VANCOUVER, Feb. 27, 2013 /CNW/ - Western Pacific Resources Corp. (TSXV - WRP) is pleased to announce the appointment of Mr. Michael Callahan, former Vice President of Hecla Mining Co. (NYSE: HL, "Hecla") as the new President. Mr. Arthur Brown, former CEO and Chairman of Hecla, will also join the Company as Chairman of the Board and Director. Mr. Callahan and Mr. Brown recently held the positions of President and Chairman respectively of Silvermex Resources Ltd. During their tenure at Silvermex, the company was bought out by First Majestic Silver Corp. (TSX: FR) for approximately C$175.4 million in July of 2012 (refer to "First Majestic" Press Release dated July 3, 2012).
The current President, Eric Saderholm, will become the Company's Vice President, Exploration and remain a Director, and Warwick Smith will remain as Chief Executive Officer.
Mr. Callahan served as Vice President of Hecla and President of Hecla's Venezuelan Operations from 2006 to 2009. Joining the company in 1989, he held various positions at the company including Vice President of Corporate Development. Between December 2009 and July 2012 he served as President of Silvermex Resources Ltd. (TSXV: SMR), until the company was acquired by First Majestic.
Mr. Brown served as CEO and Chairman of Hecla until retiring in 2006. During his 39 year tenure at Hecla he held many senior positions in operations, becoming the company's President in 1986, and Chairman and CEO in 1987. Mr. Brown serves as a director on the board of AMCOL International Corporation (NYSE: ACO) where he also serves as a member of the audit and compensation committees. Mr. Brown is also a director of the Idaho Independent Bank. He is a former Director of the National Mining Association and served as a Director of The Gold Institute and The Silver Institute (Past President).
Mr. Callahan will help direct the Company in its transition from an exploration company to a profitable producer, with the recently acquired Deer Trail Mine, Piute County, Utah. (Refer to Press Release dated February 26, 2013). Mr. Brown will lead the Company's directors and executives, overseeing corporate governance while enhancing shareholder value.
Warwick Smith, CEO of Western Pacific, comments: "We are extremely excited to welcome Michael as Western's new President and Arthur as our new Chairman and Director. Not only do we have an exciting new flagship asset in the Deer Trail Mine, but we now have a strong senior management team with key expertise in underground mining operations and corporate governance."
In connection with the foregoing, the Company has granted incentive stock options (the "Options") to purchase up to 600,000 common shares of the Company exercisable for a period of five years at $0.195 per share. The Options are subject to the terms of the Company's stock option plan and vesting provisions.
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.
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