Western Pacific extends agreement to acquire Deer Trail Mine

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, 2014.

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:


Contact Information

Corporate Office 
Suite 902-555 Burrard Street 
Vancouver, B.C.
Canada V7X 1M8

Investor Relations 
Erin Ostrom 604-692-2891

Email: info@westernpacificresources.com
Website: www.westernpacificresources.com

@WesternPacificR

Profil de l'entreprise

Western Pacific Resources Corp.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.