American Pacific Mining Announces Earn-In Agreement With respect to Tuscarora Gold Project
NEWS RELEASE
American Pacific Mining Announces Earn-In Agreement
With respect to Tuscarora Gold Project
Vancouver, British Columbia / August 4, 2020 - American
Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCPK:
USGDF) (“American Pacific” or the “Company”) is pleased to
announce that, through its wholly owned subsidiary, American
Pacific Mining (US) Inc., it has entered into an earn-in and option
to form joint venture agreement (the “ Earn-In Agreement”) in
respect of the Company’ Tuscarora Gold Project with Elko Sun
Mining Corp . (the “ Optionee”), a private British Columbia
Company.
Warwick Smith, CEO of the Company, commented: “Tuscarora
is a high-grade epithermal system that has produced some great results previously so we are pleased to see it receive
more exploration in the coming months. This is another strong transaction for American Pacific shareholders that
will create value via exploration without us having to use our own treasury.”
Eric Saderholm, President of the Company, commented: “Nevada is the top investor-friendly jurisdiction for mining,
and we consider Tuscarora a premier property worthy of extensive evaluation. I look forward to working alongside
our Joint Venture team as we move this gold discovery forward at Tuscarora.”
Key Points of the Agreement
• The Optionee can earn a 51% interest in the Tuscarora Gold Project by making certain cash payment to or
on behalf of the Company in the aggregate amount of $200,000, making certain share payments to the
Company, and funding exploration expenditures of $1.35 million towards the Tuscarora Gold Project over
the next two years (Phase 1).
• Subject to the Optionee’s completion of Phase 1, the Optionee will have four years from the date of the Earn-
In Agreement (the “ Option Period”) to exercise an option to earn an additional 14% interest by making
certain additional share payments to the Company and funding further exploration expenditures of $3 million
towards the Tuscarora Gold Project (Phase 2).
• Subject to its completion of Phase 2, the Optionee may exercise an option to earn a final 15% interest (for
total interest of 80%) by completing a pre-feasibility study on the Tuscarora Gold Project before the end of
the Option Period (Phase 3).
• The Optionee will make an initial $50,000 non-refundable cash payment (as part of the aggregate $200,000
cash payments under Phase 1) to the Company within the first four months of the Option Period.
• The Optionee will also make all payments to holders of underlying property interests and pay claim fees.
• The Optionee will be the operator of the Tuscarora Gold Project and, upon earning -in an interest, a joint
venture management committee will be formed.
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About American Pacific Mining Corp.
American Pacific Mining Corp. is a gold explorer focused on precious metal opportunities in the Western United
States. The Madison Mine in Montana under joint venture with Rio Tinto is our flagship asset. The Gooseberry
Gold/Silver Project and the Tuscarora Gold Project are two high-grade, precious metal projects located in key mining
districts of Nevada USA. The Company’s mission is to grow by the drill bit and by acquisition.
On Behalf of the Board of American Pacific Mining Corp.
"Warwick Smith"
CEO & Director
Corporate Office: Suite 910 – 510 Burrard Street Vancouver, BC, V6C 3A8 Canada
Contact Kristina Pillon, President, High Tide Consulting Corp., 604.908.1695 / [email protected]
The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation
Services Provider (as that term is defined in the policies of th e CSE) accepts responsibility for the adequacy or
accuracy of this release.
Forward-looking Information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities
legislation) including, without limitation, statements as to planned exploration activities and the expected timing of
the receipt of results. These statements address future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to
be materially different from any future results, performance or achievements expressed or implied by the statements.
Such factors include, without limitation, customary risks of the mineral resource industry as well as the performance
of services by third parties.
Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified
by the words “expects,” “plans,” “anticipates,” “believes,” “ intends,” “estimates,” “projects,” “aims,” “potential,”
“goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,”
“can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company
cautions that Forward -looking statements are based on the beliefs, estimates and opinions of the Company’s
management on the date the statements are made and they involve a number of risks and uncertainties. Consequently,
there can be no assurances that such statements will prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.