VANCOUVER, British Columbia, March 05, 2018 (GLOBE NEWSWIRE) — American Pacific Mining Corp (“APM” or the “Company”) is pleased to announce that shares will begin trading at market open on March 8, 2018 under the ticker symbol “USGD” on the Canadian Securities Exchange (CSE). American Pacific Mining is a junior resource company exploring and advancing precious metal opportunities in the United States, with a focus on highly productive gold districts in the Western states. The company’s flagship property, Tuscarora, is an early stage, high grade prospect located in a modern day gold producing region of Nevada. The project was optioned from NOVO Resources Corp (TSXV:NVO) in November of 2017.
“I am excited to work with the team at American Pacific Mining as we realize the strong potential of the newly acquired Tuscarora project,” commented Eric Saderholm, President & Director. “The Tuscarora district is an epithermal gold vein system that is located near Elko, Nevada along the northwestern projection of the Carlin Trend. The historic mines produced high grades of gold and silver along extensive vein structures. The numerous vein systems are weakly exposed at the surface and then project under gravel cover, currently open for exploration. Most mining of ores occurred in the late 1800’s when all mining and exploration techniques were very primitive. Sparse exploration drilling during the past 30 years encountered numerous high-grade gold intercepts that are currently being evaluated and this data will drive further exploration. American Pacific will build upon previous exploration work and use the most modern geophysical and drilling techniques to test this exciting, promising district. It was the potential of this project and the tight structure and commitment of American Pacific Mining that lured me into leaving a quality position with Newmont Mining. There is an upcoming emergence of profitable, mid-tier mining companies and we will be leaders in the exploration space as this trend continues.”
The Company holds an option to acquire a one hundred percent right, title and interest in the Tuscarora Gold Project in Nevada USA, pursuant to an option agreement dated November 6, 2017 with Novo Resources (USA) Corp.
According to the option terms, American Pacific Mining will:
- Make cash payments to Novo totaling three hundred and seventy-five (CAD$375,000) Canadian dollars over 3 years
- Deliver shares of American Pacific Mining Corp. stock equivalent to two hundred thousand Canadian dollars (CAD$200,000) over three years
- Complete one hundred thousand (USD$100,000) U.S. dollars per year in expenditures after 12 months on the property
- Pay a Royalty Interest to Novo of one-half percent (0.5%) of Net Smelter Returns which may be reduced to nil (0%) by paying five hundred thousand US dollars (USD$500,000)
Following completion of the option, APM will be obligated to pay the following:
- Royalty Interest to Novo of one-half percent (0.5%) of Net Smelter Returns. APM may reduce the Royalty Interest to nil (0%) by paying five hundred thousand (USD$500,000) US dollars to Novo.
- Royalty Interest to Nevada Select Royalty, Inc. based on the Net Smelter Royalty at a rate based on the New York COMEX price of gold per troy ounce, payable as follows:
Less than or equal to $1,500.00 Two percent (2.0%)
Greater than $1,500.00 but less than or equal to $2,000.00 Three percent (3%)
Greater than $2,000.00 Four percent (4.0%)
American Pacific’s Board of Directors consists of Warwick Smith (CEO), Eric Saderholm (President), Ken Cunningham (Advisor), Alnesh Mohan (Director) and Norman Wareham (CFO). There are approximately 33 million shares outstanding.
The final prospectus has been filed on Sedar, with the completion of special warrant and convertible debenture financings. The prospectus was receipted on February 27, 2018 and special warrants and convertible debentures will convert into units/shares on the third business day after the prospectus receipt date (March 2, 2018).
Technical aspects of this press release have been reviewed and approved by the designated Qualified Person (QP) under National Instrument 43-101, Eric Saderholm, P.Geo.
American Pacific Mining Corp. is a new gold explorer focused on precious metal opportunities in the Western United States. Tuscarora is a high grade, early stage gold project located in a prime precious metal district in Nevada, only 35km northeast of the Carlin trend, 20km southwest of the Jerritt Canyon deposit, and 50km east-northeast of the Midas deposit. 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
Investor Relations: firstname.lastname@example.org Phone: 1-866-646-5389