VANCOUVER, British Columbia, June 23, 2020 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCPK: USGDF) (“APM”) and Madison Metals Inc. (“Madison”) are pleased to announce that, further to its news release of April 14, 2020, the shareholders of Madison have approved the sale of the Madison Copper Gold Project near Silver Star Montana, USA (the “Madison Project”) to APM (the “Transaction”). The Madison Project is currently under an earn-in, joint venture agreement, whereby Kennecott Exploration Company, part of the Rio Tinto Group may spend $30 million USD to earn up to 70% of the Madison Project.
The Transaction was approved by the shareholders of Madison with 99.929% of votes cast in favour of the Transaction.
The Transaction is expected to close on or about June 25, 2020.
About American Pacific Mining Corp.
American Pacific Mining Corp. is a gold explorer focused on precious metal opportunities in the Western United States. The Gooseberry Gold/Silver Project and the Tuscarora Gold Project are two high-grade, precious metal projects located in key mining districts of Nevada USA. The Company’s mission is to grow by the drill bit and by acquisition. American Pacific is Eyeing a Gold Discovery amidst gold’s next bull market.
On Behalf of the Board of American Pacific Mining Corp.
CEO & Director
Corporate Office: Suite 910 – 510 Burrard Street Vancouver, BC, V6C 3A8 Canada
Contact MarketSmart: 1.877.261.4466 firstname.lastname@example.org
About Madison Metals Inc.
Madison Metals is a private B.C registered corporation that was set up to receive the Madison Mine project from Mind Medicine as a Spin-out as a result the Broadway Gold Reverse Take Over. Madison Metals owns 100% interest in the Madison Mine Project including the Company's right, title and interest to the Broadway and Madison mine - 450 acres of land, a 192 acre ranch, buildings, mine equipment and fixtures, 6 patented, 35 unpatented mineral claims, and mineral rights to a four-square-mile property in the Butte-Anaconda region of Montana, a porphyry-based mining district. The Project is currently under option to Kennecott Exploration.
On Behalf of the Board of Madison Metals Inc.
CEO & Director
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, statements regarding the timing of the closing of the Transaction. Although APM and Madison believe that such forward-looking statement is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events.
Although the APM and Madison believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual events, results and/or developments may differ materially from those in the forward-looking statements. Readers should not place undue reliance on the forward-looking statements. Neither APM nor Madison undertakes to update any forward-looking statement that may be made from time to time, except in accordance with applicable securities laws.
The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.