Weda Bay Minerals Inc.

Weda Bay Minerals Inc.

January 03, 2005 14:45 ET

Weda Bay Minerals Inc.: News Release


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: WEDA BAY MINERALS INC.

TSX SYMBOL: WDA

JANUARY 3, 2005 - 14:45 ET

Weda Bay Minerals Inc.: News Release

TORONTO, ONTARIO--(CCNMatthews - Jan. 3, 2005) - Weda Bay Minerals Inc.
(TSX:WDA)

Indian Ocean Tsunami

The recent devastating Tsunami event in the Indian Ocean has not
affected the personnel or operations of Weda Bay Minerals Inc. in
Indonesia. The island of Halmahera on which the Company's project is
situated is over 4,000 km from western Indonesia where the earthquake
occurred and is well sheltered from Tsunami effects by other Indonesian
islands.

Appointment of New Chairman

The Company is pleased to announce the appointment of Mr Michael Garvey
as Chairman of the Board of Directors. The previous Chairman, Mr. Louis
Clinton, retired in November 2004.

Mr. Garvey has served as a Director and Vice Chairman of Weda Bay
Minerals Inc. since February 1997. He is a senior mining company
executive with over 30 years experience in base metal mining, metal
production and sales, involving copper, zinc, nickel, cobalt and
precious metals. He has been the principal of consulting company Garvey
Associates Inc since 1991 and previously, Senior Vice President of
Sherritt Gordon Limited of Canada and CEO of Sherritt Metals Company.

Mr. Garvey noted the exciting challenge ahead of bringing to production
one of the worlds foremost nickel and cobalt resources. Mr. Garvey is
domiciled in North America which will give Shareholders improved
opportunity to communicate with the Company.

Weda Bay Minerals Inc (WDA) is an exploration and development company
focused on the world-class nickel and cobalt laterite project on the
island of Halmahera in Indonesia. The recently announced increased
project resources are 155 million tonnes grading 1.45% Ni and 0.09% Co
of measured and indicated resources plus 123 million tonnes grading
1.53% Ni and 0.08% Co of inferred resource. Resource estimates are at a
cutoff grade of 1.0% Ni.

The Company has completed an independent Pre Feasibility Study, which
concludes that the Halmahera project is highly viable. The Company is
now working towards the commencement of a Bankable Feasibility Study.

WEDA BAY MINERALS INC.

JOHN E. LYNCH,

PRESIDENT AND CHIEF EXECUTIVE OFFICER

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Weda Bay Minerals Inc.
    John E. Lynch
    E-mail: jlynch@wedabay.com.au
    61 7 3250 2200
    61 7 3250 2277 (FAX)
    Level 2 - 120 Wickham St.
    Fortitude Valley, Queensland, Australia 4006
    or
    Weda Bay Minerals Inc.
    R. Michael Garvey or Ian Shaw
    E-mail: info@wedabay.com
    (416) 603-0591
    (416) 367-3638 (FAX)
    12th Floor, 20 Toronto Street
    Toronto, ON, Canada M5C 2B8
    The Toronto Stock Exchange has neither approved nor disapproved the
    information contained herein.