Western Pacific welcomes proposed new Board members, upon closing of the Quintana transaction
VANCOUVER, Dec. 10, 2013 /CNW/ - Western Pacific Resources Corp. ("Western Pacific" or the "Company") (WRP - TSXV) is pleased to announce the intention to appoint Mr. Oliver Rodz and Mr. Lawrence Roulston to the Western Pacific Board of Directors. The additions will happen simultaneously with the closing of the proposed convertible debt financing with the Quintana Minerals Corporation group of companies ("Quintana"), also announced today. A third director, still to be named, will also be appointed at closing.
The Company welcomes the depth of experience that both Mr. Rodz and Mr. Roulston will add to the Board. Their extensive knowledge of the mining industry is expected to play an important role in the on-going growth and development of the Company. "The addition of Lawrence and Oliver will open many doors for Western Pacific, both financial and technical. Their wealth of experience will be a welcome addition to our team," Warwick Smith, CEO of Western Pacific, commented.
Oliver Rodz is an energy and natural resources executive with an extensive background in corporate and field operations, cross-border transactions, M&A, portfolio management, and board governance. Mr. Rodz joined Quintana Minerals Group ("QMC") in 2010, and serves it as a Managing Director. Previously, Mr. Rodz was President of two parallel ventures, Resource Ventures Inc., an energy and natural resources advisory firm, and Renewable Resources Group, a developer and operator of renewable energy processing plants. Mr. Rodz started his professional career as a partner of Rogers & Rodz, a law firm that advised clients on business ventures and cross-border transactions in the energy industry throughout Latin America. Mr. Rodz has a B.A. in International Relations from the University of South Florida and a J.D. from Northwestern School of Law at Lewis and Clark College.
Lawrence Roulston is a mining analyst and past mining company executive with more than 35 years of resource industry experience. Since 1998, he has been a mining analyst and consultant, as well as the editor of "Resource Opportunities", an independent investment publication focused on the mining industry. Prior to this, Mr. Roulston was an analyst or executive with various companies in the resource industry, including the following: Analyst of Cominco Ltd., Senior Analyst of McIntyre Mines Ltd., Manager of Pembina Resources, VP of Ventures West Minerals, VP of Coromandel Resources Ltd., a mineral exploration company, President of Canmex Minerals Corp., and VP and Director of the Mintax Group, a mining investment fund. Mr. Roulston holds a B.Sc. in geology and has additional training in engineering and business from the University of British Columbia.
Mr. Michael Williams and Mr. Ralph Rushton will be resigning upon the closing of the convertible debt financing. The Company would like to thank Mr. Williams and Mr. Rushton for their services to the Board and wish them the best of luck on their future endeavors.
About Western Pacific Resources Corp.
Western Pacific is focused on advancing a strong portfolio of projects in the Western United States, including the Deer Trail Mine in Piute County, Utah. Western Pacific'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.
About Quintana Minerals Corporation
Quintana Minerals Corporation ("QMC") is the management company for a portfolio of energy and natural resources-based private and publicly-traded companies controlled and/or operated by the Corbin J. Robertson Jr. family. The company was formed in 1963 as a division of Quintana Petroleum Corp. and has actively developed and operated precious and industrial metals/minerals projects throughout the Americas. The following are examples of some the group's on-going ventures: Natural Resource Partners L.P., a publicly traded MLP (NYSE: NRP); Great Northern Properties L.P., a private company that holds over 22 billion tons of coal reserves; Corsa Coal Corp., a publicly traded junior mining company (TSXV: CSO); Quintana Energy Partners, L.P., an energy-focused private equity fund; and Quintana Shipping Ltd., the group's 2nd dry bulk shipping venture. For more information please contact Oliver Rodz, Managing Director of QMC, 601 Jefferson Street, Suite 3600, Houston, Texas 77002 (tel: 713-751-7500).
ON BEHALF OF THE BOARD
Warwick Smith, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements within the meaning of Canadian securities legislation. Forward-looking statements contained in this news release include, without limitation, statements in respect of the closing of the DTM Acquisition, the closing of the proposed Financing and future payments and purchases of Base Metals pursuant to the Streaming Transaction with Quintana. These statements relate to future events, business prospects or opportunities and product development. All such statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Actual results and developments may differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release.
Forward-looking statements involve known and unknown risks, uncertainties, assumptions of management and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statement, including but not limited to: (a) the conditions to closing of the DTM Acquisition not being met; (b) the Company being unable to meet the milestones for purchases of Secured Notes under the Investment Agreement; (c) the company being unable to obtain TSXV or disinterested shareholder approval of the Financing or Streaming Transaction; (d) the Company being unable to raise additional fund to finance the development of the DTM Project; (e) the Company being unable to comply with the conditions to advances to the Upfront Payment under the BMPA; (f) risks associated with the results of exploration activities, the interpretation of drilling results and other geological risks, estimation of mineral resources and the geology, grade and continuity of mineral deposits, project cost overruns or unanticipated costs and expenses; and (g) such other risks detailed from time-to-time in the Company's quarterly and annual filings with securities regulators and available under the Company's profile on SEDAR at www.sedar.com.
Although the Company believes that the expectations conveyed by the forward-looking statements are reasonable based on the information available to it on the date such statements were made, no assurances can be given as to future results, approvals or achievements. Such forward-looking statements have been made for the purpose of assisting investors in understanding the Company's business, financial and operational performance and plans and may not be appropriate for other purposes. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The Company disclaims any duty to update any of the forward-looking statements after the date of this news release to conform such statements to actual results or to changes in the Company's expectations except as otherwise required by applicable law.
SOURCE Western Pacific Resources Corp.For further information:
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