Win-Eldrich Mines Limited was incorporated in the 1940s. It originally owned mining claims in the Lac area of Ontario, Canada. These claims were mined out by the 1950s. WEX has operated several small energy and mining projects since then. In the mid 1980s, Reuben Brant acquired control of the company.

With funding from shareholders, in 1987 WEX acquired a joint venture interest in the Ashdown Gold and Molybdenum mine from American Copper & Nickel Company (ACNC), the US subsidiary of International Nickel Company (INCO). ACNC was primarily interested in the molybdenum deposit at Ashdown, but moly prices collapsed and the gold resource was not large enough to interest them. In the mid 1990s WEX bought out ACNC's remaining interest.

In the late 1980s and early 1990s WEX and its partners conducted feasibility studies that indicated the gold resource could be economically developed at a gold price of $400 per ounce. Unfortunately, the price dropped below this level in 1992 and stayed low until 2003, forcing WEX to postpone development. Moly prices also increased in 2003, with the result that management believes that both the gold and moly resources can be economically developed. (see footnote 1)

WEX formed Ashdown Project LLC, a joint venture with Golden Phoenix Minerals (GPM), in 2006 the LLC has been produced and sold about 800,00 lbs of molybdenum concentrates from Ashdown from December 2006 to November 2008. The operation was placed on care and maintenance in November 2008 due to collapse in prices. In March 2009 limited production resumed and in May 2009 WEX purchased Golden Phoenix's interest in the Ashdown LLC.

Win-Eldrich is currently seeking funds for development of the gold reserve at Ashdown.