| | | Mon Aug 17, 2009
War Eagle Options MAC Property to VM Exploration Ltd.
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| | Vancouver, British Columbia -- August 17, 2009 - War Eagle Mining Company Inc. (TSXV - WAR) ("War Eagle" or the "Company") is pleased to announce it has entered into a binding property option agreement (the "Agreement") with VM Exploration Ltd. ("VM" or "Optionor"), a Vancouver-based exploration company, to earn up to a 80% interest in a mineral property known as the MAC Property (the "Property"), located in the Yukon and Northwest Territories, Canada.
Under the terms of the Agreement, VM will earn up to an 80% interest in the MAC Property, when the following conditions are met by VM:
- incurring a total of $2,000,000 in expenditures on the MAC Property ("Expenditures") in accordance with the following schedule:
- $350,000 on or before the first anniversary of the date of the Agreement (the "Effective Date"),
- an additional $650,000 on or before the second anniversary of the Effective Date, and
- an additional $1,000,000 on or before the third anniversary of the Effective Date.
Once VM has incurred $2,000,000 in expenditures on the MAC Property and has earned a 80% interest in the Property, War Eagle will maintain a 20% carried interest on the Property up until a bankable feasibility study is complete, after which War Eagle will have a working interest and will be responsible for additional expenditures. Of this 20% carried interest, 3.5% will be carried by Eagle Hill Exploration Corporation, the former optionee of the MAC Property.
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 involved in the acquisition, exploration and, if warranted, development of mineral resource properties. The Company principal exploration property is the Tres Marias zinc / germanium property in Mexico.
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. |
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