VANCOUVER, BC--(Marketwired - August 19, 2015) - War Eagle Mining Company Inc. (TSX VENTURE: WAR) ("War Eagle" or the "Company"). In October 2014, as a result of a review of its disclosure record as of that date by staff of the British Columbia Securities Commission, War Eagle concluded that clarification of certain aspects of its previous disclosure is required to clarify prior disclosure made by it respecting mineral properties then held by the Company in Mexico and Canada. This was in reference to previous Company statements related to the Tres Marias former producing zinc-lead-germanium mine in Chihuahua, Mexico, and the MAC rare earth exploration project in the Northwest Territories, Canada. Since that disclosure was made the Company has disposed of the Tres Marias mine and has dropped the MAC claims.
The Tres Marias Mine:
Regarding the Tres Marias mine, contrary to any statements previously made by the Company no economic study of any mineral resource has been undertaken. Accordingly, the Company is hereby withdrawing any and all statements heretofore made respecting any economic study or mineral resource, any capital cost estimate, any development plans, any preliminary resource estimate, any assay results or grades, any economic feasibility, or prospective mining plans, operations or processing options, including any such statements made in a September 21, 2010 conference call and repeated on the Company's website, or in its Management Discussion and Analysis ("MD&A") reports dated September 30, 2012, December 31, 2012 and March 31, 2013 or in its news release dated January 16, 2014. The Company is unaware of any mineral resource derived from any work done by it for the Tres Marias project.
On or before September 30, 2015, the Company will be filing under the Company's profile on SEDAR at www.sedar.com a new NI 43-101 compliant technical report summarizing all material scientific and technical information in its possession or to which it has access relating to the Tres Marias project.
The Tres Marias mine was, until January 2014, held by a Mexican subsidiary of War Eagle, Tombstone Exploration de Mexico S.A. de C.V. ("Tombstone"). In December 2013 (closing in January 2014), Tombstone (the then owner of the Tres Marias mine) was sold for US$2.5 million cash plus other consideration to Contratista y Operaciones Mineras S.A. ("Comsa") a private Mexican mining company following the signing of a sale agreement announced in a press release dated January 16, 2014. Comsa is in the process of re-permitting and re-activating the mine.
The MAC Exploration Project
The Company carried out limited work on the MAC rare earth exploration project. After July 2009 no further work was carried out on the property and the Company determined not to develop this property. Accordingly, it dropped MAC claims #1-7 during the six month period ended September 30, 2012 and in the fiscal year ended March 31, 2013, the Company completely wrote off its investment in the MAC property. The Company also dropped MAC claims #8-10 in March 2015. The MAC project also included the Selwyn claims #1-10 in Yukon, Canada, which expired in June 2013.
The Company would like to retract the reference made in its March 31, 2013 MD&A to the MAC property containing a mineral resource. The Company is unaware of any mineral resource estimate derived from any work done for the MAC project.
The Company also would like to retract any inadequate disclosure in the Company's March 31, 2013, MD&A regarding disclosure indirectly of the results of a PEA. The Company is unaware of any economic, or PEA study performed on the MAC project.
The technical information in this news release was approved by Thomas R. Atkins, a Qualified Person as defined by NI 43-101, who is President and CEO of the Company and therefore non-independent.