Issued and Outstanding: 37,070,110 Wpc Resources Inc. Signs Agreement with Shoshoni Gold Ltd. to Further Explore the Zpg Property
TSX-V: WPQ Issued and Outstanding: 37,070,110
WPC RESOURCES INC. SIGNS AGREEMENT WITH SHOSHONI GOLD LTD. TO FURTHER EXPLORE THE ZPG PROPERTY
Vancouver, British Columbia, May 13, 2014 – WPC Resources Inc. (the “Company”) is pleased to announce it has reached an Agreement with Shoshoni Gold Ltd. to further the development of its optioned ZPG Project in Lander County, Nevada. Shoshoni can earn a 60% interest in the property by doing the following:
1) Paying $75,000 in staged payments to WPC Resources Inc over the next 45 days;
2) Undertaking the expenditures of CDN $500,000 on the property to further the drill program and IP survey plan that was started by WPC in 2011;
3) Both parties agree to fund further exploration costs, as agreed, on a 60% Shoshoni and 40% WPC basis once the terms of this Agreement have been fulfilled and a Formal Joint Venture Agreement has been completed. Further, both parties will be required to spend on exploration, the difference between what has been spent to earn the interest and $660,000us to fully acquire the property. The property is subject to a 3% Net Smelter Royalty of which one-half (1.5%) can be bought down for $1,500,000 US. The Companies will share in this on a 60/40 basis. Drilling is expected to commence later this month.
4) Both parties will independently seek TSX Venture approval for this transaction as required.
Al Fabbro, President of the Company, says: “We are pleased to enter into this agreement with Shoshoni. We believe it is important for our shareholders that the work done in 2011 is continued as our original results are very encouraging. We look forward to working with the Shoshoni group to continue this project.”
The Company further reports the resignation of Ernie Peters as a Director. Mr. Peters has been a Director since the inception of the Company and has provided both wisdom and guidance to the Board. The Board would like to thank Mr. Peters for his invaluable contribution and wish him well in his future endeavors.
About WPC Resources Inc.
WPC Resources Inc is a Vancouver, British Columbia based exploration and development company. For additional information, please contact:
WPC Resources Inc. further reports that it will hold its Annual General meeting on June 10th,2014 at 10:00am in the offices of the Company at #202-750 West Pender Street in Vancouver BC.
Allan Fabbro, President Telephone: (604) 351-8850
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains certain “forward-looking information” within the meaning of Canadian securities laws. Actual results may differ
materially from those indicated by such forward-looking information. All information included herein, other than statements of historical fact,
including, without limitation, information regarding future production, is considered forward-looking information and involves various risks and
uncertainties. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.