Western Pacific to settle debt
VANCOUVER, Feb. 25, 2014 /CNW/ - Western Pacific Resources Corp. (WRP - TSXV) announces that in order to preserve its current cash position, it proposes to issue up to 500,000 common shares in its capital stock in order to settle an outstanding debt in the amount of $70,000. The issuance of shares represents a severance payment to former CEO, Mr. Warwick Smith, and is subject to approval by the TSX Venture Exchange.
About Western Pacific Resources Corp.
Western Pacific is focused on developing the polymetallic Deer Trail Mine in Piute County, Utah. The project includes a 250 tpd flotation mill, 5 miles of underground development, a large scale mining permit and other extensive infrastructure. Western Pacific's team is led by industry experts who aim to succeed in creating value for shareholders. For more information, please visit our website at www.westernpacificresources.com.
ON BEHALF OF THE BOARD
Arthur Brown, Chairman of the Board
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news 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 proposed development of the Deer Trail Mine property. 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 Company not having the financial ability to meet its exploration and development goals; (b) risks associated with the results of exploration and development 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 (c) 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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