War Eagle Mining Company to Joint Venture Out its Mac Property
War Eagle Mining Company to Joint Venture Out its Mac Property
Jun. 27, 2007 01:30 PM
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 06/27/07 -- War Eagle Mining Company Inc. (TSX VENTURE: WAR) (the "Company") has signed an option agreement with Eagle Hill Exploration Corporation ("Eagle Hill"), that trades on the TSX-Venture exchange. Eagle Hill may acquire a 70% interest in the MAC Property located in the Northwest Territories, Canada, leaving WAR with a 30% carried property interest through the first $2,800,000 in exploration expenditures.
Subject to regulatory approval, Eagle Hill has the right to earn up to 70% interest in the Property by spending a minimum of $2,800,000 on the Property in accordance with the following schedule:
a) An option to spend $1,400,000 on or before December 31, 2009 to earn a 25% interest in the Property;
b) an option to spend an additional $700,000 on or before December 31, 2010 to earn an additional 25% interest in the Property; and
c) an option to spend a further $700,000 on or before December 31, 2011 to earn a final 20% interest in the Property.
Terence Schorn, President and CEO, noted, "the Joint Venture Agreement with Eagle Hill is in keeping with the Company's mandate to focus its exploration and development program on the Tres Marias Zinc Germanium property in Mexico."
War Eagle Mining Company Inc. is a British Columbia company that is widely held and publicly traded on the TSX Venture Exchange (symbol: WAR).
Terence F. Schorn, P. Geo, President
War Eagle Mining Company Inc.
CUSIP. No. 933901209
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.
Contacts:
War Eagle Mining Company Inc.
Bob Faris
Vice President, Corporate Development
1-800-877-1626 or (604) 606-7973
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