TORONTO, ONTARIO--(Marketwire - March 31, 2008) - WSR Gold Inc. ("WSR") (TSX VENTURE:WSR) is pleased to announce that a 2,500 meter drill program has commenced on its recently acquired James Bay nickel and copper properties. Through three separate agreements WSR will operate the exploration of 17 Claim Blocks on the northeast corner of the "Ring of Fire" on behalf of its partners, Noront Resources Ltd. (TSX VENTURE:NOT), Metalex Ventures Ltd. (TSX VENTURE:MTX) and MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK). The agreements allow WSR an option to earn a 50% beneficial interest in both the NOT and MTX claims (as per our recent press releases) and WSR has an option to earn a 75% interest in the BMK claims (collectively the "Properties").
Since mobilization on February 25, 2008 WSR has:
1. Mobilized and completed construction of a 20 person exploration camp with all the required equipment; 2. Mobilized an extensive exploration team; 3. Reviewed flight data and prioritized exploration targets; 4. Cut ground geophysics lines over the targets and a ground geophysics program is underway; 5. Delineated a drill program; and 6. Mobilized a drill to the Properties. A 2,500 meter drill program is now underway on the prioritized exploration targets. WSR's total land position in the Ring of Fire, James Bay, Ontario is: Under option to acquire 50% interest: 25,900 hectares Under option to acquire 75% interest: 11,200 hectares ------- Total 37,100 hectares ------- -------
WSR is a Canadian based mineral exploration company with extensive property holdings strategically located on and around the nickel/copper "Ring of Fire" in northern Ontario near James Bay.
WSR can earn a 50% interest in the McFauld's Lake Property pursuant to an option agreement with Noront Resources Ltd. (TSX VENTURE:NOT) (see press release dated November 1, 2007). The area will include 15 Claim Blocks, approximately 4,400 hectares (9,600 acres) in the Ring of Fire, McFauld's Lake, Ontario near Noront's prolific nickel copper and platinum group metals discovery.
WSR has agreed to acquire a 75% interest in the Big Mac Property from MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) consisting of 51 Claim Blocks, approximately 27,660 acres (see press release dated February 15, 2008).
WSR has entered into an agreement with Metalex Ventures Ltd. (TSX VENTURE:MTX) and Arctic Star Diamond Corp. whereby WSR has the right to fund a maximum of $20.0 million in expenditures on the James Bay Lowlands Properties over a 4 year period to earn a maximum 50% interest. The James Bay Lowlands Properties comprise approximately 214.4 square kilometers (52,980 acres) (see press release dated March 26, 2008).
Forward looking statements: Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of WSR, including but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the unavailability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and as such, undue reliance should not be placed on forward-looking statements.
Shares Outstanding: 93,737,652
To view a map of the McFaulds Lake Area map, please visit the following link: http://media3.marketwire.com/docs/McFaulds.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
WSR Gold Inc.
President and Chief Executive Officer
(416) 628-5911 (FAX)