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SOURCE Western Pacific Resources Corp.
VANCOUVER, March 18, 2013 /PRNewswire/ - Western Pacific Resources Corp. (WRP - TSXV) is pleased to announce that Crown Mines, L.L.C. ("Crown") has waived their right of first refusal to acquire the Deer Trail Mine ("DTM") in Piute County, Utah. The underground mine is located five miles SSW of the town of Marysvale, Utah at the base of Deer Trail Mountain in the underexplored Mount Baldy/Marysvale District.
Warwick Smith, CEO of Western Pacific, comments: "Our team will begin to aggressively work towards our target of achieving commercial production in the next 12-18 months. With the addition of Michael Callahan as our President, and Arthur Brown as our Chairman, both Eric Saderholm and I are extremely excited to grow this company into a polymetallic producer."
As outlined in the agreement terms, Western Pacific has paid a deposit to Deer Trail Mining Company (DTMC), a subsidiary of Unico, Inc., of CAD$125,000, secured against the Deer Trail Mine assets. Closing is scheduled to occur on April 10, 2013 or such other date agreed to by the parties. In the event that closing has not occurred by April 10, 2013, the Company has the option to advance a second deposit to DTMC of $250,000, which will extend the closing date by an additional 45 days.
Recap of Acquisition
Western Pacific recently announced an agreement to acquire the permitted Deer Trail Mine (please refer to press releases dated February 26, 2013 and February 27, 2013) for a total of CAD$7 million over 2.5 years. The project encompasses 3,275 acres of prospective ground within 5 square miles and includes workings known as the Upper Deer Trail Mine, the Lower Deer Trail Mine, the Pluto, Carissa and Lucky Boy Mines.
Permits & Infrastructure
The Deer Trail Mine has a Large Scale Mining Permit issued by Utah Div. of Oil, Gas & Minerals. Extensive infrastructure is in place, including a mill complex with a 250 tpd (capacity) flotation mill and crusher, and a developed network of timbered and ventilated tracks extending 5 miles, some of which need repair. Other infrastructure includes:
Photo Gallery of Deer Trail Mine
Maps and Sections
About Western Pacific
Western Pacific is a resource company transitioning into a polymetallic producer. Western is focused on advancing a strong portfolio of advanced-stage projects in the Western United States, including the permitted Deer Trail Mine, Piute County, Utah. Dedicated to achieving profitable production, Western's team is led by technical and financial experts who aim to succeed in creating shareholder value. For more information, please visit our website at www.westernpacificresources.com.
ON BEHALF OF THE BOARD
Warwick Smith, Chief Executive Officer
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. The ability of the Company to successfully complete the DTM acquisition on time or at all and the Company's ability to successfully place the acquired assets back into production are subject to various risks and other factors, including the risks of obtaining necessary licenses and permits to place the DTM assets back into production, the results of financing and availability of funds, political or economic developments in Utah, operating or technical difficulties in connection with development or mining activities, availability and costs associated with mining inputs and labor, the speculative nature of exploration and development, the interpretation of drilling results and other geological data, the estimation of mineral resources and the geology, grade and continuity of mineral deposits, and project cost overruns or unanticipated costs and expenses. Such risks and other factors (which are also disclosed in the Company's documents filed from time to time on SEDAR at www.sedar.com) may cause actual results to differ materially from the Company's expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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