EWR Airborne EM conductors South of Dble EagEast West Resource Corporation
TSX VENTURE: EWR
Mar 19, 2008 11:21 ET
East West and Temex Detect Airborne EM Conductors South of Noront Double Eagle Discoveries
- Helicopter borne VTEM survey locates several discrete EM conductors
- Diamond drilling of priority targets being planned
- 333 claim units held under an Option and Joint Venture agreement with East West
- 238 new claim units staked under 50:50 staking syndicate with East West
TORONTO, ONTARIO--(Marketwire - March 19, 2008) - East West Resource Corporation (TSX VENTURE:EWR) ("East West"), announces that helicopter borne VTEM electromagnetic and magnetic surveys have now been completed and preliminary data has been received covering a 30 kilometre strike length on its claims subject to an Option and Joint Venture Agreement with Temex Resources Corp. (TSX VENTURE:TME)(FRANKFURT:TQ1) ("Temex") in the McFaulds Lake area.
The preliminary data reveals several discrete airborne EM conductors and Temex and East West are currently reviewing this data in order to prioritize up to 10 potential drill targets. Ground geophysical surveys will be conducted where warranted and diamond drilling is planned to test the new targets. The priority airborne targets to be tested resemble targets similar to the Noront nickel-copper-platinum group element discoveries (Eagle One and Eagle Two) however a number of targets also resemble volcanogenic massive sulphide (VMS) deposits similar to the discoveries near McFaulds Lake made since 2003.
East West also announces that in addition to the 333 claim unit property subject to the terms of an Option and Joint Venture Agreement with Temex announced February 19, 2008, an additional 238 claim units were staked on a syndicated 50:50 basis to extend coverage based on the results of the airborne survey and to extend coverage on a number of other magnetic features. These features are believed to represent geological environments favourable for the formation of magmatic nickel-copper-platinum group element deposits.
The claims, which are located in the Sachigo Greenstone Belt in the James Bay Lowlands region of northern Ontario, are situated approximately 45 kilometres south and east of the high-grade Noront Eagle One and Eagle Two discoveries. The program is being supervised by a management committee comprised of personnel from Temex and East West.
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
THE TSX VENTURE EXCHANGE DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.