Win-Eldrich Mines Closes $800,000 Private Placement and Announces Additional $300,000 Private Placement

TORONTO, Sept. 16 /CNW/ -- 
      /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
      DISSEMINATION IN THE UNITED STATES/
    

      TORONTO, Sept. 16 /CNW/ - Win-Eldrich Mines Limited (TSXV - WEX),
      a mining exploration and development company, announces the closing of a
      non-brokered private placement financing for gross proceeds of
      CDN$800,000.
    

      Under the offering, Win-Eldrich issued 4,000,000 Units at a price of
      $0.20 per Unit, with each Unit consisting of one common share and one
      common share purchase warrant. Each warrant will entitle the holder to
      purchase one additional common share at a price of $0.35 per share for a
      period of 24 months.  Win-Eldrich will have the right to accelerate the
      expiry date of the warrants if the closing price of its shares on the
      TSX Venture Exchange ("TSXV") exceeds $0.60 for a period of 30
      consecutive days on which the TSXV is open for trading.
    

      The financing constituted a "related party transaction" under
      Multilateral Instrument 61-101 ("MI 61-101") for Win-Eldrich as insiders
      of Win-Eldrich participated in the financing, acquiring a total of
      2,162,918  Units.  Win-Eldrich was exempt from obtaining both a formal
      valuation and minority shareholder approval in connection with the
      financing because neither the fair market value of the securities
      issued, nor the consideration for such securities, exceeded 25 per cent
      of Win-Eldrich's market capitalization as calculated in accordance with
      MI 61-101.
    

      Win-Eldrich also announces that it intends to conduct an additional
      non-brokered private placement financing of Units at $0.20 per Unit for
      gross proceeds of up to CDN$300,000. The Units will be comprised of the
      same securities and be offered on the same terms and conditions as the
      prior offering.  Completion of the financing is subject to TSXV approval.
    

      The proceeds from both financings will be used to fund further
      exploration and development of Win-Eldrich's Ashdown molybdenum deposit,
      exploration of the Ashdown gold deposit and for general working capital
      purposes.
    

      All securities issued pursuant to the offerings will be subject to a
      four month hold period from the date of issue.
    

      NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
      (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
      ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
    




p align="justify"Perry Muller, President, Win-Eldrich Mines Limited, at [phone]/p

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