Win-Eldrich Mines Limited Concludes Settlement of Debt to Golden Phoenix
01.11.2011 | CNW
TORONTO, Nov. 1, 2011 - Win-Eldrich Mines Limited ('Win-Eldrich' or the 'Company') announces that further to its press release of August 19, 2011, the Company, Win-Eldrich Gold Inc. ('WEG', a wholly owned subsidiary of the Company), and Golden Phoenix Minerals, Inc. ('Golden Phoenix') settled on October 31, 2011 an outstanding $4.2 million Promissory Note (the 'Note') owed by WEG to Golden Phoenix in exchange for a 2% net smelter return royalty (NSR) on the Ashdown Project, 3 million shares of Win-Eldrich common stock (subject to restrictions on resale under Canadian securities laws for four months), 1.25 million shares of American Mining Corporation and the right to appoint one individual to the board of directors of the Company. The Note settled is that certain Series A Limited Recourse Secured Promissory Note, made by WEG in favor of Golden Phoenix, dated April 15, 2010, in the aggregate principal amount of $4,231,925.19, plus interest, issued to Golden Phoenix in exchange for its interest in the Ashdown Project. In exchange, Golden Phoenix has forgiven, released and forever discharged any and all obligations and liabilities of WEG under the Note.NEITHER THE TSXV 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.
For further information:
Perry Muller, President and Director of Win-Eldrich
(402) 435-7206
Website: www.win-eldrich.com