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:
Suite 902-555 Burrard Street
Canada V7X 1M8
Erin Ostrom 604-692-2891