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WESTCAN ACQUIRES ADDITIONAL GOLD PROPERTY
Thrsday, November 15h, 2011


 

WestCan Uranium Corp. is pleased to announce it has entered into an Option Agreement with an arms-length individual on additional gold Claims, located south of Hedley, in the Hedley Gold Basin of southern British Columbia. The project encompasses approximately 5,000 hectares in the Similkameen and Osoyoos Mining Divisions, bringing the total holdings in the area to slightly more than 16,000 hectares.

Management has received detailed reports of previous programs, and is currently reviewing the data with a view to preparing a comprehensive exploration program to be carried out in the near future.

President and CEO Chris England stated, “We have been fortunate to option a large tract of land with a long history of gold exploration and production. The area around our current holdings has been heavily staked and we are expecting exploration in the area will be brisk. The increased activity has undoubtedly been spurred by the substantial increase in gold prices in the past year. We are anticipating we will be a major part of this activity.”

Under the terms of the agreement, WestCan will pay the Optionor a total of $100,000 in cash; issue 500,000 shares; and incur a minimum of $1,000,000 of exploration expenditures in exchange for receiving a 100% interest in the project. The commitments are to be staged over a four year period. The Optionor will also receive a 2% Net Smelter Royalty. The agreement is subject to regulatory approval.

 

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

We seek Safe Harbor.


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