Windarra Minerals Ltd.
TSX VENTURE : WRA

Windarra Minerals Ltd.

January 03, 2008 09:10 ET

Windarra Acquires Mishi Leases and Royalty to Expand Ontario Properties

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 3, 2007) - Windarra Minerals Ltd. (the "Company") (TSX VENTURE:WRA) has entered into an agreement to acquire a 100% interest in two mining leases, as well as a royalty in respect to ore mined and milled from a third crown mining lease from Messina Minerals Inc. ("Messina" as to 60%) and MacMillan Gold Corp. ("MacMillan" as to 40%). The mining leases are located in the Sault Ste. Marie Mining Division of Ontario near Wesdome Gold Mines' Mishi Pit. The royalty interest acquired from Messina and MacMillan provides for payment of $1.00/tonne for ore from open pit mining and $2.00/tonne for underground mining in excess of 700,000 tonnes mined and is payable to the Company by Wesdome.

In consideration for this acquisition the Company will issue an aggregate of 400,000 common shares of its capital stock to Messina and MacMillan, subject to regulatory approval.

The Company's objective is to consolidate these properties, along with its existing gold exploration holdings, into one larger package in the Magnacon-Mishi area (see reference location map at website: www.windarra.com).

Windarra holds a 100% interest in the Pukaskwa gold property, also located in the Sault Ste. Marie Mining Division of Ontario, and has completed an initial phase of diamond drilling on part of the West Aardvark grid known as the Middle Finger Lake zone. All fourteen holes in the 824 metre program intersected the mineralized zone, and nine of the fourteen holes intersected significant mineralization, with the first five holes averaging 6.53 g/t (0.191 oz/t) gold over 3.87 metres (see News Release dated July 26, 2007). The program has tested only a very limited portion of the anomalies, which have been traced continuously from the area of trenching and drilling for nearly a kilometer along strike. Windarra plans to further drill-test the Middle Finger Lake and the Bonanza-Grade zone, which has not yet been drilled, as well as other targets on the property.

The Pukaskwa property is located 50 kilometres west of Wawa, Ontario, approximately 15 km north of Wesdome's currently-producing Eagle River Mine. The property, which consists of a belt of 55 contiguous unpatented mining claims spanning a length of over 13 km, also lies 20 km southwest of the formerly-producing Magnacon mine, in which Windarra holds an interest. Like the Pukaskwa property, the Magnacon properties lie along the highly prospective Mishibishu gold belt.

On behalf of the Board of Windarra Minerals Ltd.

John Pallot, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Windarra Minerals Ltd.
    John Pallot
    President
    (604) 688-1508
    (604) 601-8253 (FAX)
    Website: www.windarra.com