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Westcan, Silver Fields can buy into NAG's coal permits
2009-02-17 14:16 MT - News Release
See News Release (C-WCU) Westcan Uranium Corp
Mr. Chris England of Westcan Uranium reports
WESTCAN URANIUM CORP. EXPANDS COAL HOLDINGS IN SASKATCHEWAN
Westcan Uranium Corp. has reached an agreement with North American Gem Inc., whereby Westcan has the right to acquire a 37.5-per-cent interest in 12 coal prospecting permits totalling 23,040 acres, located in township 55-07-02, northeast of Tobin Lake in central Saskatchewan. In addition, Silver Fields Resources Inc. will also have the right to acquire a similar 37.5-per-cent interest in the property and North American Gem will retain a 25-per-cent interest upon completion of the agreement.
The terms of the option agreement will require Westcan to pay the sum of $7,500 and issue 200,000 common shares to North American Gem as well as complete $480,000 in shared exploration costs on the property with Silver Fields, prior to October, 2011. A bankable feasibility study on the property must be completed within five years of the vesting of this agreement. Upon acceptance of this study, the companies will enter into a joint venture agreement whereby North American Gem will hold a 25-per-cent interest in the project and Westcan and Silver Fields, will each hold a 37.5-per-cent interest in the project. The terms and conditions of the joint venture relationship will to be determined at that time. This agreement is subject to TSX Venture Exchange approval.
Silver Fields will be the operator for the project and has submitted a detailed drill permit application to the Saskatchewan government's permitting office. The company has made plans to commence a detailed exploration program on the property, upon permit approval.
This township, located just east of the recently announced Weststar Resoures Corp. exploration program, is near the most recent coal discovery by Goldsource Mines Inc., and is contiguous to another 12 coal prospecting permits held by Westcan. The company also holds 24 coal prospecting permits southwest of Wapawekka Lake and southeast of Lac La Ronge, Sask., near the intersection of Highway 165 and Highway 912.
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