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Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) ("Pacific Empire", "PEMC" or the "Company"), a British Columbia copper explorer, is pleased to report that it has signed a purchase and sale agreement (the "Purchase Agreement") with Aurwest Resources Corporation ("Aurwest") to sell the Company's 50% interest in the Stars Property, a copper porphyry project, covering 2,136 hectares contiguous to Aurwest's Stellar Property in central British Columbia.
"We are pleased to have been granted a 2% NSR on the Stars property in addition to receiving a cash payment that strengthens our treasury," commented Brad Peters, President and CEO of Pacific Empire. "This allows PEMC to retain a significant interest in the Stars property while we focus on our flagship Jean Marie Property. PEMC acquired a 50% interest in the Stars property in 2017 for $15,000 and since that time the property has seen partner-funded exploration that included airborne magnetics and 6,883 metres of diamond drilling highlighted by 204 metres grading 0.45% Cu, 0.045 g/t Au, 1.64 g/t Ag, 0.0048% Mo in hole DD18SS004. Aurwest is a well-funded junior explorer, and we look forward their success as they advance the Stars property."
Acquisition Terms
PEMC has agreed to sell its 50% interest in the Stars Property by way of the Purchase Agreement. Terms of the transaction included a purchase price payable to PEMC consisting of a cash payment of C$350,000 and the grant to PEMC of a 2% net smelter return royalty (the "NSR") on all minerals produced from the Stars Property. Aurwest shall have the right to repurchase at any time one per cent of the NSR (1.0%) for consideration of C$1,000,000. The transaction contemplated by the Purchase Agreement is expected to close on September 30, 2021 and is subject to customary closing conditions and approvals.
The Stars Property
The Stars Property consists of three mineral tenures (2,136 ha), located in the Omineca Mining District, located approximately 65 km southwest of Houston, British Columbia. The Property is located at UTM coordinates 612,900 mE and 6,010,400 mN, on NTS map sheet 093L / 03 and can be accessed by all-season forest roads, including the Chisholm Mainline FSR, which runs directly through the southern portion of the Property.
The area comprising and surrounding the Stars property has been explored intermittently since the early 1970's. Historical exploration consisted of mapping, sampling, prospecting, airborne and ground magnetic surveys, Induced Polarization surveys, and several reverse circulation and diamond drilling programs.
Qualified Person
Thomas Hawkins, P.Geo., Vice President of Exploration for the Company, serves as a qualified person as defined by NI 43-101 and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
About Pacific Empire
Pacific Empire is a copper exploration company based in Vancouver, British Columbia and trades on the TSX Venture Exchange under the symbol PEMC. The Company's strong portfolio of gold-enriched copper projects in British Columbia, is the culmination of perseverance through one of the longest bear markets in the resource industry.
British Columbia is a "Green" copper jurisdiction with abundant hydroelectric power, access and infrastructure in close proximity to the end market.
ON BEHALF OF THE BOARD,
"Brad Peters"
President and Chief Executive Officer
Pacific Empire Minerals Corp.
Tel: +1-604-356-6246
brad@pemcorp.ca
www.pemcorp.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation: Aurwest shall have the right to repurchase at any time one per cent of the NSR (1.0%) for consideration of C$1,000,000. The transaction contemplated by the Purchase Agreement is expected to close on September 30, 2021 and is subject to customary closing conditions and approvals, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97636
