Western Pacific Resources Corp. (TSXV:WRP) announced that they have acquired the Deer Trail Mine in Utah from the Deer Trail Mining Company.

As quoted in the press release:

Pursuant to the Agreement, the Company will pay to DTMC a total of $7 million (Canadian) over 2.5 years as follows:

• on closing, $1,825,000 in cash
• on closing, the transfer of the Company’s Bombardier property, which the parties have assigned a value of$1,500,000;
• twelve months after closing, $2,000,000 subject to acceleration of payment if the mine is in commercial production; and
• thirty months after closing, $1,675,000 subject to acceleration of payment if the mine is in commercial production

Western Pacific’s President, Eric Saderholm, said:

In addition to the known polymetallic deposits (mineralization occurs in oxide and sulphidic ore), there are numerous other potential targets at Deer Trail, including Moly-Porphyry targets and gold-rich veins and skarns.  This mining district is vastly under-drilled and under-explored which provides significant upside potential for discovery by Western Pacific.

To view the whole press release, click here.