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Metalex, Arctic Star and WSR Gold Execute Definitive Agreement for "Ring Of Fire" Properties
TORONTO, March 26 /CNW/ - Metalex Ventures Ltd. (TSX-V : MTX) ("Metalex"), WSR Gold Inc. (TSX-V:W...
About this update from Metalex Ventures Ltd.
[{"type":"text","content":"\n\n\n\nTORONTO, March 26 /CNW/ - Metalex Ventures Ltd. (TSX-V : MTX)\n("Metalex"), WSR Gold Inc. (TSX-V:WSR) ("WSR") and Arctic Star Diamond Corp.\n(TSXV : ADD) ("Arctic Star") announced today that they have executed the\ndefinitive agreement pursuant to their press release dated November 26, 2007,\non their James Bay Lowland Claims ("Claims") whereby WSR can earn up to a 50%\nbeneficial interest in the Claims by spending up to $20 million over 4 years\non the Claims.\n\n\nUnder the terms of the definitive agreement, WSR has the right to earn up\nto a 50% interest in the Claims by funding CDN$20.0 million in expenditures on\nthe Property over a 4 year period. For each CDN$5.0 million in expenditures\nincurred by WSR on the Claims, WSR will acquire a 12.5% interest in the\nClaims, up to a maximum 50% interest. Currently the claims are owned by a\n91.5% Metalex: 8.5% Arctic Star joint venture. Upon the exercise by WSR of its\noption to acquire its first 12.5% interest in the Claims, the parties shall\nform a joint venture, during which period a management committee will be\nformed to approve programs and budgets concerning the Claims. Once WSR has\nearned its 50% interest, or has elected to no longer sole fund exploration\nthen the joint venture partners will fund the approved budgets pro rata in\naccordance with their respective interests, or be subject to dilution.\n\n\nThe Claims are strategically located on and around the "Ring of Fire",\nJames Bay, Ontario. Additional staking has taken place since the original\npress release (November 26, 2007) and the Claims now cover approximately\n214.4 square kilometres (52,980 acres).\n\n\nAn airborne electromagnetic and magnetic survey over the Claims is now\nunderway. Preliminary results from a portion of the survey show several\nconductors in the vicinity of magnetic anomalies have been detected. These\ngeophysical anomalies are similar to those of Noront's recent Eagle One and\nEagle Two discoveries.\n\n\nThe transaction remains subject to the approval of the TSX Venture\nExchange.\n\n\nAbout WSR\n\n\n---------\n\n\nWSR is a Canadian based mineral exploration company. WSR can earn a 50%\ninterest in a McFauld's Lake Project pursuant to an option agreement with\nNoront Resources Limited (TSX-V: NOT) (see press release dated November 1...