VANCOUVER, Jan. 16, 2013 /PRNewswire/ - Western Pacific Resources Corp. (WRP - TSXV) is pleased to announce that it has sold its Meridian Ridge claims to Midway Gold Corp. (MDW - TSXV) for US$500,000. The Meridian Ridge claims are located 30 miles southeast of Eureka, Nevada along the southern extension of the Battle Mountain/Eureka Trend in the northern end of Railroad Valley (White Pine County). Midway's Pan Project is located 9.8 miles to the northwest of the claim block.
Warwick Smith, CEO of Western Pacific, comments: "We are very pleased to sell this non-core asset to Midway Gold. Any increase to the Treasury without diluting your shareholders is positive; our cash position is now approximately CAD$2.2 million.
Our efforts over the next 12 months will be heavily concentrated on sampling, metallurgical testing, and drilling the tailings at our flagship property, Mineral Gulch."
Western Pacific has engaged Tetra Tech, a leading engineering firm, to evaluate the historic heap leach process at Mineral Gulch, with the aim of possibly restarting commercial production (please see press release dated November 8, 2012).
About Mineral Gulch
Mineral Gulch is located in Cassia County, Idaho, along the southeast edge of the Black Pine Mountains, approximately 128 km southeast of Burley, Idaho. Western Pacific Resources Corp. controls 100% of the Project.
The Project encompasses the historic Black Pine Mining District and surrounding exploration ground. Western Pacific has acquired the historical proprietary data for the property from Newmont Mining Corporation and Pegasus Mining.
Sporadic small-scale gold and base-metal mining occurred in the area as early as 1915. Noranda conducted exploration programs at Black Pine between 1984 and 1990. Pegasus Mining entered into a joint venture with Noranda in 1990 and became the majority owner and operator of the Project between 1992 and 1998. The Black Pine Property produced over 500,000 ounces of gold at an average head grade of 1.5 grams from several small open pits. Historic exploration and mining efforts were generally focused on near-surface, oxidized ore bodies.
Readers are cautioned that more work needs to be completed by Western Pacific to verify the tonnage and grade potential in the heap - estimates of tonnage and grade were based on historic production records provided by Pegasus's 1997 annual report and are not NI 43-101 compliant.
About Western Pacific
Western Pacific is a gold explorer focused on acquiring advanced-stage projects in the Western United States, and has the right combination of exploration and financial professionals to succeed in making a world class gold discovery. Western Pacific will continue to seek Joint Venture partners for its Rock Springs and Bombardier projects in Nevada. For more information, please visit our website at www.westernpacificresources.com.
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 National Instrument 43-101. Mr. Wendt has prepared or supervised the preparation of the disclosure of the scientific and technical information contained in this news release.
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.