OUR PROPERTIES

June 2009, Windarra completed an agreement with Wesdome Gold Mines Ltd. selling Windarra’s 22.72% interest in the Magnacon Property in Ontario as well as granting an option to Wesdome to earn-in up to a 60% undivided working interest in the Company’s Pukaskwa Claims.

Windarra received $750,000 in cash for the Magnacon Property and a 1% net smelter royalty.

Windarra is also entitled to have Wesdome mill up to a maximum of 50,000 metric tonnes of ore per year from properties owned by Windarra at a cost equal to the production cost of such milling plus $2.00 per tonne of ore milled.

Wesdome has paid Windarra an initial cash payment of $25,000 for the Pukaskwa Claims option and agreed to expend an aggregate of $3,000,000 in exploration and development expenses on the claims over a five year period.

Once Wesdome has earned the 60% interest, Wesdome and Windarra will be deemed to have formed a joint venture.

ROYALTY INTERESTS and RIGHTS

  1. Windarra holds a 2% net smelter royalty on Messina Mineral Inc.'s share of production from the Tulks massive sulphide property in Newfoundland.
  2. A Mishi Pit royalty interest provides for payment of $1/tonne for ore from open pit mining and $2/tonne for underground mining in excess of 700,000 tonnes mined.
  3. As part of the Magnacon agreement, Windarra is also entitled to have Wesdome mill up to a maximum of 50,000 metric tonnes of ore per year from properties owned by Windarra at a cost equal to the production cost of such milling plus $2.00 per tonne of ore milled.
  4. Magnacon Mine 1% net smelter royalty

Property Locations

  1. Pukaskwa Area Property
  2. Mishi Leases
  3. Magnacon East Property
  4. Little Deer Lake