VANCOUVER, British Columbia, May 03, 2018 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE:USGD) (FWB:1QC) (OTCPK:USGDF) (“APM” or the “Company”) is pleased to announce that the Company, through its wholly-owned subsidiary, American Pacific Mining (U.S.) Inc. (“APM US”), has vended out the recently acquired JPL property (“Property”) to AAA Equity Holdings Corp. (“AAA”), a private B.C. corporation. APM US has agreed to assign, transfer and set over all of its rights and obligations arising out of the exploration lease and option to purchase agreement between APM US and Curellie LLC to AAA (please refer to press release dated April 5, 2018).
APM’s CEO, Warwick Smith, commented: “This transaction is part of an overall corporate strategy to acquire and then vend out non-core assets in the project portfolio. By vending this project into a new shell, we can leverage the property further and, in a sense, finance in a non-dilutive fashion.”
In consideration for the assignment, AAA will:
- issue 500,000 of its common shares to APM;
- complete CAD$75,000 in exploration expenditures on the Property within twelve months; and
- in the event that AAA elects to exercise the Option (as defined in the Option Agreement), pay to APM US a 1% net smelter return on the Property.
The Property is located in Esmeralda County, Nevada, 50 miles south of Tonopah and 160 miles north of Las Vegas in the Walker Lane trend. JPL has widespread, high-grade gold in surface samples. The Goldfields District to the north and the region around Beatty to the south are historically significant areas that have produced millions of ounces of gold.
About AAA Equity Holdings Corp.
AAA Equity Holdings Corp. is a private company incorporated in British Columbia on January 9, 2018. AAA’s business is to engage in the acquisition and exploration of mineral exploration properties. AAA intends to apply for and list on a Canadian stock exchange in the near future, however, there is no guarantee that AAA will be approved for listing on any stock exchange.
About Us
American Pacific Mining Corp. is a new gold explorer focused on precious metal opportunities in the Western United States. Tuscarora is a high-grade, early stage gold project located in a prime precious metal district in Nevada, only 35km northeast of the Carlin trend, 20km southwest of the Jerritt Canyon deposit, and 50km east-northeast of the Midas deposit. American Pacific is Eyeing a Gold Discovery amidst gold’s next bull market.
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: investor@americanpacific.ca Phone: 1-866-646-5389
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.
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 the CSE) accepts responsibility for the adequacy or accuracy of this release.