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November 23, 2017, Vancouver, BC, Canada - Pacific Empire Minerals Corp. ("PEMC" or the "Company") is pleased to announce that the Company has signed an option agreement (the “Agreement”) with ML Gold Corp. (“ML Gold”) for the Stars Project (the “Project”) in west-central British Columbia. ML Gold can earn up to a 30% interest in the Project in which PEMC currently holds a 50% interest. As consideration for the Option, ML Gold will make aggregate cash payments in the amount of $80,000 and issue a total of 600,000 common shares to the Company over a two-year period, and will incur a minimum of $4,500,000 in exploration expenditures on the Project over a three-year period. PEMC will have a carried interest in the Project until completion of a Pre-Feasibility Study, after which point a Joint Venture will commence.
PEMC’s President and CEO, Brad Peters stated, “PEMC is pleased to have ML Gold as a partner on the Stars Project, as they are an aggressive junior exploration company. This agreement will facilitate partner-funded exploration on the Stars Project with PEMC retaining a 20% interest in the Project. This will allow PEMC to focus on its other projects while maintaining an interest and exposure to discovery at the Stars Project.”
About the Stars Project
The Stars (formerly Copper Star) Project is located approximately 30 km northwest of New Nadina’s Silver Queen Property in a mining camp with numerous deposits and past producing mines including Goldcorp’s Equity Silver Mine which produced over 77 Million Ounces Silver, 500,000 Ounces Gold and over 80,000 kg of Copper. The Project hosts a 9 square kilometre area of anomalous chargeability that is coincident with significant copper-gold-silver mineralization at surface. The Stars Property is underlain by Lower Jurassic volcanics and Lower Cretaceous Skeena Group sediments that have been intruded by variably mineralized Late Cretaceous intermediate to felsic Bulkley Suite intrusive rocks.
Mineralization on the property was first discovered in the late 1990’s when logging roads were constructed in the area and since that time mineralization has been confirmed in shallow drilling in two zones. Mineralization consists of quartz-sulphide veins containing chalcocite, bornite, chalcopyrite, and pyrite in intensely altered host volcanic rocks. The outcropping mineralization, especially at the Road Zone, is interpreted to be high level porphyry style mineralization evident from euhedral chalcocite crystals with intense muscovite replacement in the wall rocks. It is possible that this zone is immediately above or proximal to an enriched copper porphyry zone and that the two adjacent zones identified on surface on the property join at depth in a higher grade zone.
Option Agreement Details
ML Gold has the right to earn a 30% interest in the Stars Project by making certain cash and share payments and by completing certain exploration expenditures as follows:
| Date | Cash* | Shares | Exploration Work |
|---|---|---|---|
| Signing Definitive Agreement** | $10,000 | 100,000 | NIL |
| 1st Anniversary | $20,000 | 200,000 | $500,000 |
| 2nd Anniversary | $50,000 | 300,000 | $1,000,000 |
| 3rd Anniversary | NIL | NIL | $3,000,000 |
| Total | 80,000 | 600,000 | $4,500,000 |
* All amounts in Canadian dollars
** Within ten (10) days from receiving TSX Venture approval
Qualified Person and QA/QC
The scientific and technical data contained in this news release pertaining to the Stars Project was reviewed by Mr. Rory Ritchie, P. Geo, Vice President of Exploration for the Company who is responsible for ensuring that the geologic information provided in this news release is accurate and acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Pacific Empire Minerals Corp.
PEMC is an exploration company based in Vancouver, British Columbia, that employs the “prospect generator” business model and is currently focused on the acquisition, funding and exploration of its Wildcat Project, which consists of 10 mineral claims covering an area of approximately 5,826 hectares in the Omineca Mining Division of British Columbia.
ON BEHALF OF THE BOARD
“Brad Peters”
Brad Peters
President and Chief Executive Officer
Pacific Empire Minerals Corp.
Tel: +1-604-356-6246
Email: info@pemcorp.ca
No securities regulatory authority has either approved or disapproved of the contents of this news release.
Forward-Looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities laws (collectively, “forward-looking statements”), which reflect the Company's current expectations regarding future events. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations and orientations regarding the future. Often, but not always, forward looking statements can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Such forward-looking statements include, among others, the planned completion of the Offering and the terms thereof, the listing of the Company's common shares on the TSXV and the Company's intention to not apply for listing of the warrants underlying the Units on any securities exchange or for inclusion in any automated quotation system. The forward-looking statements in this news release are based on a number of assumptions, including, but not limited to, assumptions regarding the stability of commodity prices, that general business, economic, capital market, legal and political conditions will not change in a materially adverse manner and that necessary governmental, securities regulatory authority or stock exchange permits or approvals will be obtained in connection with the Offering. Actual results could differ materially from those projected in any forward-looking statements due to numerous risks, uncertainties and other factors. Such factors include, among others, the inability of the Company to implement its business plan and to find suitable partnerships and joint ventures, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, requirements for additional capital, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities and precious metals, lack of investor interest in the Offering, accidents, delays in obtaining governmental, securities regulatory authority or stock exchange permits or approvals, changes in laws, regulations and policies affecting mining operations, title disputes, the timing and possible outcome of any potential litigation, environmental issues and liabilities, and risks related to joint venture operations.
There can be no assurance that forward-looking statements will prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements. Any forward-looking statements included in this news release is based only on information currently available to the Company and speaks only as of the date on which it is made. Except as otherwise required by law, the Company undertakes no obligation to update any of the forward-looking statements in this news release to reflect new circumstances or events.