|August 18, 2011|
Western Pacific Update on Working Capital & Share Structure
Vancouver, British Columbia, August 18, 2011 - Western Pacific Resources Corp. (WRP - TSXV) is pleased to provide an update on its unaudited working capital and share structure.
From the exercise of 1,930,955 share purchase warrants, proceeds of $965,477.50 have been added to the Company treasury. The warrants, with an exercise price of $0.50, were originally issued by the Company as part of its Initial Public Offering completed on January 28, 2010 (refer to press release dated January 28, 2010). With the proceeds from the warrant exercise and the June 2011 financing, the Company currently has an unaudited working capital position of approximately CAD $4.7 million.
The revised share structure is.
"We would like to thank our shareholders for their continued support. We look forward to results at Mineral Gulch and moving the company forward in the coming year," states Warwick Smith, CEO.
Western Pacific plans to use the current working capital for general purposes, exploration programs at the various projects in the portfolio, and a possible expansion of the current 33 hole RC drill program at its lead gold project, Mineral Gulch. Other project acquisitions are also under current evaluation by management.
About Mineral Gulch
Mineral Gulch is located in Cassia County, Idaho, along the southeast edge of the Black Pine Mountains, approximately 80 km southeast of Burley, Idaho near the Idaho/Utah border. Western Pacific Resources Corp. controls 100% of the project which was acquired through the staking of 345 unpatented mining claims. The project encompasses the historic Black Pine Mining District and surrounding exploration ground.
Sporadic small-scale gold and base-metal mining occurred in the area as early as 1915. Noranda conducted exploration programs at Black Pine between 1984 and 1990. Pegasus Mining entered into a joint venture with Noranda in 1990 and became the majority owner and operator of the mining effort between 1992 and 1998. The Black Pine mine produced 520,000 ounces of gold at an average head grade of 1.5 grams from several small open pits. Historic exploration and mining efforts have generally focused on the near-surface, oxidized ore bodies.
About Western Pacific
Western Pacific is a gold explorer focused on acquiring advanced-stage projects in the Western United States, and has the right combination of exploration and financial professionals to succeed in making a world class gold discovery. For more information, please visit our website at www.westernpacificresources.com.
Curt Everson, M.Sc., P.Geo., is Western Pacific's Qualified Person for the purposes of National Instrument 43-101 and has prepared or supervised the preparation of the disclosure of any scientific and technical information contained in this news release.
ON BEHALF OF THE BOARD
Warwick Smith, Chief Executive Officer
Tel: (604) 801-5432
Fax: (604) 662-8829
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing and exploration activities, the interpretation of drilling results and other geological data, risks associated with the estimation of mineral resources and the geology, grade and continuity of mineral deposits, project cost overruns or unanticipated costs and expenses -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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