Waymar Resources Ltd.

Waymar Resources Ltd.

January 28, 2011 18:45 ET

Waymar Announces the Completion of the Ground Geophysical Survey on the Anza Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2011) - Waymar Resources Ltd. ("Waymar" or the "Company") (TSX VENTURE:WYM) is pleased to announce that Arce Geofísicos of Lima, Peru has completed a 30 km orientation Pole-Pole Induced Polarization ("IP"), Resistivity and Magnetometry survey on the Anzá property, centred on La Pastorera volcanic massive sulphide ("VMS") occurrence, during August and September 2010. The final interpretation report was received from Ontario-based GeophysicsOne in November 2010. The main purposes of the survey were to identify any geophysical targets prospective for VMS mineralization, characterize the geophysical response of the VMS occurrence and surrounding host rocks and assess the likelihood that the larger project area would be amenable to prospecting with helicopter-borne electromagnetic ("EM") surveys.

A moderately strong (35mV/V), shallow, IP anomaly is centred approximately 125m west of the VMS occurrence in an area which can be interpreted as a fold repetition of the mine horizon. This presents a high priority target although the possibility of interference from nearby infrastructure cannot be ruled out. A total of four other potential targets which were also identified, three of which are considered high priority for follow up and one which should be pursued only if similar, but stronger anomalies located along strike yield encouraging results. 

Electrical conditions appear favourable for airborne EM surveys. However, at this time the cause of the anomalies is not known so a decision regarding an airborne EM survey is deferred until completion of the initial drill campaign. 

Detailed geochemical surveys and geological mapping are in progress and drill sites are being defined to start drilling in Q1 2011.

"We are pleased to have completed this first geophysical survey on the core of the Anzá property. Geochemistry and geological mapping along the grid of the geophysics survey and in the underground mine are well advanced and we look forward to start drilling in the current quarter," said Pablo Marcet, President and CEO. 

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.

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. Upon exercise of the option, the optionors will retain a 2% net smelter return royalty on that portion of the Anzá property governed by the Option Agreement, one-half of which may be purchased by Waymar for a cash payment of US$1,000,000. 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. All scientific and technical information in this press release has been prepared under the supervision of, and verified by Mr. Peter Diorio, of GeophysicsOne Inc. a "qualified person" within the meaning of National Instrument 43-101. 

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". These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Waymar, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of financial markets and commodity prices, risks associated with the uncertainty of exploration results and estimates, the uncertainty of obtaining additional financing and exploration risk. 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.

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