2013-01-31 00:33:37 -
Vancouver, British Columbia, January 30, 2013 - Westminster Resources (TSXV:WMR)
(OTCQX:WMRSF) has received a letter of permission from the Mexican regulators
and can begin its 2013 drill program. The 5,400 metre drill program is scheduled
to start in early February on the Cumbral-San Bartolo project in Sonora, Mexico.
InvestmentPitch.com has produced a "video news alert" which provides a brief
overview of Westminster Resources. If this link is not enabled, please visit
www.InvestmentPitch.com and enter "Westminster" in the search box.
The Cumbral-San Bartolo project is a portion of Westminster's much larger El
Cobre and Navojoa properties located in Sonoro.
The initial drill target will be the recently discovered Montoso IP
chargeability anomaly, a multiple square kilometre target exhibiting porphyry
deposit style alteration and mineralization patterns. The extensive 2012
exploration program included 3D-IP and
ground magnetic geophysical surveying,
soil and rock sampling, geological mapping and prospecting over a 219 line
kilometre grid. Results included widespread discovery of copper-gold-silver
mineralization in geological environments ranging from veins to porphyry-style
Capstone Mining (TSX:CM) is the joint venture partner on this project, with
Westminster managing the project. Capstone is a base metal producer with two
operating mines, the Minto Mine in Canada and the Cozamin Mine in Mexico.
Capstone has the right to earn a 70% interest by funding a minimum of $9.3
million in exploration by December 31, 2015. Should Westminster elect not to
participate beyond the $9.3 million, Capstone will have the exclusive right and
option to earn an additional 5% undivided interest in the project by delivering
a preliminary economic assessment. Following private placements in 2012 of 5
million shares at $0.15, and 10 million shares at $0.10, Capstone owns 17.27% of
Westminster's issued and outstanding shares.
The shares currently trade at $0.11 and with 87 million shares outstanding,
prior to this financing, is capitalized at $9.6 million.
For more information about the company, please visit their website at
www.westminsterrescom, or contact Leif Smither at 604-608-0400 or email
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Barry Morgan, CFO
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