TORONTO, Dec. 22 /CNW/ - Win-Eldrich Mines Limited (TSXV - WEX), a mining exploration and development company is pleased to announce the closing of two non-brokered private placements for aggregate gross proceeds of CDN$691,000.

Under the first offering, the Company issued 300,000 units at a price of $1.27 per unit for gross proceeds of CDN$381,000. Each unit consisted of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share for 12 months at a price of $1.60. Insiders of the Company acquired 150,000 of these units.

Under the second offering, the Company issued 200,000 units at a price of $1.55 per unit for gross proceeds of CDN$310,000 . Each unit consisted of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share for 12 months at a price of $1.87.

The proceeds from both offerings will be used to fund Win-Eldrich's share of expenditures on the Ashdown, Nevada property and for general working capital purposes.

The securities issued pursuant to the foregoing will be subject to a four month hold period from the date of issue.

The Company also announced that it is issuing 6,250 common shares to a service provider pursuant to the terms of a representation services agreement entered into effective April 1, 2006. The agreement provides for the issuance of 25,000 common shares, to be issued in arrears in equal quarterly installments.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For further information: Fernao Ferreira, Director, (416) 367-8275; Peter Winn, (970) 242-7108