Mr. Warwick Smith of Western Pacific Resources reports
WESTERN PACIFIC SELLS MERIDIAN RIDGE PROJECT TO MIDWAY GOLD
Western Pacific Resources Corp. has sold its Meridian Ridge claims to Midway Gold Corp. for $500,000 (U.S.). The Meridian Ridge claims are located 30 miles southeast
of Eureka, Nev., along the southern extension of the Battle
Mountain/Eureka trend in the northern end of Railroad Valley (White
Pine county). Midway's Pan project is located 9.8 miles to the
northwest of the claim block.
Warwick Smith, chief executive officer of Western Pacific, comments: "We are very pleased to
sell this non-core asset to Midway Gold. Any increase to the treasury
without diluting your shareholders is positive; our cash position is
now approximately $2.2-million.
"Our efforts over the next 12 months will be heavily concentrated on
sampling, metallurgical testing and drilling the tailings at our
flagship property, Mineral Gulch."
Western Pacific has engaged Tetra Tech, a leading engineering firm, to
evaluate the historic heap leach process at Mineral Gulch, with the aim
of possibly restarting commercial production (please see press release
dated Nov. 8, 2012).
About Mineral Gulch
Mineral Gulch is located in Cassia county, Idaho, along the southeast
edge of the Black Pine Mountains, approximately 128 kilometres southeast of
Burley, Idaho. Western Pacific Resources controls 100 per cent of the
The project encompasses the historic Black Pine mining district and
surrounding exploration ground. Western Pacific has acquired the
historical proprietary data for the property from Newmont Mining
Corp. and Pegasus Mining.
Sporadic small-scale gold and base-metal mining occurred in the area as
early as 1915. Noranda conducted exploration programs at Black Pine
between 1984 and 1990. Pegasus Mining entered into a joint venture
with Noranda in 1990 and became the majority owner and operator of the
project between 1992 and 1998. The Black Pine property produced over
500,000 ounces of gold at an average head grade of 1.5 grams from
several small open pits. Historic exploration and mining efforts were
generally focused on near-surface, oxidized orebodies.
Readers are cautioned that more work needs to be completed by Western
Pacific to verify the tonnage and grade potential in the heap --
estimates of tonnage and grade were based on historic production
records provided by Pegasus's 1997 annual report and are not National Instrument 43-101
Clancy Wendt, MSc, a registered geologist in Arizona and British
Columbia, and a member of SME, SEG FAusIMM (CP) and PDAC, is Western
Pacific's qualified person for the purposes of National Instrument
43-101. Mr. Wendt has prepared or supervised the preparation of the
disclosure of the scientific and technical information contained in
this news release.
We seek Safe Harbor.