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Windarra Minerals Ltd.

Published : May 14th, 2007

Arrange Private Placement

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WINDARRA MINERALS LTD.

 

 

 

NEWS RELEASE                                                                                       MAY 14, 2007

 

 

WINDARRA (“WRA”) ARRANGES PRIVATE PLACEMENT

 

 

Windarra Minerals announces that it has arranged a non-brokered private placement of up to 2,775,000 non flow-through units of its securities at a price of $0.20 per unit, and up to 300,000 flow-through shares at a price of $0.25 per share for total gross proceeds of up to $630,000.  Each non flow-through unit will be comprised of one common share and one common share purchase warrant entitling the holder to purchase one additional common share at a price of $0.25 for a period of two years.  The flow-through shares will convey income tax benefits to the purchasers.  Proceeds of the placement will be applied to a drill program on the Company’s Pukaskwa property, located near Wawa, Ontario, as well as to general working capital. 

 

The financing is subject to the approval of the TSX Venture Exchange.

 

Windarra is planning 1,500 metres of diamond drilling at the Pukaskwa Property, with the focus primarily on two of the most attractive targets, the Middle Finger Lake and Bonanza Grade zones, neither of which has been drill-tested.  Both zones boast excellent results from trench-, grab-, and soil-sampling, and these have been reported previously (see News Releases dated December 19, 2005, April 5, 2006, and July 25, 2006).

 

At the Middle Finger Lake zone, channel samples across the entire 35 metre exposed strike length of the zone yielded an average of greater than 5 g/t gold across nearly 6 metres.  The zone is central to a prominent multi-element soil geochemical anomaly (see News Release dated April 5, 2006) and is also coincident with a well defined, 50-75m wide zone of high chargeability (35mV/V).  The zone of high chargeability and anomalous geochemistry can be traced continuously from the area of trenching for over 900 meters along strike. It remains open to the southeast, but on the west appears truncated by a prominent northeast trending feature, which the magnetic data and previous mapping suggests is a diabase dyke, perhaps emplaced along a fault.

 

In contrast to most of the other gold occurrences on the property and in the region, quartz veins are not the immediate host to gold mineralization at the Middle Finger Lake zone.  Instead the mineralization consists of well foliated chlorite-altered arenite and semi-pelite which is consistently well-mineralized with disseminated and locally semi-massive arsenopyrite and pyrite. Quartz veining is only locally apparent.

 

At the Bonanza-Grade zone, approximately 500 metres southwest of the Middle Finger Lake zone, channel sampling confirmed the extremely high-grade nature of this narrow quartz-sulphide vein system. The Bonanza-Grade vein actually consists of two thin (0.1 to 0.4 metres true thickness) en echelon or overlapping veins, and although gold values in the immediate wallrocks are generally below 1.0 g/t gold, the extremely high-grade nature of the veins still equates to excellent grades across mineable widths, with channel samples averaging over 1.5 oz/ton gold (approximately 60 g/t gold) across almost three metres (see News Release dated July 25, 2006). Like the Middle Finger Lake zone, the Bonanza-grade zone is also associated with prominent multi-element soil geochemical anomalies, again suggesting that there is significant potential along strike (see News Releases dated December 19, 2005, and April 5, 2006). The veins are currently exposed along a strike length of approximately 40 metres and remain open to the west. Although the veins appear to pinch out at surface to the east, excellent multi-element soil geochemical anomalies in the area immediately east of the trenches remain untested.

 

The Company has contracted Cartwright Drilling Inc. to perform the drill program, which is expected to commence by the end of the month.

 

The Pukaskwa property is located 50 kilometres west of Wawa, Ontario, less than 20 km northwest of Wesdome’s Eagle River Mine, which has produced approximately 600,000 ounces gold since 1995. 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. Windarra Minerals Ltd. can earn a 100% interest in the Pukaskwa Property from Messina Minerals Inc. by issuing 350,000 shares over a 30-month period and by maintaining the property in good standing.

 

The field and analytical data described in this release has been reviewed and approved by C.J. Greig, M.Sc. P.Geo., a Qualified Person as defined by National Instrument 43-101.

 

 

 

 

 

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.

 

 

Windarra Minerals Ltd.

CODE : WRA.V
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Windarra Min. is a gold exploration company based in Canada.

Windarra Min. holds various exploration projects in Canada.

Its main exploration properties are MAGNACON, JAMES BAY LOWLANDS CLAIMS and PUKASKWA in Canada.

Windarra Min. is listed in Canada. Its market capitalisation is CA$ 2.2 millions as of today (US$ 2.1 millions, € 1.6 millions).

Its stock quote reached its lowest recent point on December 09, 2002 at CA$ 0.01, and its highest recent level on December 22, 2005 at CA$ 0.55.

Windarra Min. has 36 847 000 shares outstanding.

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Financings of Windarra Minerals Ltd.
8/20/2010Windarra Minerals Ltd. Announces Private Placement
6/6/2007CLOSES PRIVATE PLACEMENT; DRILLING BEGINS ON PUKASKWA PROPER...
5/14/2007Arrange Private Placement
Nominations of Windarra Minerals Ltd.
5/18/2010Windarra Minerals Ltd. appoints consultant for Africa
Project news of Windarra Minerals Ltd.
7/17/2013Wesdome and Windarra Announce Letter of Intent Regarding Acq...
2/9/2011to Drill Mishi Leases Gold Targets
6/9/2009(Pukaskwa)Closing of Magnacon Purchase and execution of the Pukaskwa
10/26/2007(Valentine Lake (leprechaun)) Complete Results for Diamond Drilling of Windarra's Pukaskw...
8/8/2007(Valentine Lake (leprechaun))Channel Sampling with Metallic Screen Assaying Shows that Fi...
7/26/2007(Valentine Lake (leprechaun))First Five Drillholes Confirm Excellent Potential of Gold Mi...
Corporate news of Windarra Minerals Ltd.
10/1/2013Wesdome Gold Mines and Windarra Minerals Announce Closing of...
9/23/2013Shareholders Approve Business Combination With Wesdome
7/30/2013Wesdome and Windarra announce definitive agreement regarding...
6/9/2011(WRA.V) Intersects Broad Zones of Near-Surface Gold Minerali...
5/7/2008Sells shares of Westward Explorations Ltd.
2/29/2008Notice of Intention to Sell
1/3/2008 Acquires Mishi Leases and Royalty to Expand Ontario propert...
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