GWR Resources acquires Quebec option, stakes 32 claims

2010-06-29 11:10 ET - News Release

Mr. Irvin Eisler reports

GWR OPTIONS SAINTE SABINE GOLD PROPERTY IN THE BEAUCE REGION, SOUTH EASTERN QUEBEC

GWR Resources Inc. has entered an option agreement allowing it to earn up to a 100-per-cent interest in 81 mineral claims (plus six pending claims) totalling about 3,250 hectares (32.50 square kilometres) located approximately 80 km southeast of Quebec, Que., Canada. GWR has also staked 32 adjoining claims which are pending and, when approved, will become part of the agreement. The option agreement is over a six-year term and calls for escalating cash payments, share issuances and exploration expenditures. To acquire a 100-per-cent interest in the property, GWR must pay $310,000 cash, issue 1,575,000 common shares and complete $4-million in exploration expenditures, subject to a 2-per-cent net smelter royalty. Upon GWR exercising the option in full, a 2-per-cent NSR interest is subject to an optional buyback of 0.5 per cent for $500,000 and a second optional buyback of 0.5 per cent for $500,000, thereby leaving the optionor with a 1-per-cent NSR.

Irvin Eisler, president of GWR, states: "I am pleased to augment our exploration portfolio by adding this exciting new gold and gold-polymetallic (gold-silver-zinc-copper) property located in one of the best jurisdictions in the world, as rated by the Fraser Institute. The claim groups show strong potential to host gold mineralization and are located immediately along strike and adjacent to the Bellechasse property held by Golden Hope Mines Ltd. which has received significant attention in recent months. The Beauce region has experienced a recent renaissance with a staking rush occurring over the last numerous months, reinforcing the gold potential of the belt."

Additional information about the Sainte Sabine property will be provided after all regulatory approvals have been received. GWR looks forward to commencing exploration on the new property in the next few weeks.