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.
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