|January 28, 2016|
Western Pacific Enters Stipulation Agreement
|Vancouver, BC, Canada -- January 28, 2016 -- Western Pacific Resources Corp. ("Western Pacific" or the "Company") (TSX-V: WRP) reports that further to its announcement on October 5, 2015, Quintana WRP Holding Company LLC ("Quintana") Quintana has issued the Company a 'Demand for Payment and Notice of Default' letter. To this end, Western Pacific and Quintana have entered into a Stipulation Agreement related to the Deer Trail Mine ("Property") to be filed in the Sixth Judicial District Court in Piute County, Utah. |
As stated in the news release dated October 5, 2015, available on the Company's website, Quintana notified Western Pacific of its failure to meet and maintain certain financial obligations related to the Deer Trail Mine and therefore considers this a Material Adverse Effect in relation to its lending arrangement with the Company.
Terms of the Stipulation Agreement
The Company has attempted to raise capital and market its assets, however, has been unsuccessful in finding alternative sources of funding to pay the expenses of the Deer Trail Property. In light of current metals prices, the difficult market for raising funds and the inability to continue to pay the ongoing expenses of Deer Trail, Western Pacific's Board of Directors, in conjunction with its legal advisors, has concluded that entering into the Stipulation Agreement is the only viable option available and is in the best interests of the Company.
About Western Pacific Resources Corp.
Western Pacific is a publicly traded resource exploration company focused on advancing a portfolio of precious metal properties in the Western United States. The Company's shares trade on the TSX Venture Exchange under the symbol "WRP".
ON BEHALF OF THE BOARD
President & CEO
For more information visit the Company's website at www.westernpacificresources.com or contact Fiona Grant Leydier, Investor Relations, at (604) 692-2891 or via email at .
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
Certain statements contained in this press release constitute forward-looking statements within the meaning of Canadian securities legislation. Forward-looking statements contained in this news release include, without limitation, statements in respect of the expected closing of the private placement. These statements relate to future events, business prospects or opportunities and product development. All such statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Actual results and developments may differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. The Company disclaims any duty to update any of the forward-looking statements after the date of this news release to conform such statements to actual results or to changes in the Company's expectations except as otherwise required by applicable law.
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