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Windarra Minerals Ltd. has been in the business of exploring for mineral deposits, primarily gold deposits, for over 25 years. The company's involvement in successfully developing projects from the exploration stage to production started in 1972 as Minas de Cerro Dorado Ltd., named after its gold mining operation in Nicaragua. In 1979 the company changed its name to Windarra Minerals Ltd. and has since conducted exploration programs throughout North and South America and Mexico. Past projects have been developed in partnership with such majors as Hemlo Gold, Cameco Corporation, Noranda Mining, Uranerz Exploration and Mining, and presently Wesdome Gold Mines Ltd.
Windarra holds properties with significant exploration potential and numerous targets in Ontario, Canada, one of the most favourable mining jurisdictions in the world. Recently, Windarra sold its 22.72% interest in the Magnacon gold property in Ontario to Wesdome Gold Mines Ltd. In consideration for the Magnacon property, Windarra received $750,000 in cash and a 1% net smelter royalty. It also granted an option to Wesdome to earn up to a 60% undivided working interest in its Pukaskwa property. As part of the Pukaskwa option, Wesdome paid a $25,000 initial cash payment to Windarra, and has agreed to expend an aggregate of $3,000,000 in exploration and development expenses on the claims over a five year period. Once Wesdome has earned its 60% interest, Wesdome and Windarra will be deemed to have formed a joint venture. Wesdome commenced exploration on the Pukaskwa property in early November, 2009.
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