War Eagle Mining Company
War Eagle Mining Company
1100-1111 Melville Street | Vancouver, B.C. | Canada V6E 3V6
T: 1 604 681 7010 | [email protected] | www.wareaglemining.com
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NEWS RELEASE
WAR EAGLE ADDS 122 HECTARES
TO THE EXISTING KIRANA GOODFISH PROPERTY, KIRKLAND LAKE
Vancouver, British Columbia – July 19, 2018 - War Eagle Mining Company Inc. (TSXV - WAR) (“War Eagle”
or the “Company”) is pleased to announce that it has completed the purchase of the Deloye Family Claims
(“Deloye Claims” or “the Claims”) located in the northeast corner of Teck and the northwest corner of Lebel
townships, Ontario, 3.1 km north of the Kirkland Main Break. (Figure #1, #2 and #3.)
The Deloye Claims land package consists of eight patented mining claims, a total of 122 ha, with mineral rights on
all eight claims and surface rights on four of the eight, bringing the current Goodfish Kirana land package to 3,418
ha from 3,296 ha. These claims contain the old shafts and trenches of the historical Kirana Kirkland Lake Gold
Mine “Kirana Kirkland Mine” , which stopped production in 1936. The reported historical grades for the Kirana
Kirkland Mine from the Ontario Department of Mines Vo l.1 LVII (1) include “narrow high-grade streaks of $20 to
$150 per ton in gold. The 2018 estimated equivalent is between 30 g/t of gold and 145 g/t of gold.
Under the terms of the acquisition, War Eagle has agreed to:
• Pay to Diane Deloye (“Deloye”), the sum of one -hundred and fifty-five thousand dollars (CAD155,000) upon
the closing of the Transaction. The Company also agrees to pay all reasonable legal fees.
• Grant to Deloy e a 1.5% royalty based on net smelter returns ) (“NSR” or “Royalty”) on all mineral products
produced from the Claims. The Company shall have the right to the buy-down or buyback 1% of the NSR for
$1 million dollars as per terms of the NSR Agreement.
Danièle Spethmann, President and CEO of War Eagle stated: “We are very pleased to have come to an agreement
with the Deloye f amily on the acquisition of the se claims. It is expected that t he historic Kirana Kirkland Mine,
located within the newly acquired Deloye Claims will be a rewarding exploration endeavor for War Eagle . The
Mine’s historic shafts are located close to the intersection between the two major mineralized structures on our
property, the Kirana Deformation Zone and the Goodfish Deformation Zone. Exploration on a small part of this
land package was completed in the late 1980’s and the rest of the claims have not been efficiently explored to any
depth for more than 30 years. We look forward to exploring this prospective ground and anticipate that it will
generate positive results for War Eagle.”
History of the Deloye Claims
The patented claims and the surface rights have been owned by the Deloye family since the 1970’s.
The historical records from the Ontario Department of Mines report that up to 1917, the La Belle Kirkland Mines
Ltd. developed six shafts and trenches. Shaft No.1 on claim L1751 was the most developed with an inclined shaft
to a depth of 300 feet. This shaft was subsequently deepened to 360 feet, with 1,150 feet of lateral work undertaken
at the 100 feet and 250 foot levels. In 1933, Kirana Kirkland Gold Mines Ltd. reported that they had conducted de-
watering and chip sampling of shaft and underground levels and also some surface muck samples were taken and
assays begun but not completed. The mine was subsequently closed at the outbreak of World War II.
Between 1988 and 1990, Minnova Inc. drilled seven widely-spaced drill holes (KIR 1 to 7, totaling 1,637.5 m) and
completed ground geophysics and soil geochemisty. Drill hole KIR-3 located north of Shaft No. 1 (Claim L1751)
reported an assay of 21 g/t over 0.3 m near surface. No further exploration work has been undertaken on any of
the claims since.
(1)Burrow, A.G. and Hopkins, P.E. Ontario Bureau of Mines. “Boston Creek Gold Area and Goodfish Lake Gold
Area” Vol XXIII, Pt. 2, 1916
For Immediate Release – July 19, 2018
War Eagle Mining Company
1100-1111 Melville Street | Vancouver, B.C. | Canada V6E 3V6
T: 1 604 681 7010 | [email protected] | www.wareaglemining.com
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NEWS RELEASE
About War Eagle Mining Company Inc.
War Eagle is a TSX Venture Exchange listed company focused on the exploration of gold in northern Ontario,
Canada. The Kirana-Goodfish property is located five kilometers from the center of the Town of Kirkland Lake,
Ontario where over 40 million ounces of gold have been produced. The property is approximately 10 km long by
3 km wide (34 km2) with numerous historical gold showings, historic mines and mineralized deformation zones that
have been under-explored with modern technology.
For additional information please contact:
Danièle Spethmann, P.Geo,
President & CEO,
War Eagle Mining Company Inc.
(647) 344-3433
Malcolm Burke
Director
War Eagle Mining Company Inc.
(604) 220-2000
Joanne Jobin
Investor Relations Officer
War Eagle Mining Company Inc.
(647) 964 0292
This news release was prepared by management of War Eagle, which takes full responsibility for its contents as it relates to
War Eagle.
Neither the TSX 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.
Forward-Looking Statements: This press release contains forward -looking statements. Forward -looking statements are
frequently characterized by words such as "plan", "expect", "project", "intend", "believe", “anticipate", "estimate", "may", "will",
"would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur.
The forward-looking statements are based on certain key expectations and assumptions made by the Company. Although War
Eagle believes that the expectations and as sumptions on which the forward -looking statements are based are reasonable,
undue reliance should not be placed on the forward -looking statements because War Eagle can give no assurance that they
will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors
and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in the
Company’s management discussion and analysis of the financial condition and results of operations for the year ended March
31, 2017 and the third quarter ended December 31 , 201 7, which are available at www.sedar.com. The forward -looking
statements contained in this press release are made as of the date hereof and War Eagle undertakes no obligation to update
publicly or revise any forward -looking statements or information, whethe r as a result of new information, future events or
otherwise, unless so required by applicable securities laws.
War Eagle Mining Company
1100-1111 Melville Street | Vancouver, B.C. | Canada V6E 3V6
T: 1 604 681 7010 | [email protected] | www.wareaglemining.com
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NEWS RELEASE
Fig. No.1 – Location of the Deloye Claims and mine shafts, trenches, and deformations zones, contiguous with
the Goodfish Kirana Property.
Fig No.2: Property Scale Map with new Deloye Claims and the Goodfish Kirana Property.
War Eagle Mining Company
1100-1111 Melville Street | Vancouver, B.C. | Canada V6E 3V6
T: 1 604 681 7010 | [email protected] | www.wareaglemining.com
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NEWS RELEASE
Fig No.3: Goodfish Kirana Property Map with new Deloye Claims.