Waymar Resources Ltd.
TSX VENTURE : WYM

Waymar Resources Ltd.

March 03, 2010 15:32 ET

Waymar Resources Announces Property Acquistion

TORONTO, ONTARIO--(Marketwire - March 3, 2010) - Waymar Resources Ltd. (TSX VENTURE:WYM) ("Waymar" or the "Corporation") is pleased to announce that it has entered into a letter of intent with a group of persons that are arms length to Waymar (the "Vendors") pursuant to which Waymar will be granted the option to acquire up to a 100% legal and beneficial interest in the Anza project comprised of mineral rights located on the easter-most margin of Colombia's Western Cordillera, 50km west of Medellin. In order to exercise its option, Waymar is required to make payments to the Vendors aggregating US$3.8 million over a three year period (of which US$50,000 is payable on the date of execution of the letter of intent and US$250,000 is payable on execution of a definitive agreement), issue 3,800,000 common shares to the Vendors over a three year period (of which 300,000 common shares are to be issued on execution of a definitive agreement) and make expenditures on the property aggregating US$4 million over a three year period (of which US$500,000 must be expended in the first year). The Vendors will retain a 2% net smelter return royalty on the property, 50% of which may be purchased by Waymar for US$1,000,000.

The agreement is subject to Waymar and the Vendors executing a definitive option agreement on or prior to May 20, 2010 and receipt of any required regulatory approvals, including, without limitation, the approval of the TSX Venture Exchange.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Waymar Resources Ltd.
    Gerry Feldman, CA
    416-924-4900