer the optional right to earn a 100% interest in the Mac property, subject to a 2% net smelter return royalty payable to Strategic, under the following consideration:
1. The Issuer 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. The Issuer must make a cash payment of $22,000 by February 28, 2005 (paid).
3. The issuance of 150,000 common shares of the Issuer (at a deemed price of $0.66 per share).
4. The Issuer must make an additional cash payment of $100,000 or issue shares to that value by February 15, 2007.
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