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Gold/Mining/Energy : War Eagle Mining...[WEM:VSE]
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To: skelly who wrote (226)8/1/2000 8:24:58 PM
From: Ron Waller  Read Replies (1) of 235
 
But was this ever finalized???

GREAT WESTERN GOLD CORP. ("GWG-V") WAR EAGLE MINING CO INC
("WEM-V;WAREF-L") - Great Western Letter of Intent With War Eagle Mining

Gary Billingsley, President, is pleased to announce that the Company has signed a Letter of Intent
with War Eagle Mining Company Inc. to purchase an additional 30% interest in the Candle Lake
Joint Venture from War Eagle. This will give the Company an 80% interest in the diamond project.

In consideration for the additional interest. Great Western has agreed to issue 200,000 common
shares of Great Western to War Eagle; carry War Eagle's 20% working interest until a positive
production decision is made; grant War Eagle a 1.5% production royalty on gross revenues; and
expend a minimum of $150,000 per year on exploration and development on a cumulative basis with
a work commitment in the first year. Should the Company not fulfil its obligations. War Eagle will
have the right to increase its interest in the project under the same terms and conditions accorded to
Great Western under this agreement.

The Candle Lake Joint Venture was formed in 1993 by Great Western and War Eagle to explore
for diamonds in north-central Saskatchewan. As a result of their efforts, two diamond-bearing
Kimberlite pipes were discovered in the Candle-Whiteswan Lakes area of the province. Delineation
drilling carried out to date has outlined drill-inferred resource estimates of 6 to 8 million tonnes of
diamond-bearing kimberlite for Pipe 28 and 60 to 70 million tonnes for Pipe 29/30.

Further exploration work will be carried out on the property this summer, including drill testing two
new kimberlite targets near the existing pipes, A large-diameter coring program is planned for this
winter on both Pipe 28 and Pipe 29/30.

The Company's board of directors has approved proceeding with a flow-through private placement
for a maximum of $675,000. Part of these proceeds would be used to carry out the work programs
at Candle Lake, The details of the private placement will be announced shortly.

Great Western Gold Corp. is a Saskatchewan-based corporation engaged in the acquisition,
exploration and development of unique and strategic mineral properties including diamonds and rare
earth elements. Shares of the Company trade on the Canadian Venture Exchange under the symbol
GWG. TEL: 306 664 0028 Gary Billingsley, President
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