American Pacific Mining Announces Termination of Tuscarora Project Option with Soldera Mining Corp.
American Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCQB: USGDF) has announced the termination of its earn-in option for the Tuscarora Gold Project following the passing of CEO Bob Baxter of Soldera Mining Corp, which has chosen to pursue other business directions. To date, Soldera has incurred expenses totaling approximately CDN$316,196 and USD$4,000 related to the project. American Pacific is now actively seeking a new partner to further develop the Tuscarora Gold Project.
- American Pacific now has 100% ownership of the Tuscarora Gold Project after completing the final CDN$150,000 payment to Novo Resources.
- Termination of the earn-in option may delay development of the Tuscarora Gold Project.
- The loss of a key partner could impact future operational plans and funding opportunities.
VANCOUVER, British Columbia, March 23, 2021 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCQB: USGDF) (“American Pacific” or the “Company”) announces that, after the unfortunate passing of Bob Baxter, CEO of Soldera Mining Corp. (“Soldera”), the parties have terminated the earn-in option for the Company’s Tuscarora Gold Project as Soldera has decided to move in another direction with its business activities.
To date, Soldera has spent the following on the Tuscarora Gold Project:
- USD
$4,000 royalty payment to Nevada Select Royalty - USD
$16,196 for claim fees - CDN
$150,000 t o Novo Resources Corp. - CDN
$50,000 for the option payment - CDN
$100,000 for the share buy-back
On February 3, 2021, the Company announced that following the final CND
American Pacific is aggressively seeking a new partner to advance work at Tuscarora. An up-to-date National Instrument 43-101 - Standards for Disclosure for Mineral Projects technical report can be found here: https://tinyurl.com/mxw69xsu.
The team at American Pacific sends their condolences to the Baxter family and wish to thank the team at Soldera for their professionalism during this difficult time.
About American Pacific Mining Corp.
American Pacific Mining Corp. is a gold explorer focused on precious metals opportunities in the Western United States. The Madison Mine in Montana, under option to joint venture with Kennecott Exploration Company, is the Company’s flagship asset. The Gooseberry Gold-Silver Project, under option to GRAC Global Resource Acquisition Corp. and the Tuscarora Gold Project, under option to Soldera Mining, are 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 Board of American Pacific Mining Corp.
“Warwick Smith”
CEO & Director
Corporate Office: Suite 910 – 510 Burrard Street Vancouver, BC, V6C 3A8 Canada
Contact: Kristina Pillon, President, High Tide Consulting Corp., 604.908.1695 / Kristina@americanpacific.ca
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
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