East West and Temex Option/Joint Venture Agreement Accepted for Filing by TSX Venture Exchange5/20/2008 9:00:12 AM - Market Wire
- Nickel-Copper-PGE Targets
- West of McFaulds Lake and Noront Discovery
- Strong Conductors With Coincidental Magnetic Highs
TORONTO, ONTARIO, May 20, 2008 (Marketwire via COMTEX News Network) --
East West Resource Corporation (TSX VENTURE:EWR) ("East West" or "the Company") announces that the TSX Venture Exchange has accepted for filing documentation pertaining to an agreement whereby the company will earn an interest in a property owed by Temex Resources Ltd. The property, refered to as the GP, is contiguous with another property refered to as the GP2, which is subject to a 50:50 joint ventures between the companies. The properties are located 45 kilometers south and west of the Noront discoveries at McFaulds Lake.
The companies completed an analysis and selected drill target on the basis of an airborne electromagnetic survey "VTEM" conducted by Geotech. The 1100 line kilometer survey covered the 573 claim units of the combined GP and GP2 properties. Six coincidental magnetic and electromagnetic anomalies have been prioritized for drilling. Four of these anomalies have similar characteristics to the Noront discovery and are therefore considered nickel-copper-PGE targets. The other two anomalies are considered to be VMS copper-zinc-silver targets, mimicking the overall deposit type distribution in the McFaulds Lake area. Robert Middleton, P.Eng., is the designated qualified person responsible for the preparation of this news release.
Certain information regarding East West Resource Corporation contained herein may constitute forward looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although East West Resource Corporation believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. East West Resource Corporation cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what East West Resource Corporation currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.
ON BEHALF OF THE BOARD OF DIRECTORS
M.J. (Moe) Lavigne, President and CEO
SOURCE: East West Resource Corporation
East West Resource Corporation M.J. (Moe) Lavigne President and CEO (807) 623-3824 (807) 623-0877 (FAX) Email: [email protected] Website: www.eastwestres.com
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