Vancouver, British Columbia--(Newsfile Corp. - May 29, 2019) - Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) ("Pacific Empire", "PEMC" or the "Company"), a hybrid prospect generator focused in British Columbia is pleased to announce it has entered into an option agreement to acquire a 100% interest in the Worldstock Property located 100 km north of New Gold's New Afton Mine and 130 km north of Teck Resources' Highland Valley Mine in the Quesnel Terrane of south-central British Columbia.
About the Worldstock Property
Historical work conducted on the Worldstock Property identified favourable geology and outlined several areas of anomalous copper and gold soil geochemistry, spatially associated with magnetic and induced polarization anomalies. Limited historical diamond drilling, which predates ground and airborne geophysical surveys, intersected altered copper bearing porphyry dikes that returned up to 0.38% copper over 10.4 m. Several attractive drill targets remain untested. The 1,730 hectare project is accessible by an extensive network of forestry roads and is ideally suited for PEMC's reverse circulation drill.
Details with respect to the consideration payable for the Worldstock Property acquisition are as follows:
Table 1. Option agreement terms.
|Timing||Cash Payments *||PEMC common share issuances|
|First anniversary of Effective Date||$10,000||50,000|
|Second anniversary of Effective Date||$15,000||100,000|
|Third anniversary of Effective Date||$20,000||100,000|
|Fourth anniversary of Effective Date||$30,000||300,000|
The vendor of the property will be granted a 2% net smelter royalty ("NSR"). The Company may, at any time, purchase one half of the NSR Royalty, thereby reducing the NSR Royalty to a 1% net smelter returns royalty, for $1,000,000.
* Dollar amounts expressed in Canadian dollars
This property acquisition remains subject to approval of the TSX Venture Exchange. Any securities issued as consideration under this option agreement will be subject to a statutory hold period of four months and one day from the date of issuance.
Rory Ritchie, P.Geo., Vice President of Exploration for the Company, serves as a qualified person as defined by National Instrument 43-101 and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
About Pacific Empire Minerals Corp.
PEMC is an exploration company based in Vancouver, British Columbia, that employs a "hybrid prospect generator" business model and trades on the TSX Venture Exchange under the symbol PEMC and on the OTCQB Markets under the symbol PEMSF.
By integrating the project generator business model with low-cost reverse circulation drilling, the company intends to leverage its portfolio by identifying, and focusing on, the highest quality projects for partnerships and advancement.
ON BEHALF OF THE BOARD,
President and Chief Executive Officer
Pacific Empire Minerals Corp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
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