Purecore Metals Inc. press release
Pacifica Resources Completes Howard's Pass Acquisition Agreement
CSE - Canadian National Stock Exchange ยท Canada
VANCOUVER, Aug. 22 /CNW/ - Pacifica Resources Ltd. ("Pacifica") is pleased to report the signing of the formal Howard's Pass Option Agreement with a subsidiary of Placer Dome Inc. ("Placer Dome") and Cygnus Mines Ltd. ("Cygnus"), a US Steel subsidiary. This agreement formalizes a letter agreement (previously announced by Pacifica in a May 2, 2005 News Release) under which Pacifica can acquire a 100% interest in the Howard's Pass properties held by a Placer Dome/Cygnus Joint Venture. Details of the acquisition terms are unchanged from those in the May 2, 2005 News Release. The initial cash payment of $500,000 has now been made to Placer Dome and Cygnus under the terms of the agreement. The acquired mineral properties are located in the Selwyn Basin in the eastern Yukon, straddling the border with the Northwest Territories. These properties host the Howard's Pass zinc-lead-silver deposit. Acquisition of the Placer Dome/Cygnus Joint Venture properties, when combined with Pacifica's own mineral claims in the area gives Pacifica control over 35 kilometres of favourable strata in the district. Together these lands will form the Selwyn Project and is the core asset and main focus of Pacifica. Pacifica has already commenced a $3.5 million exploration program in the Selwyn/Howard's Pass district properties. This program re-initiates the advancement of this major zinc-lead district.
Pacifica is a junior resource company focused on exploration for base metals in the Americas. The properties in the Howard's Pass District host large tonnages of zinc-lead mineralization. The known deposits have the potential for large scale production of zinc and lead, at a time when World zinc mine supply is in deficit and there are few new mines under development.
This press release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control and actual results may differ materially from the expected results.
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