War Eagle Mining Company Inc. (TSX-V:WAR - News) ("War Eagle"
or the "Company") is continuing to work with the management of
Andromeda Resources Inc. ("Andromeda") on the previously announced
reverse takeover transaction. War Eagle and Andromeda are currently in
discussion with several parties concerning the planned concurrent financing.
The proposed transaction will require the approval of War Eagle's
shareholders, but it will not be possible to seek shareholder approval until
War Eagle and Andromeda have established the terms of the concurrent
financing.
The Company previously scheduled its
annual and special meeting for December 17, 2010. In order to minimize
expenses, War Eagle's management and board would like to combine the
statutory shareholder meeting with approval of the Andromeda transaction. Due
to the approaching holiday season, it will not be practical to close a
financing transaction in 2010 and so the Company intends to postpone its
annual and special meeting until 2011. War Eagle will need to seek the
approval of appropriate regulatory authorities as it would otherwise be
required to hold a shareholder meeting in 2010. The Company will announce a
new date for the annual general and special meeting in due course.
About War Eagle
War Eagle Mining Company Inc. is an experienced mineral exploration company publicly traded since
1987 and listed on the TSX Venture Exchange under the symbol WAR. The
Company is in the exploration phase of the Tres
Marias zinc-lead project in Mexico. Tres Marias is
a former producing high-grade zinc and germanium mine that first produced ore
in 1949.
This news release was prepared by
management of War Eagle, which takes full responsibility for its contents.
Legal Notice Regarding Forward Looking
Statements
This disclosure contains certain
forward-looking statements that involve substantial known and unknown risks
and uncertainties, certain of which are beyond the Company's control
including: the impact of general economic conditions in the areas in which
the Company operates, industry conditions, changes in laws and regulations
including the adoption of new environmental laws and regulations and changes
in how they are interpreted and enforced, increased competition, the lack of
availability of qualified personnel or management, fluctuations in commodity
prices, foreign exchange or interest rates, stock market volatility and
obtaining required approvals of regulatory authorities. In addition there are
risks and uncertainties associated with mining operations, therefore the
Company's future results, performance or achievements could differ materially
from those expressed in these forward-looking statements will transpire. All
statements included in this press release that address activities, events or
developments that the Company expects, believes or anticipates will or may
occur in the future are forward-looking statements. These statements include
references to a future drill program and related plans. These statements are
based on assumptions made by the company based on its experience, perception
of historical trends, current conditions, expected future developments and
other factors it believes are appropriate in the circumstances.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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