News Releases: No. 10-01
East West Resources Acquires Gold Property in Olsen Township, Sault Ste Marie, Ontario
West Vancouver, British Columbia – January 26, 2010 – East West Resource Corporation (the "Company" or "East West") is pleased to announce that, subject to regulatory approval, it has entered into an an option agreement (the "Agreement") dated January 12, 2010 with Michael Trembley and Jacques Robert of Ontario (the "Optionors") to acquire a 234 claim unit property (the "Property") located approximately 60 km north of Sault Ste. Marie and 48 km east of Batchawana Bay, Ontario. Under the Agreement, the Company is required to pay up to an aggregate of $100,000 over a five year period and issue up to an aggregate of 200,000 post-consolidated shares in four equal installments over an 18 month period.
The Property covers an 8 km strike length of carbonate altered (ankeritized) mafic volcanics as well as a quartz feldspar porphyry, which is a typical geological setting for Timmins – Porcupine Camp style gold deposits. At least 3 parallel shear zones have been noted on the Property, as well as several gold showings. A detailed prospecting and mapping program is planned for later this year, followed by line cutting and a magnetic and Induced Polarization ("IP") survey. Follow-up back hoe trenching and drilling will test the carbonated shears (particularly where sulphides are indicated by the IP survey). The Property is accessible via highway 17 and a powerline across the Property.
This news release has been reviewed and approved by Mr. Robert Middleton, P. Eng., and Geophysicist, who is acting as the Company's Qualified Person for this project in accordance with regulations under NI 43-101.
For further information, contact Mr. Clive Shallow, investor communications, at 604-922-2030 or visit the Company's website at www.eastwestres.com.
East West Resource Corporation
Ronald Coombes, President and CEO