American Pacific Mining Announces Appointment of Exploration and Mining Veteran Peter Mercer as Senior Vice President, Advanced Projects

Rhea-AI Summary

American Pacific Mining Corp (CSE: USGD / OTCQX: USGDF) has appointed Peter Mercer as Senior Vice President, Advanced Projects. Mercer, a seasoned industry leader, will focus on advancing the Palmer VMS Project in Alaska. His expertise in mineral exploration and mine development is expected to enhance the company’s operational capabilities. Mercer previously served as Vice President at Rambler Metals and has extensive experience with VMS operations. The Palmer Project, a joint venture with Dowa Metals & Mining, has a mineral resource of 4.68 million tonnes of indicated zinc equivalent and 9.59 million tonnes of inferred zinc equivalent. A Preliminary Economic Assessment indicates a post-tax NPV of US$266 million. The company aims for growth through exploration and acquisition.

Positive

• Peter Mercer brings extensive experience in mineral exploration and mine development.
• Strengthened leadership expected to advance the Palmer Project effectively.
• Palmer Project has significant mineral resources and strong economic potential.

Negative

• Concerns over continuity and experience gaps in the management team.

VANCOUVER, British Columbia, April 06, 2023 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / OTCQX: USGDF / FWB: 1QC) (“American Pacific” or the “Company”) announces that Peter Mercer has joined the Company’s executive leadership team as Senior Vice President, Advanced Projects, focusing on the advancement of the Palmer VMS Project (the “Palmer Project”) in Alaska.

As a seasoned industry leader, Peter will further strengthen the technical and operational capabilities of the dedicated management team that is operating on behalf of the American Pacific and Dowa Metals & Mining joint venture partnership to advance the Palmer Project. Peter’s extensive knowledge and experience in mineral exploration, permitting, construction, and mine development will be a great asset to American Pacific. He brings years of expertise from his recent role as Vice President at Rambler Metals and Mining plc (“Rambler Metals”), where he provided technical oversight, stakeholder engagement and managed corporate development and strategic initiatives to grow the regional mineral exploration properties.

Peter is experienced in the exploration and development of volcanic massive sulphide (“VMS”) and epithermal gold deposits. He has previously held the role of General Manager of the Ming Copper-Gold Mine, a VMS operation in Newfoundland and Labrador. Before that, he worked as an exploration geologist helping successfully advance several projects in Labrador, including the Michelin uranium deposit, the Kami Project, and the Ming Mine. Mr. Mercer is a professional geologist and holds a Bachelor of Science from Memorial University of Newfoundland and Labrador. 

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

“We are delighted to have Peter join our executive team, as he has demonstrated outstanding leadership in transforming advanced exploration projects into operating mines,” commented Warwick Smith, CEO of American Pacific. "As we advance our Palmer Project and continue to build a profitable future for the Company, Peter will strengthen our leadership and technical capabilities.”

About the Palmer Project

The Palmer Project is a promising advanced-stage high-grade VMS project located within the Porcupine Mining District of the Haines Borough, Alaska. The Palmer Project is operated in a joint venture partnership between American Pacific, through its wholly owned subsidiary, Constantine North Inc. as the manager (operator), with ~41% ownership and Dowa Metals & Mining Co., Ltd (Dowa), with ~59% ownership.

As of December 31, 2022, US $68.7 million has been invested in exploration work and environmental programs to responsibly advance the Palmer Project. The Palmer Project hosts a National Instrument 43-101 Standards of Disclosure for Mineral Projects compliant mineral resource of 4.68 million tonnes of 10.2% zinc equivalent (3.9% copper equivalent) in the indicated category and 9.59 million tonnes of 8.9% zinc equivalent (3.4%) copper equivalent) in the inferred category. A Preliminary Economic Assessment (“PEA”) was completed in June 2019 (filed July 18, 2019, amended March 7, 2022; filed on www.sedar.com), which presents a low capex, low operating cost and a post-tax NPV of US$266 million. (Note: The Amended PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that amended PEA results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability).

About American Pacific Mining Corp.

American Pacific Mining Corp. is a base and precious metals explorer and developer focused on opportunities in the Western United States. The Company’s flagship asset is the 14 million tonne, high-grade, Palmer Volcanic Massive Sulfide (VMS) project in Alaska, under joint-venture partnership with Dowa Metals & Mining, owner of Japan’s largest zinc smelter. American Pacific is also partnered with Kennecott Exploration, a division of the Rio Tinto Group, on the past-producing Madison Copper-Gold project in Montana. American Pacific’s asset portfolio also includes the Gooseberry Silver-Gold project and the Tuscarora Gold-Silver project: two high-grade, precious metals projects located in key mining districts of Nevada, USA. The Company’s mission is to grow by the drill bit and by acquisition.

On behalf of the American Pacific Mining Corp Board of Directors:

Warwick Smith, CEO & Director
Corporate Office: Suite 910 – 510 Burrard Street Vancouver, BC, V6C 3A8 Canada

Investor relations contact:
Kristina Pillon, High Tide Consulting Corp.,
604.908.1695 / Kristina@americanpacific.ca

Media relations contact:
Adam Bello, Primoris Group Inc.,
416.489.0092 / media@primorisgroup.com

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.

 

FAQ

Who is Peter Mercer and what is his role at American Pacific Mining?

Peter Mercer is the newly appointed Senior Vice President, Advanced Projects at American Pacific Mining, focusing on the Palmer VMS Project.

What is the Palmer Project and its significance?

The Palmer Project is an advanced-stage high-grade VMS project in Alaska, critical for the company’s growth and strategic initiatives.

What economic potential does the Palmer Project hold?

The Palmer Project has a post-tax NPV of US$266 million, indicating considerable economic potential.

How much has been invested in the Palmer Project?

As of December 31, 2022, US$68.7 million has been invested in exploration and environmental programs for the Palmer Project.