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EAST WEST JOINT VENTURES "FEEDER" NICKEL-COPPER PROPERTY FROM ITS NORTON-McFAULDS PROJECT
TORONTO, JULY 23, 2008 - East West Resource Corporation (TSXV: EWR)("East West") is pleased to announce that it has entered into a Letter of Intent ("LOI") with KWG Resources Inc (TSXV: KWG) ("KWG") to acquire an option to earn up to a 65% interest from East West Resource Corporation in its "Feeder Claims". The 12 claim property south of the Ring of Fire was identified by East West as having potential to contain a magma feeder conduit similar to the host of the Eagle 1 discovery by Noront, 50 kilometers to the north. KWG will issue 2 million shares and pay $50,000 for the option; it must incur exploration expenditures of $250,000 in each of 2008 and 2009 to earn 50% and an additional $1.5 million by August 2012 to earn 60%. An additional 5% may be earned in any mineral deposit discovered, by KWG providing development and production financing.
East West is pleased to be partnering with KWG and advancing another property within its Norton-McFaulds project area.
Closing of the transaction remains subject to the approval of the TSX Venture Exchange and execution of a definitive purchase agreement.
ON BEHALF OF THE BOARD OF DIRECTORS
M.J. (Moe) Lavigne, President and CEO
Visit Our Website at: www.eastwestres.com
Certain information regarding East West Resource Corporation contained herein may constitute forward looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although East West Resource Corporation believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. East West Resource Corporation cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what East West Resource Corporation currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.
THE TSX VENTURE EXCHANGE DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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