10:33:58 EDT Wed 23 May 2018
Enter Symbol
or Name

Western Pacific Resources Corp
Symbol C : WRP
Shares Issued 29,096,128
Close 2013-01-15 C$ 0.30
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Western Pacific sells Meridian Ridge to Midway Gold

2013-01-16 06:09 ET - News Release

Also News Release (C-MDW) Midway Gold Corp

Mr. Warwick Smith of Western Pacific Resources reports


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 project.

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 compliant.

Qualified person

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.

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