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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:
-
Year-round water supply- ownership of and leasehold interests in water
rights
-
Substation on regional electric grid
-
Mill complex: 250 ton/day flotation mill with crusher
-
General Office, lab and sampling facility- laboratory built in early
2000's
-
5+ miles of timbered and ventilated adits with tracks
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Two battery locomotives and several 1.5 ton ore cars
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Engine storage and charging house
-
Miners locker room
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Compressor building
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All weather road to US highway 89
-
Major rail arteries within 75 miles plus interstate highways 15 and 70
within 30 miles
-
Regional service and supply center half an hour from the property
Photo Gallery of Deer Trail Mine
http://www.westernpacificresources.com/s/ProjectPhotos.asp
Maps and Sections
http://www.westernpacificresources.com/i/pdf/DTM-Cross-Sections-and-Maps.pdf
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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