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Truckload of moly, photo by John Davis
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WIN-ELDRICH MINES LIMITED June 26, 2009 Win-Eldrich announces new Director, status of Ashdown Operations and Options Win-Eldrich Mines Limited (WEX-TSXV) today announced that at its annual meeting of shareholders held on June 25, 2009, Mr. Peter Winn was elected a director. Mr. Winn, based in Colorado, has been a consulting geologist to the Corporation for many years and has been associated with the Ashdown property for over twenty years. Following the precipitous decline in the price of molybdenum oxide last fall, operations at the Ashdown property were halted and placed on a care and maintenance basis. As a result of the recent increase in molybdenum oxide prices to the US$10.00 per pound range, and completion of the purchase of the remaining interest in Ashdown, some employees have been recalled and limited mining and milling operations have recommenced. As previously announced, in May, 2009, the Corporation's wholly-owned subsidiary, Win-Eldrich Gold, Inc. completed the acquisition of the remaining interest in Ashdown Project LLP for US$5.3 million, paid by issuing a limited recourse secured promissory note in this amount. Since then, the Corporation has been working to establish management and financial systems at Ashdown. Payments on the note do not commence until next April. Current production at Ashdown is being sold to offshore purchasers. It is hoped that receipts from current sales will be sufficient to maintain limited production while past claims arising from the mine's operations and shut down last year are settled; however, there can be no assurance that current limited production will continue. The recent increase in the world price of molybdenum oxide may not be sustainable. On June 25, 2009, the Corporation granted options to purchase 25,000 shares at $0.16 each to each of the four current Directors and options to purchase 75,000 shares at $0.16 each were granted to each of the six key Ashdown Project LLP employees, including Perry Muller, CEO of the Corporation, and Jeff Gall, CFO. Perry Muller, CEO, stated that he welcomed long time associate Pete Winn to the Board and hoped that limited production at Ashdown could continue in order to settle all outstanding claims and return Ashdown to cash positive status. For further information, contact: Perry Muller, President and Director of Win-Eldrich, at (402) 435-7206. This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results, including in respect of the continuance of operations at the mine and return to profitability of the mine. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements, except as required by applicable law. NEITHER THE TSXV 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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