VANCOUVER, March 22, 2013 /CNW/ - Western Pacific Resources Corp. ("Western Pacific" or the "Company") (TSXV: WRP) announces that, as a result of a review by the British Columbia
Securities Commission, the Company is issuing this news release to
revise and clarify certain of its previous technical disclosure. In
those instances where the Company has clarified or revised previous
disclosure, the Company advises readers not to rely on such statements
as they may continue to be found in the public domain.
The Company posted to its website links to certain third-party
articles/reports that mentioned technical disclosure which was not
compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Specifically, the Company posted the following links to its website:
(i) Jay Taylor's Energy and Tech Stocks Weekly Hotline Message dated
November 9, 2012 (the "Taylor Report"), (ii) a Hera Research article dated October 22, 2012 (the "Hera Article"), (iii) an editorial by Lawrence Roulston, extracted from the October
2012-1 Issue of Lawrence Roulston's Resource Opportunities (the "Roulston Article") and (iv) David Scarica's Gold Stock Advisor Vol. 5, Issue 1, dated
January 2013 (the "Scarica Article" and collectively with the Taylor Report, the Hera Article and the
Roulston Article, the "Reports").
The Reports contained statements of historical gold resources and
reserves estimates on the Company's Mineral Gulch Property. The Reports
were not compliant with NI 43-101 for the reasons that follow. The
Taylor Report and the Hera Article disclosed historical estimates not
accompanied by mandatory cautionary language always required by NI
43-101 in connection with disclosure of a historical resource or
reserve estimate. The Roulston Article and the Scarica Article
disclosed significant gold-ounce quantities as current reserves. These
disclosures are not compliant with NI 43-101 and failed to designate
quantities as historical in nature.
The Company retracts the foregoing disclosure regarding resources and
reserves on the Mineral Gulch Property as they are both unsupportable
and not NI 43-101 compliant. The Company has retracted all the above
estimates and has removed the links to the Reports from its website.
In addition to the above deficiencies, in the Company's October 10, 2012
news release (the "October News Release"), Management Discussion and Analysis for the period ended November 30,
2012 (the "November MD&A") and a fact sheet (the "Fact Sheet") posted on the Company's website, the Company reported a conceptual
target on the Mineral Gulch Property including ranges in tonnage,
ounces of gold, and grades of gold. The disclosure in not compliant
with NI 43-101 because it does not provide mandatory cautionary
language required by NI 43-101 for estimates of potential exploration
targets. Further, the disclosure failed to disclose sampling of leach
pad material which would be required to form a basis for gold grade
estimates. The October News Release also disclosed the initiation of an
economic evaluation of a potential exploration target on the heap leach
pad at the Mineral Gulch Property. This type of disclosure (without a
current resource estimate) is not compliant with NI 43-101.
The Company retracts the foregoing disclosure regarding the conceptual
target and the initiation of an economic analysis on the Mineral Gulch
Property. The Company has removed the Fact Sheet from its website and
will amend the November MD&A to reflect the revised disclosure.
Lastly, the Company's news release dated February 26, 2013 (the "February News Release") and presentation entitled "Deer Trail Mine: Feb 2013" (the "Corporate Presentation") make reference to the words "ore" and "orebody". The terms "ore" and
"orebody" implies technical feasibility and economic viability that
should only be attributed to mineral reserves. Given that there are no
reserves associated with the Deer Trail Mine the use of the words "ore"
and "orebody" is not compliant with NI 43-101 and the Company retracts
the same. The February News Release and Corporate Presentation also
make reference to a 12 to 18 month target for commencing production. As
the Company does not have a resource estimate for the Deer Trail Mine
the Company retracts such disclosure. The Company has removed the
Corporate Presentation from its website.
The Company will promptly disclose any material mineral resource
estimate it receives for the Mineral Gulch Property or Deer Trail Mine
and file a supporting technical report therefor.
Clancy Wendt, M.Sc., 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 NI 43-101. Mr. Wendt has
approved the disclosure of the scientific and technical information
contained in this news release.
About Western Pacific
Western Pacific is a resource company transitioning into a polymetallic
producer. Western is focused on advancing a strong portfolio of
advanced-stage projects in the Western United States, including the
permitted Deer Trail Mine, Piute County, Utah. Dedicated to achieving
profitable production, 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. 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:
1450 -701 W Georgia Street
Canada V7Y 1G5
Rob Gamley (Contact Financial) 1-877-689-7411
Erin Ostrom 604-692-2891