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Gold/Mining/Energy : War Eagle Mining...[WEM:VSE]

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To: NAUGHTY NOTES who wrote (95)	5/8/1998 4:13:00 PM
From: jba	Read Replies (1) of 235

War Eagle Mining Company Inc WEM VSE Add to Portfolio May 8, 1998 Candle Lake Diamond Joint Venture Progress Report GREAT WESTERN GOLD CORP ("GWG-V;GWGCF-L") WAR EAGLE MINING CO INC ("WEM-V;WAREF-L") - Candle Lake Diamond Joint Venture Progress Report Great Western Gold Corp. reports that Kennecott Canada Inc., the operator, is processing a diamondiferous kimberlite bulk sample at Diavik's pilot plant in Yellowknife, NWT. The sample was taken in February 1998 from Kimberlite body 29/30 and the results will be released upon receipt. Kennecott may earn a 60% interest in the Candle Lake Joint Venture by incurring $8 million in exploration and development expenditures of which approximately $2,500,000 has been spent to date. After Kennecott has earned its 60% interest, War Eagle Mining Company Inc. and Great Western Gold Corp. may then elect to equally participate as to a total of 40% or be carried as to 30% until a positive feasibility study has been completed. Thereafter, the Joint Venture partners will contribute. TEL: (604) 606-7979 Joseph Flatley or Andrew Hay, Great Western Gold Corp. TOLL FREE: 1-800-877-1626 (U.S.) Internet: brittoncapital.com ______________________________________

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