WINDARRA
MINERALS LTD. (TSX.V – WRA)
2300 – 1066 West Hastings Street, Vancouver, BC, V6E 3X2
Tel: (604)
688-1508 Fax: (604) 601-8253
News Release
January 3, 2008
Windarra
Acquires Mishi Leases and Royalty
to
Expand Ontario
Properties
Windarra Minerals Ltd.
(the “Company”) has entered into an agreement to acquire a 100%
interest in two mining leases, as well as a royalty in respect to ore mined and
milled from a third crown mining lease from Messina Minerals Inc.
(“Messina” as to 60%) and MacMillan Gold Corp.
(“MacMillan” as to 40%). The mining leases are located in the
Sault Ste. Marie Mining Division of Ontario near Wesdome Gold Mines’
Mishi Pit. The royalty interest acquired from Messina and MacMillan provides
for payment of $1.00/tonne for ore from open pit mining and $2.00/tonne for
underground mining in excess of 700,000 tonnes mined and is payable to the
Company by Wesdome.
In consideration for this
acquisition the Company will issue an aggregate of 400,000 common shares of its
capital stock to Messina
and MacMillan, subject to regulatory approval.
The Company’s
objective is to consolidate these properties, along with its existing gold
exploration holdings, into one larger package in the Magnacon-Mishi area.
(See reference location map attached).
Windarra holds a 100%
interest in the Pukaskwa gold property, also located in the Sault Ste. Marie
Mining Division of Ontario, and has completed an initial phase of diamond
drilling on part of the West Aardvark grid known as the Middle Finger Lake
zone. All fourteen holes in the 824 metre program intersected the
mineralized zone, and nine of the fourteen holes intersected significant
mineralization, with the first five holes averaging 6.53 g/t (0.191 oz/t) gold
over 3.87 metres (see News Release dated July 26, 2007). The program has
tested only a very limited portion of the anomalies, which have been traced
continuously from the area of trenching and drilling for nearly a kilometer
along strike. Windarra plans to further drill-test the Middle Finger
Lake and the
Bonanza-Grade zone, which has not yet been drilled, as well as other targets on
the property.
The Pukaskwa property is
located 50 kilometres west of Wawa,
Ontario, approximately 15 km
north of Wesdome’s currently-producing Eagle River Mine. The
property, which consists of a belt of 55 contiguous unpatented mining claims
spanning a length of over 13 km, also lies 20 km southwest of the
formerly-producing Magnacon mine, in which Windarra holds an interest.
Like the Pukaskwa property, the Magnacon properties lie along the highly
prospective Mishibishu gold belt.
On behalf of the Board of
Windarra Minerals Ltd.
“John Pallot”
President
The TSX
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy
or accuracy of the content of this news release.
Susan Tessman
Corporate Secretary
Messina Minerals Inc.,
Windarra Minerals Ltd.,
Westward Explorations Ltd.
2300-1066 W. Hastings St.
Vancouver, B.C. V6E 3X2
Ph: 604.688.1508
Fx:
604.601.8253