News Wire Services** Western Pacific Provides Update ON Julian Property Acquisition
LEGAL_33395328.1
WESTERN PACIFIC RESOURCES CORP.
Suite 550 - 800 West Pender Street
Vancouver, B.C. V6C 2V6
**NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
UNITED STATES NEWS WIRE SERVICES**
WESTERN PACIFIC PROVIDES UPDATE ON JULIAN PROPERTY ACQUISITION
Vancouver, B.C., June 9, 2020 WESTERN PACIFIC RESOURCES CORP. (TSXV: WRP)
(the “ Company” or “ Western Pacific ”) is pleased to provide the following update on the
Company’s acquisition from Green Oil S.A . (“Green Oil”) of certain mineral claims located in
Ecuador known as the Julian Property (the “Transaction”), previously announced on January 28,
2020.
The Company has received conditional approval of the TSX Venture Exchange (the “Exchange”)
for the Transaction and the Company expects to complete the Transaction in the next 10 days
subject to satisfying all of the conditions of the Exchange. Concurrent with the closing of the
Transaction, the Company will also be closing its previously announced private placement of units
for gross proceeds of $1,500,000.
The Julian Property is a 2,312 hectare concession located in the Province of Azuay in the canton
of Oña, some 64km southwest of the city of Cuenca and 100km southeast of Machala in the
Cordillera Real de los Andes Ecuador. The Julian Property (the “Property”) lies within the Inter-
Andean Depression , an extensive inter -montane belt of active Tertiary through Quaternary
volcanism. This volcanic activity is implicated in the gold mineralizing events of the structurally
controlled Collay-Shincata mineral belt which hosts the Property and the nearby high sulphidation
deposits of El Mozo, Asaray, Cerro Colorado and Lomo Quipal. The Property is contiguous with
the El Mozo property comprising a concession of 1,776 hectares that hosts the El Mozo high
sulphidation deposit.
Exploration was conducted on the Julian Propert y by Green Oil during 2018 and 2019 .
Lithological, structural and alteration mapping identifi ed coincident struc tural and vuggy
silica/silicified breccia targets featuring extensive iron oxide fracture and breccia fi ll consistent
with original presence of sulphides were observed.
The Company intends to conduct a two stage exploration program on the Julian Property, as
recommended in a Technical Report (as defined below). The first phase of exploration is designed
to generate drill -ready targets and will focus on rock -chip and soil geochemical sampling, in
conjunction with detailed structural mapping. Th e cost of this first phase is estimated at CAD
$120,000. T he second phase of exploration is contingent on the results of the first phase and
comprises 1,000 meters of angled diamond drilling designed to test targets generated in the first
phase. The cost of the second phase is estimated at CAD $400,000.
A technical report titled “Independent Technical Report on the Julian Concession, Ecuador” dated
March 31, 2020 has been prepared for the Company by Dr Christopher Charles Wilson, FAusIMM
(CP), FSEG of Exploration Alliance S. A. (the “ Technical Report”). A copy of the Technical
Report is available under the Company’s profile at www.sedar.com.
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Pursuant to Exchange polic y, Western Pacific’s common shares have been halted. Shares in the
Company are expected to resume trading following completion of the Transaction.
Christopher Wilson, a qualified person as defined by National Instrument 43 -101, has reviewed
and approved the technical information in this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
For further information, please contact:
Western Pacific Resources Corp.
Darren Cardey, Director
604-638-8063
ON BEHALF OF THE BOARD
Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange approval
and the receipt of all regulatory consents required for the completion of the Transaction. There can be no assurance
that the transaction will be completed as proposed or at all.
The TSX Venture Exchange Inc. has in no way passed judgement upon the merits of the proposed transaction and has
neither approved nor disapproved the contents of this press release.
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this news release are forward -looking statements and information within the
meaning of applicable securities laws , including statements relati ng to the completion of the Financing and the
Transaction and information relating to the work program for the Julian Property . Forward-looking statements and
information can be identified by the use of words such as “expects”, “intends”, “is expected”, “p otential”,
“suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”,
“could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward -looking statements and
information are not historical facts and are subject to a number of risks and uncertainties beyond Western Pacific’s
control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied
by the forward -looking statements contain ed in this news release. Accordingly, readers should not place undue
reliance on forward -looking statements. Western Pacific undertakes no obligation to update publicly or otherwise
revise any forward-looking statements, except as may be required by law.
This press release does not constitute an offer of sale of any of the foregoing securities in the United States. None of
the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the
“1933 Act”) or any applicable state securities laws and may not be offered or sold in the United States or to, or for
the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States
absent registration or an applicable exemption from such registration requirements. This press release does not
constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful.