 | | | Published : February 20th, 2007 | Updates on Lu'An Mining ... |
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NEWS RELEASE - February 20th, 2007
West Hawk Updates on Lu'An Mining Group and Groundhog
February 20, 2007 - Vancouver, B.C.: West Hawk Development Corp. (the "Company") (TSX.v - WHD, Frankfurt - H5N) is pleased to provide the following updates:
As previously announced on January 18, 2007, Shanxi Lu'An Mining Industry (Group) Company ("Lu'An") agreed to purchase an interest in the Company's subsidiary, West Hawk Energy (USA) LLC. The Agreement provides that funds will be remitted to the Company within 30 days following the completion of Lu'An's outstanding due diligence, which included obtaining governmental approvals. During this time, the Board of Directors of Lu'An, and the SASAC (State-owned Assets Supervision and Administration Commission) of Shanxi Province approved the transaction. The Chinese Spring Festival Holiday season, an important holiday in China, commenced during the due diligence period. Consequently, the Company has agreed to extend the 30-day due diligence period as the required governmental agencies are closed. Lu'An expects to obtain final governmental approval shortly after the holiday season concludes. Funds will not be remitted to the Company until such approvals are received.
The Company is also pleased to announce that it has commissioned the Weir International Mining Group to prepare a new NI 43-101 technical report on the Groundhog property to incorporate several changes that have occurred on the property since the initial report was submitted on SEDAR in August 2005. Since that time, the drilling and testing plans have changed, and higher drilling costs have been estimated. The Company has rationalized its holdings throughout the property, and will reflect these changes in future resource calculations. The existing report is therefore outdated and inaccurate and should not be relied on. The new drilling plan is focused on drill locations that are believed to be the most optimal for the sampling and analysis data that is required. Productive consultations are also proceeding with the local First Nations.
On behalf of the Board of Directors,
"Mark Hart"
Dr. Wm. Mark Hart, President, CEO, Co-Chairman
"Chris Verrico"
Chris Verrico, Co-Chairman
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
About the Company: West Hawk Development Corp. is focused on exploring for and developing valuable, high-demand energy products from a variety of sources. Assets include the Figure Four natural gas property located in the Piceance Basin, Colorado, being developed under a drilling and development agreement with EnCana Oil & Gas (USA) Inc.; the Fort Norman coal deposit in the Northwest Territories; the Groundhog coal deposit located in northwest British Columbia; and the Ellesmere Island, Nunavut Territory coal property.
Cautionary note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
West Hawk Development,
+1-604-669-9330
1128-789 W. Pender St.
Vancouver, BC, Canada V6C 1H2 |
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