VANCOUVER,
Nov. 14, 2013 /CNW/ - Western
Pacific Resources Corp. ("Western Pacific" or the
"Company") (WRP - TSXV) announces that it
has extended its previously announced asset purchase agreement (the
"Agreement") with Deer Trail Mining Company, LLC
("DTM") to acquire the Deer Trail Mine in Piute County, Utah. Closing is subject
to, among other things, arranging a third party financing for
minimum proceeds of $5 million and
may occur as late as February 14,
2014.
In connection with the extension of the
Agreement, Western Pacific has agreed to advance a secured loan to
DTM in the amount of $295,000 in two
tranches, the proceeds of which will be subtracted from the amount
payable on the closing of the acquisition of the Deer Trail
Mine.
About Western Pacific
Western is focused on advancing a strong
portfolio of projects in the Western
United States. 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. Such forward-looking information includes
information in respect of the closing of the acquisition of the
Deer Trail Mine and proposed third party financing. 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.