SOURCE: Willow Creek Enterprises, Inc.

October 05, 2010 11:04 ET

Willow Creek Enterprises Signs Letter of Intent With MinQuest Inc.

LAS VEGAS, NV--(Marketwire - October 5, 2010) -  Willow Creek Enterprises Inc. (OTCBB: WLOC) ("The Company," "Willow Creek") is very pleased to announce that it has entered into a non-binding letter of intent dated Tuesday, Oct 5th, 2010, with MinQuest Inc. to acquire 100 percent of the vendor's leasehold interest in a number of gold/silver mining claims in the state of Nevada.

The MinQuest mining claims are located in North Eastern Nevada and is within seven miles of a past producing mine. Well known majors have previously completed aeromagnetic and IP surveys and developed targets based on the geophysical survey, local geology and geochemistry and defined a pophyry target at less than 500 feet of depth within the claim group. The target parameters suggest potential for 100 million tons grading 1% copper and 0.03 opt gold. Values to 3.6% copper and 7 g/t gold have been collected from prospects and outcrops on the claims. 

Willow Creek is very encouraged by the relationship that is evolving with MinQuest Inc. The Company feels that MinQuest will become a vital partner in realizing its goal of becoming leading gold exploration and producing company. MinQuest is a privately held natural resource company that acquires and evaluates mineral properties. The company has emphasized precious and base metal properties that contain a resource or strong indicators of potential resources. MinQuest currently controls and or manages exploration programs on approximately 35 properties throughout North America. A recent success is its management of Klondex Mines Ltd's Fire Creek property in central Nevada. MinQuest discovered and is currently defining high-grade gold veining at Fire Creek, which is a Midas style gold deposit currently containing +1,000,000 ounces of gold and still growing.

Additional information will be provided after the signing of the definitive agreement between the parties. The proposed transaction remains subject to, among other things, Willow Creek and MinQuest entering into a formal agreement, completion of satisfactory due diligence by Willow Creek, and receipt of all requisite regulatory and other approvals.

The vendor and the company agree to use their collective best efforts to obtain the approval of the exchange as expeditiously as is reasonably possible. There can be no assurance that the conditions will be met or that the transaction will be completed as proposed or at all.

Upon satisfactory completion of legal and technical due diligence by the company, more particulars concerning the vendor and the project will be released.

THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS," AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE. EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE," "ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH NATURAL RESOURCE EXPLORATION AND DEVELOPMENT AND NEEDS FOR FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL REPORT ON FORM 10-K AND ON FORM 10-Q AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY'S DEVELOPMENT EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.

THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. FINRA, THE SEC AND THE OTCBB NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

Contact Information

  • Terry Fields
    President
    Corporate contact:
    1-310-982-7769