VANCOUVER, Feb. 27, 2013 /PRNewswire/ - 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.
