East West vends one of it’s Norton-McFaulds Properties
TORONTO, JULY 9, 2008 – East West Resource Corporation (TSXV: EWR)(“East West”) is pleased to announce that it has entered into a Letter of Intent (“LOI”) with Canadian Orebodies Inc. (“Orebodies”) to sell an 80% legal and beneficial interest in its “Trump” 96 claim unit property, comprising 1,536 hectares in the James Bay Lowlands near the Norton Lake 43-101 compliant Ni-Cu-Co-PGE resource.
In order to complete the purchase, Orebodies is required to pay to East West $10,000 cash, issue to East West an aggregate amount of 280,000 common shares of Orebodies and to commission a VTEM airborne survey on the property. East West will hold a 20% carried interest in the property until a Bankable Feasibility study is produced.
East West is pleased to be partnering with Orebodies 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