Waymar Resources Ltd.

Waymar Resources Ltd.

June 27, 2011 08:30 ET

Waymar Announces 2nd Milestone Option Payments And Advances Exploration on Anza Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 27, 2011) - Waymar Resources Ltd. ("Waymar" or the "Company") (TSX VENTURE:WYM) is pleased to announce that the Company has made the required option cash payments aggregating US$500,000 and issued 500,000 common shares to the optionors to continue to work towards fully exercising its option in respect of the Anzá Property, Colombia.

Pursuant to the Anzá Property Option Agreement made effective June 29, 2010, Waymar entered into a property option agreement to acquire a 100% legal and beneficial interest in the Anzá property comprised of approximately 6,738 hectares of mineral rights located on the eastern-most margin of Colombia's Western Cordillera, 50km west of Medellín. In order to exercise its option, the Company is required to make cash payments to the optionors aggregating US$3.8 million over a three year period (of which US$800,000 has now been paid), issue 3,800,000 common shares to the optionors over a three year period (of which 800,000 common shares have now been issued) and make expenditures on the property aggregating US$4 million over a three year period. As part of the agreement US$500,000 which is to be expended on exploration in the first year has been satisfied. The optionors will retain a 2% net smelter return royalty on the property, 50% of which may be purchased by the Company for US$1,000,000.

In addition, the initial phase of the drilling program on the Company's Anzá property is ongoing. To date, approximately 2,900 metres of core have been drilled and assays have been received for approximately 20% of the metres sampled. The sampling and laboratory analyses continue, including ongoing mineralogy and petrography work to better define the geologic settings and types of mineralization encountered in the core.

The timing for completion of the current initial phase of the drilling program is dependent on drill rig availability, as the Company is currently working to secure a new drill rig to add 2,000 metres to the 3,000 metres originally budgeted. The Company expects to be able to release the results of the initial 10 drill holes (covering approximately 3,300 metres) before the end of Q3 2011, after these drill core assays become available.

The Company's Colombian branch, Minera Anzá SA, has also entered into a contract with local consulting company GEMI S.A. on May 23, 2011, to undertake a second phase of district-wide surface geological mapping and geochemistry. The main purpose of this work is to expand the area of systematic exploration to more than 15,000 hectares of the Anzá property controlled by the Company, surrounding the 1,300 ha targeted in the current phase of drilling.

Waymar is well funded, with a current cash balance of approximately $12 million.

"We are encouraged by the work to date and happy to show our continued commitment to the project by making this payment to the Anzá optionors. We are working around the current bottlenecks in the industry to accelerate and expand the exploration work on the property," said Pablo Marcet, President.

For further details on the Anzá property, please refer to the technical report entitled "Waymar Resources Ltd. – Anzá VMS Project, Project No L00176, Geological and Exploration Review" dated May, 2010 and prepared by Mr. C.J. Bargmann and Dr. I.M. Platten on behalf of Snowden, available on SEDAR at www.sedar.com or on the Company's website at www.waymarresources.com.

Waymar Resources Ltd. is a Canadian mineral exploration company with an option to acquire 100% interest in the Anzá project located in the west of the Antioquia Department in the Republic of Colombia. Colombia is a significant producer of gold, nickel, emeralds, petroleum and natural gas as well as a leading producer of coal in Latin America. Waymar also has 100% ownership of certain properties surrounding Anzá to cover district potential and is continually seeking opportunities to acquire exploration properties. Waymar trades on the TSX Venture Exchange under the symbol "WYM".


Pablo Marcet, President & CEO

There has been insufficient exploration to define a mineral resource at the Anzá property to date, and it is uncertain if further exploration will result in such targets being delineated as a mineral resource.

This press release may contain "forward looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "estimates", "intends", "anticipates" or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the reasonable assumptions, estimates, intentions, analysis and opinions of Waymar made at the date that such statements are made. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Waymar to be materially different from those expressed or implied by such forward-looking information, including the risk factors disclosed elsewhere in Waymar's public disclosure. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding Waymar's plans and objectives and may not be appropriate for other purposes. Waymar does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Shares Outstanding: 45,945,170

Neither 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.

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