WSR Gold Inc. Announces Option to Acquire Interest in James Bay Lowland Properties

About this update from Metalex Ventures Ltd.

[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 26 /CNW/ - Metalex Ventures Ltd. (TSX-V:MTX) ("Metalex"),\nWSR Gold Inc. (TSX-V:WSR) ("WSR") and Arctic Star Diamond Corp. (TSX-V:ADD)\n("Arctic") announced today that they have entered into a letter of intent\npursuant to which WSR has been granted the option to acquire a 50% interest in\ncertain claims of Metalex's and Arctic's James Bay Properties, in the Province\nof Ontario. The joint venture does not include Metalex's properties contained\nwithin the Attawapiskat joint venture nor those claims in the T1 joint venture\nthat contain the T1, U1, U2 and U2NW kimberlites. WSR, Metalex and Arctic are\nat arm's length.\n\n\nThe Properties are strategically located on and around the "Ring of Fire"\nand cover approximately 36 square kilometres (8,944 acres) of ground. Based on\ngeophysical work completed by Metalex and Arctic, there are 33 High Priority\nVolcanic Massive Sulphide ("VMS") drill ready targets that have been\nidentified and staked. Further flying on 100 meter spacings over the targets\nand other claim blocks will commence shortly and upon review of the flight\ndata drilling will start.\n\n\nMetalex has a complete exploration camp in the area with 2 drill rigs,\nand other required amenities to effectively operate and immediately commence\nan exploration program. John Tait, CEO of WSR said, "This turn key operation\nallows Metalex, Arctic and WSR an excellent opportunity immediately to\nimplement Metalex's extensive exploration data and to explore these highly\nprospective properties." Metalex has extensive experience operating in the\nJames Bay lowlands, having diamond exploration programs both at Attawapiskat\nand T1.\n\n\nUnder the terms of the letter of intent, WSR has the right to fund a\nmaximum of CDN$20.0 million in expenditures on the Property over a 4 year\nperiod. For each CDN$5.0 million in expenditures, WSR will acquire a 12.5%\ninterest in the Property, up to a maximum 50% interest. During the joint\nventure period, a management committee will be formed. Metalex has agreed to\ndeal exclusively with WSR with respect to the Properties.\n\n\nThe letter of intent is subject to standard conditions including the\ncompletion of due diligence by WSR, the execution of a definitive agreement\nand the approval of the TSX Venture Exchang...

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