Amendment to Fraser Bay Option Agreement
Property Options & Staking
| Amendment to Fraser Bay Option Agreement | |
| February | 17, 2013 WMM14-02 |
| Vancouver, B.C. – West Melville Metals Inc. (WMM: TSX-V) (“West Melville” or “the Company”) has elected to | |
| exercise its right under the amendment to the Fraser Bay Option Agreement (the “Agreement”) between West | |
| Melville and Roche Bay plc (“Project Vendor”) executed on May 10, 2013 by issuing 200,000 shares to the Project | |
| Vendor (see News Release WMM13-05, May 14, 2013). Under the terms of the Amendment, the dates by which the | |
| first and second options must be exercised have been extended from September 30, 2013 to December 1, 2014 for | |
| the first option and from December 31, 2015 to April 15, 2017 for the second option. | |
| “We very much appreciate the cooperation of Roche Bay in concluding this arrangement,” stated Dr. Rory Moore, | |
| President and CEO of West Melville Metals. “Both parties recognised that it would be challenging to finance a | |
| significant exploration program at Fraser Bay under current market conditions and concluded that delaying | |
| exploration work and preserving the capital structure of West Melville would be in the best interests of all | |
| stakeholders in the long term.” | |
| The Fraser Bay Project | |
| The Fraser Bay property is located on the west side of the Melville Peninsula, 180 kilometres southwest of the | |
| community of Hall Beach in Nunavut, Canada. It consists of a single mineral lease covering 3,228 acres that is | |
| favourably located 12 kilometres from tidewater at Committee Bay and 120 kilometres from a proposed deep water | |
| port at Roche Bay. The property lies within 16 kilometres of the CAM 5 airstrip at Mackar Inlet (a former defence early | |
| warning site) and an all-season road from the airstrip terminates less than 10 kilometres from the property boundary. | |
| This infrastructure provides a significant logistical benefit to the project. The lease is currently owned by Roche Bay | |
| plc, with West Melville having an exclusive option to earn up to a 70-per-cent interest in the property by meeting a | |
| series of work and expenditure commitments, and making certain share payments. For additional details on the | |
| Fraser Bay Option Agreement please follow the link to the Company’s website:- | |
| http://www.westmelville.com/projects/fraser-bay-project/agreement/ | |
| About West Melville Metals Inc. | |
| West Melville is an exploration company focused on identifying low cost opportunities that offer high potential to build | |
| shareholder value. It has an experienced management team with a track record of discovery success and a Board of | |
| Directors with expertise covering the essential fields of geology, engineering and finance. The Company owns the | |
| Isortoq iron-titanium-vanadium project in Greenland, has an option to earn a 70% interest in the Fraser Bay iron ore | |
| project in Nunavut and an option to acquire a 100% interest in the Alex copper project in Sonora, Mexico. | |
| On behalf of the Board of Directors | |
| Rory O. Moore, Ph.D. | |
| President and CEO | |
| West Melville Metals Inc. | |
| For further information about West Melville Metals Inc. or this news release, please visit our website at | |
| www.westmelville.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at | |
| [email protected]. | |
| West Melville Metals Inc. is a member of the Aurora Mineral Resource Group of companies. For more information | |
| please visit www.auroraresource.com. | |
| 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. |
Certain disclosures in this release, in particular regarding the economic potential of the Fraser Bay Project and the Company’s interest therein, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to West Melville's operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Other than as required by applicable securities legislation, West Melville expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.