VANCOUVER, Nov. 14, 2013 /CNW/ - Western Pacific Resources Corp. ("Western Pacific" or the "Company") (WRP - TSXV) announces that it has extended its previously announced asset purchase
agreement (the "Agreement") with Deer Trail Mining Company, LLC ("DTM") to acquire the Deer Trail Mine in Piute County, Utah. Closing is
subject to, among other things, arranging a third party financing for
minimum proceeds of $5 million and may occur as late as February 14,
In connection with the extension of the Agreement, Western Pacific has
agreed to advance a secured loan to DTM in the amount of $295,000 in
two tranches, the proceeds of which will be subtracted from the amount
payable on the closing of the acquisition of the Deer Trail Mine.
About Western Pacific
Western is focused on advancing a strong portfolio of projects in the
Western United States. Western'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.
ON BEHALF OF THE BOARD
Warwick Smith, Chief Executive Officer
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this news release.
This news release contains forward-looking information, which involves
known and unknown risks, uncertainties and other factors that may cause
actual events to differ materially from current expectation. Such
forward-looking information includes information in respect of the
closing of the acquisition of the Deer Trail Mine and proposed third
party financing. Important factors - including the availability of
funds, the results of financing and exploration activities, the
interpretation of drilling results and other geological data, risks
associated with the estimation of mineral resources and the geology,
grade and continuity of mineral deposits, project cost overruns or
unanticipated costs and expenses that could cause actual results to
differ materially from the Company's expectations are disclosed in the
Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company disclaims any intention or obligation,
except to the extent required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE: Western Pacific Resources Corp.
For further information:
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Erin Ostrom 604-692-2891