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.