American Pacific Mining Announces Joint Venture Contribution to Palmer Copper-Zinc Project in Alaska
NEWS RELEASE
American Pacific Mining Announces Joint Venture Contribution to
Palmer Copper-Zinc Project in Alaska
Vancouver, British Columbia / December 28, 2022 - American Pacific Mining Corp (CSE:
USGD / OTCQX: USGDF / FWB: 1QC) (“American Pacific” or the “Company”) is pleased
to announce that, through its wholly owned subsidiary, Constantine North Inc., it has contributed
funds totaling US $1,497,537 to maintain its 41.08% ownership of the Palmer VMS project
(“Palmer” or the “Project”) in Alaska. Dowa Metals & Mining Alaska (“Dowa”), the Company’s
joint venture (“JV”) partner, maintains its 58.92% ownership.
“This contribution affirms our commitment to our JV partnership with Dowa Metals & Mining ,”
commented CEO Warwick Smith. “ We believe acquiring this JV interest during a challenging
year in the junior resource sector puts us on track to realize significant value as the high-grade
VMS Palmer Project advances with additional drilling and exploration programs next year and
beyond. We look forward to collaborating with Dowa during early Q1/2023 to jointly develop
and finalize next year’s work program.”
American Pacific Mining is the project manager for the Palmer Project and receives a 7%
management fee on all qualified expenditures.
Palmer is a high-grade volcanogenic massive sulphide-sulphate (“VMS”) project located in an
accessible part of coastal Southeast Alaska with road access and within 60 kilometres of the
year-round deep-sea port of Haines. The Project has an indicated mineral resource estimate of
4,677,000 tonnes at 10.21% zinc equivalent (3.92% copper equivalent), and inferred 9,594,000
tonnes at 8.87% zinc equivalent and 3.4% copper equivalent), with the 2019 PEA outlining a
US$266 million after-tax NPV at a 7% discount rate1.
About American Pacific Mining Corp.
American Pacific Mining Corp. is a base and precious metals explorer and developer focused
on opportunities in the Western United States. The Company's flagship asset is the 14 million
tonne, high-grade, Palmer V olcanic Massive Sulfide (V MS) project in Ala ska, under joint -
venture partnership with Dowa Metals & Mining, owner of Japan’s largest zinc smelter. The
Company is also partnered with Kennecott Exploration, a division of the Rio Tinto Group, on
the past-producing Madison Copper -Gold project in Montana . For the Madison transaction,
American Pacific was selected as a finalist in both 2021 and 2022 for 'Deal of the Year' at the
S&P Global Platts Global Metals Awards, an annual program that recognizes exemplary
1 See the Amended NI 43-101 Technical Report Palmer Project Alaska, USA (“PEA”) prepared by JDS Energy & Mining Inc. dated
March 7, 2022, with an effective date of June 3, 2019 under Constantine’s profile on SEDAR at www.sedar.com. The PEA is
preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have
economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty
that PEA results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
accomplishments in 16 performance categories. Also in American Pacific's asset portfolio are
the Gooseberry Silver -Gold project and the Tuscarora Gold -Silver project: two high -grade,
precious metals 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
Investor Relations Contact:
Kristina Pillon, High Tide Consulting Corp.,
604.908.1695 / [email protected]
Media Relations Contact:
Adam Bello, Primoris Group Inc.,
416.489.0092 / [email protected]
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accepts responsibility for the adequacy or accuracy of this release.