Eva Kitto Platinum Property Optioned, Thunder Bay, Ontario
November 27th, 2008 – Thunder Bay – East West Resource Corporation ("East West" or "the Company"), (TSX-V: EWR) has entered into an option agreement ("Option Agreement") with International Bethlehem Mining Corp. ("International Bethlehem") whereby International Bethlehem has been granted an option to earn an initial 30% interest in East West's Eva Kitto platinum group element ("PGE") property located north-northeast of Thunder Bay, Ontario (the "Property"). The Property consists of 15 staked claims with 197 claim units with an area of 3,059 hectares. In order to acquire its initial 30%, International Bethlehem is required to pay East West $20,000 and to spend $500,000 in exploration expenditures by November 3, 2009 ($150,000 of which will be spent in 2008). Under the Option Agreement, International Bethlehem also has the right to increase its interest in the Property up to 51%, 60% and 75%, respectively, by incurring additional exploration expenditures. The Property is subject to two separate royalties (3.5% NSR in total), of which 2% can be purchased for $2 million.
The Eva Kitto Property, located on the east side of Lake Nipigon near Beardmore, Ontario, covers a large circular "ring-like" ultramafic intrusion adjacent to north trending faults connected to the Mid Continent Rift structure in Lake Superior. This 10 km diameter ultramafic body has intruded sulphur bearing older sedimentary rocks which creates an ideal setting for nickel-copper-PGE (platinum group element) deposits of the "Noril’sk" type (the Noril'sk-Talnakh deposits, located in Russia, are the largest nickel-copper palladium deposits in the world).
A showing of platinum-palladium mineralization has been located on the Property and follow-up drilling of this occurrence is planned before year end. In addition, a detailed helicopter borne VTEM and magnetic survey will be flown at 100 metre spacings to assist the Company in mapping the shape of the ultramafic intrusion in order to better locate sulphide zones.
Within the region of the Mid Continental Rift (with geological settings similar to the Eva Kitto Property), drilling is presently underway on the "Seagull" ultramafic intrusion to the west where Black Panther Mining Corp. is exploring for PGE. As well, Inco Vale hold claims to the north of Seagull and Ursa Major and Magma Metals are also exploring for PGE to the south of Seagull (see Magma Metal's news release of November 21, 2008 entitled "Further Excellent Drilling Results From Thunder Bay North" – www.magmametals.com.au).
The Eva Kitto Property is also well located relative to infrastructure, such as Hwy. 11, the railway, the town of Beardmore (within the municipality of Greenstone), and the Trans Canada gas line.
This news release has been reviewed and approved by Mr. Robert Middleton, P.Eng, Geophysicist, and is the Qualified Person for this project in accordance with regulations under the NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
M.J.(Moe) Lavigne, President and CEO