VANCOUVER,
Feb. 25, 2014 /PRNewswire/ -
Western Pacific Resources Corp.
(WRP - TSXV) announces that in order to preserve
its current cash position, it proposes to issue up to 500,000
common shares in its capital stock in order to settle an
outstanding debt in the amount of $70,000. The issuance of shares represents
a severance payment to former CEO, Mr. Warwick Smith, and is
subject to approval by the TSX Venture Exchange.
About Western Pacific Resources Corp.
Western Pacific is focused on developing the
polymetallic Deer Trail Mine in Piute
County, Utah. The project includes a 250 tpd flotation mill,
5 miles of underground development, a large scale mining permit and
other extensive infrastructure. Western Pacific's team is led by
industry experts who aim to succeed in creating value for
shareholders. For more information, please visit our website at
www.westernpacificresources.com.
ON BEHALF OF THE BOARD
Arthur Brown, Chairman of the
Board
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this news
release.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements contained in this press
release constitute forward-looking statements within the meaning of
Canadian securities legislation. Forward-looking statements
contained in this news release include, without limitation,
statements in respect of the proposed development of the Deer Trail
Mine property. These statements relate to future events,
business prospects or opportunities and product development. All
such statements other than statements of historical fact are
forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect, "may",
"will", "project", "predict", "potential", "targeting", "intend",
"could", "might", "should", "believe" and similar expressions. The
Company believes that the expectations reflected in those
forward-looking statements are reasonable, but no assurance can be
given that these expectations will prove to be correct and such
forward-looking statements should not be unduly relied upon. Actual
results and developments may differ, and may differ materially,
from those expressed or implied by the forward-looking statements
contained in this news release.
Forward-looking statements involve known and
unknown risks, uncertainties, assumptions of management and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statement, including but not limited to: (a) the Company not having
the financial ability to meet its exploration and development
goals; (b) risks associated with the results of exploration and
development activities, the interpretation of drilling results and
other geological risks, estimation of mineral resources and the
geology, grade and continuity of mineral deposits, project cost
overruns or unanticipated costs and expenses; and (c) such other
risks detailed from time to time in the Company's quarterly and
annual filings with securities regulators and available under the
Company's profile on SEDAR at www.sedar.com.
Although the Company believes that the
expectations conveyed by the forward-looking statements are
reasonable based on the information available to it on the date
such statements were made, no assurances can be given as to future
results, approvals or achievements. Such forward-looking
statements have been made for the purpose of assisting investors in
understanding the Company's business, financial and operational
performance and plans and may not be appropriate for other
purposes. The forward-looking statements contained in this
news release are expressly qualified by this cautionary
statement. The Company disclaims any duty to update any of
the forward-looking statements after the date of this news release
to conform such statements to actual results or to changes in the
Company's expectations except as otherwise required by applicable
law.
SOURCE Western Pacific Resources Corp.