East West Options North Trap Property to Gee-Ten Ventures INC., Norton-McFaulds Lake Area
TORONTO, SEPTEMBER 10, 2008 – East West Resource Corporation ("East West" or the "Company") (TSX-V: EWR) announces that it has entered into letters of intent with Gee-Ten Ventures Inc. (TSX-V: GTV) and Temex Resources Corp. (TSX-V: TME) whereby Gee-Ten may earn the right to acquire up to 65% interest in the 208 claim unit North Trap property in the Norton-McFaulds Lake Area in the James Bay Lowlands.
The North Trap property covers a 12km long magnetic structure on the northern edge of the Highbank Lake Layered Mafic complex; the western end of which trends onto claims recently optioned to Noront Resources by East West-Temex. The North Trap property has been covered with a magnetic and electro-magnetic VTEM survey and three prominent and distinct conductors have been located. Gee-Ten intends to drill these targets as soon as possible while drilling equipment and crews are active on adjacent properties.
The terms of the agreement call for Gee-Ten to make cash payments of $50,000 and share issuances of 50,000 per year for the next four years and spend $600,000 within 12 months of signing and $3.0 million over the next three years to earn a 50% interest in the property. Thereafter, a joint venture will be formed to develop the property but Gee-Ten will have the exclusive option to earn another 10% property interest by spending an additional $1.0 million and an additional 5% for preparing a Feasibility study.
The Agreement is subject to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
M.J.(Moe) Lavigne, President and CEO