**NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES**
Vancouver, B.C., June 9, 2020 WESTERN PACIFIC RESOURCES CORP. (TSXV: WRP) (the “Company” or “Western Pacific”) is pleased to provide the following update on the Company’s acquisition from Green Oil S.A. (“Green Oil”) of certain mineral claims located in Ecuador known as the Julian Property (the “Transaction”), previously announced on January 28, 2020.
The Company has received conditional approval of the TSX Venture Exchange (the “Exchange”) for the Transaction and the Company expects to complete the Transaction in the next 10 days subject to satisfying all of the conditions of the Exchange. Concurrent with the closing of the Transaction, the Company will also be closing its previously announced private placement of units for gross proceeds of $1,500,000.
The Julian Property is a 2,312 hectare concession located in the Province of Azuay in the canton of Oña, some 64km southwest of the city of Cuenca and 100km southeast of Machala in the Cordillera Real de los Andes Ecuador. The Julian Property (the “Property”) lies within the InterAndean Depression, an extensive inter-montane belt of active Tertiary through Quaternary volcanism. This volcanic activity is implicated in the gold mineralizing events of the structurally controlled Collay-Shincata mineral belt which hosts the Property and the nearby high sulphidation deposits of El Mozo, Asaray, Cerro Colorado and Lomo Quipal. The Property is contiguous with the El Mozo property comprising a concession of 1,776 hectares that hosts the El Mozo high sulphidation deposit.
Exploration was conducted on the Julian Property by Green Oil during 2018 and 2019. Lithological, structural and alteration mapping identified coincident structural and vuggy silica/silicified breccia targets featuring extensive iron oxide fracture and breccia fill consistent with original presence of sulphides were observed.
The Company intends to conduct a two stage exploration program on the Julian Property, as recommended in a Technical Report (as defined below). The first phase of exploration is designed to generate drill-ready targets and will focus on rock-chip and soil geochemical sampling, in conjunction with detailed structural mapping. The cost of this first phase is estimated at CAD $120,000. The second phase of exploration is contingent on the results of the first phase and comprises 1,000 meters of angled diamond drilling designed to test targets generated in the first phase. The cost of the second phase is estimated at CAD $400,000.
A technical report titled “Independent Technical Report on the Julian Concession, Ecuador” dated March 31, 2020 has been prepared for the Company by Dr Christopher Charles Wilson, FAusIMM (CP), FSEG of Exploration Alliance S. A. (the “Technical Report”). A copy of the Technical Report is available under the Company’s profile at www.sedar.com.
Pursuant to Exchange policy, Western Pacific’s common shares have been halted. Shares in the Company are expected to resume trading following completion of the Transaction.
Christopher Wilson, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Western Pacific Resources Corp.
Darren Cardey, Director
ON BEHALF OF THE BOARD
Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange approval and the receipt of all regulatory consents required for the completion of the Transaction. There can be no assurance that the transaction will be completed as proposed or at all.
The TSX Venture Exchange Inc. has in no way passed judgement upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws, including statements relating to the completion of the Financing and the Transaction and information relating to the work program for the Julian Property. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Western Pacific’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. Western Pacific undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
This press release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”) or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.