| | | Fri May 29, 2009
War Eagle Signs Letter of Intent to Grant Interest in its MAC Mineral Property
|
| | Vancouver, British Columbia -- May 29, 2009 - War Eagle Mining Company Inc. (TSXV - WAR) ("War Eagle" or the "Company") is pleased to announce that it has signed a letter of intent ("LOI") in which the Company plans to enter into a definitive agreement with VM Exploration Ltd. ("VM Exploration"). Under the agreement, VM Exploration will have the option to earn up to an 80% interest in the Company's MAC mineral property located in the Northwest Territories, Canada.
Subject to additional terms including signing a formal definitive agreement and TSX Venture Exchange approval, the Company will grant VM Exploration the sole and exclusive right to earn up to an 80% interest in the MAC property in consideration of VM Exploration incurring expenditures of up to a total of $2 million in accordance with a payment schedule determined by the execution date of a definitive agreement.
War Eagle will maintain a carried interest on the MAC property until a bankable feasibility study is complete, after which it will continue to have a working interest and become responsible for additional expenditures. VM Exploration will develop an exploration program for the MAC property to continue exploration and maintenance of the property's mineral leases.
VM Exploration is a private company based in Vancouver, British Columbia.
War Eagle Mining Company Inc. is a mineral exploration company publicly traded since 1987 and listed on the TSX Venture Exchange with the symbol "WAR". The Company is identifying sources of germanium and developing methodologies for recovering germanium, either through mining or through the extraction of germanium from fly ash and similar materials.
For additional information please contact:
War Eagle Mining Company Inc.
Terry Schorn, Director
604-606-7979
Email: info@wareaglemining.com
Website: www.wareaglemining.com
This news release was prepared by management of War Eagle, which takes full responsibility for its contents. 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. |
| |
| | You can return to the Top of this page
|
|
