Seagull Platinum Property Optioned, Thunder Bay, Ontario
November 5th, 2008 – Thunder Bay – East West Resource Corporation ("East West" or "the Company") , (TSX-V : EWR) and Trillium North Minerals Ltd. ("Trillium") have entered into an option agreement ("Option Agreement") with Black Panther Mining Corp. ("Black Panther") whereby Black Panther has been granted an option to earn an initial 30% interest in the Seagull/Wolf Mountain property located approximately 90 km north-northeast of Thunder Bay, Ontario (the "Seagull Property"). The Seagull Property consists of 17 staked claims with 159 claim units with an area of 2,544 hectares. In order to acquire its initial 30%, Black Panther is required to spend $500,000 in exploration expenditures by February 28, 2009. Under the Option Agreement, Black Panther also has the right to increase its interest in the Seagull Property up to 51% by spending an additional $1m in exploration expenditures by February 28, 2011, 60% by spending an additional $1m by February 28, 2012 and 75% by taking the property to commercial production.
The exploration work preformed to date on the Seagull Property indicates the presence of platinum group metals, as well as copper and other metals in several layers. Roger J. Cavén, P.Eng., in his exploration report to the Company, has recommended a program of diamond drilling of six holes (each 600 metres) totaling 3,600 metres in an effort to define an orebody. The drilling will be carried out on 50 metre centres to better define the mineralization. The estimated cost of the Phase 1 program will be approximately $500,000. Drilling is expected to commence this week.
Within the area surrounding the Seagull Property, there are other companies currently exploring properties of similar geology. Specifically, Inco/Vale has property to the north of the Seagull Property, Benton Resources has properties to the southeast, Ursa Major has claims to the southwest and RPT Uranium has property to the south. More details are available on the Company's website (under the "Properties" –"Nipigon Plate"–"Seagull").
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