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Message: West Hawk Terminates LOI on Colorada East Project
| West Hawk Terminates LOI on Colorado East Project |
| 07 Jan 2008 16:27 ET MarketwireWest Hawk Development Corp.January 7, 2008 - 04:27:34 PMWest Hawk Terminates LOI on Colorado East ProjectVANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 7, 2008) - West HawkDevelopment Corp. ("West Hawk") (TSX VENTURE:WHD)(FRANKFURT:H5N) (the"Company") has terminated the Letter of Intent ("LOI") with Radar AcquisitionsCorp. ("Radar") for the initial testing and joint development of the coalproperty in eastern Colorado as a potential coal gasification project("Colorado East", also known as the "Buick Coal Project").Over the last several months, Radar has been updating and revising the NI43-101 report on the property, as required by the British Columbia SecuritiesCommission. The updated report filed in November 2007 (www.sedar.com)contained several significant revisions from the report that the Companyinitially evaluated: (1) the coal resources which were previously classifiedas "measured" were reclassified as "indicated"; (2) the average Btu content ofthe coal resource was reduced by approximately 400 Btu per pound; and (3)several of the site's proposed mining areas are located on federal lands notcurrently under lease.As a result of the above revisions to Radar's NI 43-101 report, the Companydecided that the underlying economic value of the property did not warrantfurther development and financial commitments under the terms and conditionsof the LOI. The Company intends to pursue other potential sites for a coalgasification project in Colorado, as well as other sites in North America andChina. "The Company is extremely optimistic that coal gasification technology,combined with solid strategic partnerships and a strong coal asset base, willenable the Company to continue to implement its coal gasification objectivesin 2008," commented Dr. Wm. Mark Hart, President and CEO.On behalf of the Board of Directors,Dr. Wm. Mark Hart, President and Chief Executive OfficerAbout the Company: West Hawk Development Corp. is focused on providingvaluable, high-demand energy products from a variety of sources. Assetsinclude the Figure Four natural gas property located in the Piceance Basin,Colorado, being developed under a drilling and development agreement; theTulita coal property in the Northwest Territories; the Groundhog coal propertylocated in northwest British Columbia; and the Ellesmere Island, NunavutTerritory coal property.Cautionary Note: This news release contains forward looking statements,particularly those regarding cash flow, capital expenditures and investmentplans. Resource estimates, unless specially noted, are considered speculative.The Company has filed a National Instrument 51-101 Report on the Figure Fourproperty. The Company has filed National Instrument 43-101 Reports for each ofthe Tulita coal property in the Northwest Territories, the Nunavut Coalproperty and the Groundhog Coal property. Any and all other resource orreserve estimates are historical in nature, and should not be relied upon. Bytheir nature, forward looking statements involve risk and uncertaintiesbecause they relate to events and depend on factors that will or may occur inthe future. Actual results may vary depending upon exploration activities,industry production, commodity demand and pricing, currency exchange rates,and, but not limited to, general economic factors. Cautionary note to U.S.investors: The U.S. Securities and Exchange Commission specifically prohibitsthe use of certain terms, such as "reserves" unless such figures are basedupon actual production or formation tests and can be shown to be economicallyand legally producible under existing economic and operating conditions.FOR FURTHER INFORMATION PLEASE CONTACT: West Hawk Development Corp. Dr. Wm. Mark Hart President and Chief ExecutiveOfficer (303) 357-4720 (303) 357-4726 (FAX) Website:www.westhawkdevelopment.com The TSX Venture Exchange has not yet reviewed and does not take responsibilityfor the adequacy or accuracy of the content of this news release. |
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