PACIFIC WILDCAT RESOURCES CORP. The transaction is subject to conditions precedent, customary to a transaction of this type including but not limited to, regulatory approval as well as the release of the security on the asset as previously granted to European Projects Products and Services International Limited.
The consideration to be paid for the purchase of TMPL and the forgiveness of any loans payable back to PAW from TMPL is US 251,315 (two hundred and fifty one thousand, three hundred and fifteen dollars) made up as follows:
(a) The payment of US$1315 for the purchase of 100% of the issued capital of
TML being 50,000 shares.
(b) The payment in cash to PAW at the Closing by NEWCO of US $250, 000 (Two hundred and fifty thousand U.S. dollars) for the payment in full of all the PAW loans to TML
Muscadine Limited is the original Vendor of the TMPL asset and owner of the Gemstone
Rights to the Muiane property.
The Company's Chairman Mr. Don O'Sullivan said "The sale of the TMPL allows the Company to look for new opportunities and reduces the Company's working capital requirements. The PAW team is currently actively looking at other assets and will update the market in due course"
The Company will provide further information as the transaction progresses.
ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP.
"Don O'Sullivan", President & CEO
Contact information:
Terese Gieselman
Pacific Wildcat Resources Corp. Email: info@pacificwildcat.comTelephone: +1-250-768-0009
Pacific Wildcat Resources Corp. website: www.pacificwildcat.com
About Pacific Wildcat Resources Corp. - Pacific Wildcat is a TSX Venture Exchange listed Canadian mineral exploration company having the trading symbol "PAW". PAW owns 100% of Stirling Capital Ltd and Cortec Pty Ltd, two UK companies that between them own a 70% interest in Cortec Mining Kenya Limited, a Kenyan company which holds the Mrima Hill Niobium and Rare Earth Project in Kenya. In July 2013 the Company completed an
updated independent Niobium Resource estimate for 47.8 million tonnes at 0.66% Nb2O5 (Indicated Classification) plus 94.4 million tonnes at 0.73 % Nb2O5 (Inferred Classification) at a 0.2% Nb2O5 cut-off. In July 2013 the Company completed an inaugural independent Total Rare Earth Resource estimate for 48.7 million tonnes at
4.44% TREO (Indicated Classification) plus 110.7 million tonnes at 3.61 % TREO (Inferred Classification) at a 1% TREO cut-off.
With the Mining Licenses revoked by the Cabinet Secretary, Ministry of Mines in August 2013, the Company commenced legal action against the Cabinet Secretary, Ministry of Mines and others. Following an initial unsuccessful legal action the matter is now before the Kenyan Court of Appeal. In June 2015 Pacific Wildcat and its UK subsidiaries Cortec Pty Limited ("Cortec UK") and Stirling Capital Ltd ("Stirling") jointly filed a request for arbitration against the Republic of Kenya at the International Centre for Settlement of Investment Disputes ("ICSID") under the UK-Kenya Bilateral Investment Treaty ("BIT"). Amongst other things, the companies claim that Kenya unlawfully expropriated their investments and breached its BIT obligation to treat them fairly and equitably. The request for arbitration is also made by Cortec Mining Kenya ("CMK"), a Kenyan company and subsidiary of PAW, which is entitled to be treated as a UK company under the BIT because it is majority-owned by Cortec UK and Stirling. The ICSID application has now been formally accepted.
On July 10, 2015 PAW advised the market of the signing of a purchase agreement to acquire a 100% interest in the Rift Epithermal Gold/Silver Project in Nevada, USA ("Rift Project"). The completion of the transaction is subject to Exchange approval and the completion of due diligence inquiries by the Company, which are currently under way. The Rift Project is located 30km North, North West of Newmont's Mule Canyon mine located on the NNW trending faults that define the western margin of the Northern Nevada rift zone located in the world's number one ranked gold production field. The purchase of "Rift Project", signifies PAW's move into more stable investment
environments. .
For information about Pacific Wildcat Resources Corp. and its development and exploration activities shareholders and other interested parties are invited to visit the company's website at www.pacificwildcat.com. More information on the foregoing mineral resource estimates is included in the Company's news release dated July 29, 2013, titled "High Grade and Large Tonnage Niobium and Rare Earth Resource for Mrima Hill" and in the Technical Report dated September 1, 2013, titled "NI 43-101 Technical Report for the Mrima Hill Niobium and Rare Earth Project, Kwale District, Kenya", which is filed on www.sedar.comand the Company's website. Mr. Benjamin C. Pollard, principal geologist of BMGS Perth Pty Ltd, a qualified person (as defined in NI 43-101) has reviewed and approved the technical information contained in this news release.
Investors are cautioned that trading in the securities of Pacific Wildcat Resources Corp. should be considered highly speculative. The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither 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. Cautionary note: This press release may contain forward looking statements on matters such as cash flow, capital expenditures, work programs, the estimation of mineral resources and the Company's plans with respect to the exploration and development of its projects and its investment plans regarding TSX Venture Exchange approval and the completion of financing activities. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and a number of factors, including regulatory matters, metals prices and, but not limited to, general economic factors. There can be no assurance that the Company will be able to obtain all the permits that are required in order to commence mining operations at the Mrima Hill Project.
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