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East West Resource Corporation: Option Agreement Signed With Respect to the Hamlin IOCG Property

Posted on: Wednesday, 2 January 2008, 12:00 CST

East West Resource Corporation (TSX VENTURE: EWR) and its joint venture partner Mega Uranium Ltd. (TSX: MGA), the "partners", are pleased to announce that an option agreement has been signed with Xstrata Copper where by Xstrata Copper may earn a 51% interest in two contiguous properties (Hamlin and Deaty Creek) totaling 157 claim units by spending $3.0 million over 4 years, with an option to earn an additional 24% interest by completing or spending $20 million towards a feasibility study.

The Hamlin and Deaty Creek properties cover a 7 km long series of breccias related to an IOCG "Iron Oxide Copper Gold" system.

These two properties were originally acquired in March 2003 and a detailed program of mapping, prospecting, airborne and ground geophysics, trenching and diamond drilling was carried out by the partners. The IOCG system was drill tested on the Hamlin property over a strike length of 800 metres, with widths of copper-gold-molybdenum mineralization ranging from 50 m to 100 m (e.g. 0.415% Cu, 0.016% Mo, 2.9 g/t Ag, and 0.107 g/t Au over 72 metres in hole HAM-06-39). The zone on Hamlin and others on Deaty Creek consist of hematized breccias with chalcopyrite, pyrite, magnetite, epidote, and molybdenite. Age dating of the mineralization yielded a Timiskaming Age, which is similar in age to large IOCG deposits located in the Carajas district of Brazil.

Xstrata Copper has considerable experience with the Brazilian IOCG settings and the partners look forward to seeing new aspects of this unique geological setting being uncovered by Xstrata Copper.

Certain information regarding East West Resource Corporation contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although East West Resource Corporation believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. East West Resource Corporation cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what East West Resource Corporation currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.

ON BEHALF OF THE BOARD

Blake Colvin, Director

THE TSX VENTURE EXCHANGE DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

 Contacts: East West Resource Corporation Blake Colvin Director (807) 623-3824 (807) 623-0877 (FAX) Email: info@eastwestres.com Website: www.eastwestres.com

SOURCE: East West Resource Corporation and Mega Uranium Ltd.

Source: MARKET WIRE

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