Far West Mining Ltd.

Far West Mining Ltd.

March 09, 2009 13:59 ET

Far West Mining Acquires Iris Properties from ENAMI to Consolidate Land Position at Santo Domingo

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2009) - Far West Mining Ltd. (TSX:FWM) is pleased to report that it has completed the acquisition of the Iris properties from Empresa Nacional de Mineria ("ENAMI") at its Santo Domingo Project in Chile. The Iris properties host a significant portion of the reported resource at Santo Domingo, namely the Iris deposit, and controlling the property is an important step towards the development of the deposit. ENAMI retains a 2% net smelter return ("NSR") interest in the property.

In July 2005, Far West Mining ("the Company") discovered the Santo Domingo Sur iron-oxidecopper-gold deposit in Region III of northern Chile. In 2006, the company entered into an option agreement with ENAMI to acquire the Iris properties that were believed to host the northern extension of the mineralization as indicated by geophysical signatures. Subsequently, the Company outlined the Santo Domingo Sur and Iris deposits (240Mt @ 0.54% Cu, 24.3% Fe and 0.07 g/t Au) and in 2008 published a preliminary economic assessment for the development of the two deposits. The Company has now completed the acquisition of the Iris properties from ENAMI by making a final payment of US$ 2,500,000 and as a result now controls approximately 200 sq kms around the deposits. ENAMI will retain the right to a 2% NSR royalty with respect to the Iris properties but other rights, including the right of first offer, are terminated with the completion of this acquisition. The only remaining land payment in the Santo Domingo district is for the Pichanga and Santo claims that are located approximately 4km to the west of Santo Domingo Sur/Iris. The final payment of US$ 775,000 is due in April 2010.

Chile Geophysics Program

In the news release of January 5, 2009, the Company reported the acquisition of 55 exploration claims that cover an area of approximately 160 sq kms. These claims are in the IOCG belt and are contiguous with the Company's land position or are within 50 kms of the Santo Domingo deposits. A ground geophysical program for the new properties was developed in January and Quantec Chile started the initial ground geophysical work in February 2009. Work is progressing well and a more detailed second phase program is anticipated for April 2009.

The Company continues its systematic exploration of the Chilean IOCG belt and hopes to duplicate its success at Santo Domingo with the discovery of additional deposits. The belt hosts world-class deposits such as Candelaria, El Soldado and Mantos Blancos that contain several hundred million tonnes at equivalent grades above 1% copper and the discovery of the Santo Domingo deposit under cover proves that the belt is prospective for additional large discoveries.

The in-house qualified person is Richard N. Zimmer, P. Eng., Chief Executive Officer, President and a director of Far West who has reviewed and approved the contents of this news release.

Far West Mining Ltd. is an international mineral exploration company engaged in the evaluation, acquisition, exploration and development of mining properties. The Company has current operations in Chile and Australia.


Richard N. Zimmer, P.Eng., President and C.E.O.

For further information investors should review the Company's filings that are available at www.sedar.com.

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans" "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

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