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Pacific Wildcat Resources Corp
Symbol PAW
Shares Issued 295,131,981
Close 2015-07-03 C$ 0.015
Market Cap C$ 4,426,980
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Pacific Wildcat to acquire Rift Au-Ag project in Nevada

2015-07-10 14:00 ET - News Release

Mr. Don O'Sullivan reports

ACQUISITION OF RIFT EPITHERMAL GOLD SILVER PROJECT IN NEVADA

Pacific Wildcat Resources Corp. has signed a purchase agreement to acquire a 100-per-cent interest in the Rift epithermal gold-silver project in Nevada, United States. The completion of the transaction is subject to TSX Venture Exchange approval and the completion of the company's due diligence inquiries currently under way. The Rift project is located 30 kilometres north-northwest of Newmont's Mule Canyon mine located on the north-northwest-trending faults that define the western margin of the Northern Nevada rift zone located in the world's No. 1 ranked gold production field (at 540 metric tonnes per million square kilometres, Nevada is the world's highest rank).

The acquisition of the Rift project, when completed, will position the company in one of the world's most productive gold mining districts and in a sovereignty where the rule of law is respected. The Rift project is consistent with Pacific Wildcat's strategic focus on company transformational projects of major scale.

Key features of the Rift project:

  • The Rift project comprises claims that have been lodged over more than 16 square kilometres of highly prospective ground within the mineralized Northern Nevada rift.
  • More than 12 kilometres of strike of the mineralized Northern Nevada Rift zone runs through the Rift project area of interest.
  • Pacific Wildcat is targeting multimillion-ounce, high-grade epithermal silver and gold deposits.
  • Widespread gold and silver epithermal mineralization is present, with several high-grade deposits located along strike at Midas, Mule Canyon, Ivanhoe and Snowstorm.
  • Reinterpretation of the Northern Nevada rift zone is supported by exploration, geophysics, observed mineralization and recent drill results, which show the area is underexplored.
  • Well-defined mineralization is structurally controlled; outcrops at surface and drill-ready targets exist.
  • Pacific Wildcat is to target high-grade, near-surface gold and silver mineralization with depth extensions and high-grade feeder zones.

Investors are cautioned that the exploration target is early stage exploration prospect and conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Terms of the transaction

Pacific Wildcat has agreed to purchase a 100-per-cent interest in the Rift project from Sunline Resources Ltd., an Australian unlisted public company. Pacific Wildcat will effect the transaction by acquiring, from Sunline, 100 per cent of Australian-registered company Nevada Rift Resources Pty. Ltd. (Nevada Aust), which owns 100 per cent of U.S. Nevada Rift Resources LLC. U.S. Nevada is a company registered under the laws of the State of Nevada in the United States of America and is the registered holder of the unpatented lode mining claims, which make up the Rift project, located in Lander county in the state of Nevada.

The consideration to be paid and satisfied by Pacific Wildcat is:

  1. The payment of $50,000 (Australian) to Sunline, subject to the provisions for completion of the sale and purchase, to be paid not later than 90 days from the date of this agreement;
  2. The issue by Pacific Wildcat of 22 million common shares in the capital of Pacific Wildcat.

Completion of the transaction is subject to due diligence to the satisfaction of Pacific Wildcat, which due diligence has commenced.

On closing of the transaction, Pacific Wildcat director Malcolm Carson shall be appointed as chairman of the board of U.S. Nevada. Two of the current members of the U.S. Nevada board have agreed to stay on as directors, and the technical team is headed up by Dr. Criss Capps, a U.S.-based geologist who is well versed in the Rift project and the target mineralization, whom the company anticipates shall continue to manage the company's work program in Nevada.

Malcolm Carson, chairman, BSc, MSc, AUSIMM, AIG

Mr. Carson has over 35 years of experience in the resource sector, including field exploration geologist and commercial evaluation of mineral resources and project finance. Mr. Carson has held senior positions in exploration and mining companies, the West Australian government, investment banks and executive roles in Australian Securities Exchange and Toronto Stock Exchange publicly listed companies.

The transaction is subject to approval of the exchange and other conditions precedent customary to a transaction of this type.

The company's chairman, Don O'Sullivan, said, "The Rift project provides an exciting opportunity for Pacific Wildcat to target high-grade epithermal gold and silver mineralization in a stable jurisdiction and in a world-class gold province."

The company is investigating the options available to it to raise funds to meet its financial requirements under the terms of the transaction, as well as complete its outstanding financial filings, as reported in its news release of July 8, 2015, and complete its reinstatement for trading upon completion of its filings.

The company will provide further information as the transaction progresses.

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