VANCOUVER,
March 22, 2013 /PRNewswire/ -
Western Pacific Resources Corp. ("Western Pacific" or
the "Company") (TSXV: WRP) announces that, as a
result of a review by the British
Columbia Securities Commission, the Company is issuing this
news release to revise and clarify certain of its previous
technical disclosure. In those instances where the Company has
clarified or revised previous disclosure, the Company advises
readers not to rely on such statements as they may continue to be
found in the public domain.
The Company posted to its website links to
certain third-party articles/reports that mentioned technical
disclosure which was not compliant with National Instrument 43-101
- Standards of Disclosure for Mineral Projects ("NI
43-101"). Specifically, the Company posted the following links
to its website: (i) Jay Taylor's
Energy and Tech Stocks Weekly Hotline Message dated November 9, 2012 (the "Taylor Report"),
(ii) a Hera Research article dated October
22, 2012 (the "Hera Article"), (iii) an editorial by
Lawrence Roulston, extracted from
the October 2012-1 Issue of Lawrence
Roulston's Resource Opportunities (the "Roulston
Article") and (iv) David
Scarica's Gold Stock Advisor Vol. 5, Issue 1, dated
January 2013 (the "Scarica
Article" and collectively with the Taylor Report, the Hera
Article and the Roulston Article, the "Reports").
The Reports contained statements of historical
gold resources and reserves estimates on the Company's Mineral
Gulch Property. The Reports were not compliant with NI 43-101 for
the reasons that follow. The Taylor Report and the Hera Article
disclosed historical estimates not accompanied by mandatory
cautionary language always required by NI 43-101 in connection with
disclosure of a historical resource or reserve estimate. The
Roulston Article and the Scarica Article disclosed significant
gold-ounce quantities as current reserves. These disclosures are
not compliant with NI 43-101 and failed to designate quantities as
historical in nature.
The Company retracts the foregoing disclosure
regarding resources and reserves on the Mineral Gulch Property as
they are both unsupportable and not NI 43-101 compliant. The
Company has retracted all the above estimates and has removed the
links to the Reports from its website.
In addition to the above deficiencies, in the
Company's October 10, 2012 news
release (the "October News Release"), Management Discussion
and Analysis for the period ended November
30, 2012 (the "November MD&A") and a fact sheet
(the "Fact Sheet") posted on the Company's website, the
Company reported a conceptual target on the Mineral Gulch Property
including ranges in tonnage, ounces of gold, and grades of gold.
The disclosure in not compliant with NI 43-101 because it does not
provide mandatory cautionary language required by NI 43-101 for
estimates of potential exploration targets. Further, the disclosure
failed to disclose sampling of leach pad material which would be
required to form a basis for gold grade estimates. The October News
Release also disclosed the initiation of an economic evaluation of
a potential exploration target on the heap leach pad at the Mineral
Gulch Property. This type of disclosure (without a current resource
estimate) is not compliant with NI 43-101.
The Company retracts the foregoing disclosure
regarding the conceptual target and the initiation of an economic
analysis on the Mineral Gulch Property. The Company has removed the
Fact Sheet from its website and will amend the November MD&A to
reflect the revised disclosure.
Lastly, the Company's news release dated
February 26, 2013 (the "February
News Release") and presentation entitled "Deer Trail Mine:
Feb 2013" (the "Corporate
Presentation") make reference to the words "ore" and "orebody".
The terms "ore" and "orebody" implies technical feasibility and
economic viability that should only be attributed to mineral
reserves. Given that there are no reserves associated with the Deer
Trail Mine the use of the words "ore" and "orebody" is not
compliant with NI 43-101 and the Company retracts the same. The
February News Release and Corporate Presentation also make
reference to a 12 to 18 month target for commencing production. As
the Company does not have a resource estimate for the Deer Trail
Mine the Company retracts such disclosure. The Company has removed
the Corporate Presentation from its website.
The Company will promptly disclose any material
mineral resource estimate it receives for the Mineral Gulch
Property or Deer Trail Mine and file a supporting technical report
therefor.
Qualified Person
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 NI 43-101.
Mr. Wendt has approved the disclosure of the scientific and
technical information contained in this news release.
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
Contact Information
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.