Aggressive program in a highly prospective portion of the "Ring of Fire" mineralized zone.
White Pine Resources Inc. Toronto, TSX.V : WPR
Dec. 16, 2008 - The board of directors of WSR Gold Inc. (TSX VENTURE:WSR) ("WSR" or the "Company") is pleased to announce that at the special meeting of shareholders of WSR held on December 16, 2008, the requisite shareholder approval was received to consolidate the common shares of the Company on the basis of one (1) "new" common share for ten (10) "old" common shares, and to change the name of the Company to "White Pine Resources Inc."
The shares of WSR Gold Inc. are trading under the new name of White Pine Resources Inc. and the new ticker symbol WPR. The new Cusip number is 964343 10 7.
WSR/WPR was incorporated in 1979 and headquartered in Toronto. WPR is a junior resource company engaged in the exploration and development of key assets of over 37.000 hectares in the highly prolfic McFaulds Lake mining camp in the James Bay Lowlands of Ontario Canada.
White Pine has entered into an agreement with Metalex and Arctic Star whereby White Pine has the right to fund a maximum of $20.0 million in expenditures on the James Bay Properties Property over a 4 year period to earn a maximum 50% interest. The James Bay Properties comprise approximately 214.4 square kilometers (52,980 acres) (see press release dated March 26, 2008).
White Pine can also 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.
White Pine has also 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).
White Pine and Noront have agreed to earn a 35% interest each in the Luc Bourdon Prospect from Golden Valley Mines Ltd. (TSX VENTURE:GZZ) consisting of approximately 9,000 hectares (see press release dated June 6, 2008).
The Luc Bourdon Prospect surrounds the recently announced Volcanic Derived Sulphide (VDS) Mineralization by Metalex and WSR to the north, east and south.
WPR has initiated an aggressive program in a highly prospective portion of the "Ring of Fire" mineralized zone.
The James Bay Lowlands area in Northern Ontario, known as the "Ring of Fire" appears to be the most significant base metal play in Canada since the Voisey’s Bay discovery in Labrador in September 1993.