American Pacific Mining Finalizes 100% Ownership of its Tuscarora Gold Project

Rhea-AI Summary

American Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCPK: USGDF) has completed a significant milestone by making the final payment of $150,000 CDN to Novo Resources Corp., resulting in 100% ownership of the Tuscarora Gold Project in Nevada. The project is located in a prime gold district, positioned favorably near other major deposits. This acquisition follows the company’s prior joint venture agreement concerning the project, indicating a strategic move to bolster its holdings in the precious metals sector.

Positive

• Acquisition of 100% ownership of Tuscarora Gold Project enhances control over valuable assets.
• Tuscarora is situated in a high-grade gold mining area, increasing its potential for profitability.

Negative

• None.

VANCOUVER, British Columbia, Feb. 03, 2021 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCPK: USGDF) ("American Pacific" or the “Company”) is pleased to announce that the final payment of $150,000 CDN to Novo Resources Corp. for The Tuscarora Gold Project has been made and the Company now owns 100% of the Tuscarora Gold Project.

Further to its news release of August 4, 2020 and November 4, 2020, wherein it was announced that the Company’s subsidiary, American Pacific Mining (US) Inc., entered into a joint venture agreement (the “Earn-In Agreement”) with Elko Sun Mining Corp, (“Elko Sun”) a private British Columbia company, with respect to the Company’s Tuscarora Gold Project, the Company is pleased to announce that it has acquired 100% ownership of its Tuscarora Gold Project (the “Option”), subject to the earn-in of Soldera Mining Corp (SOLD:CSE) (“Soldera”) following the final payment by Soldera to Novo Resources Corp. of $150,000.

About Tuscarora

Tuscarora is a high-grade, gold project located in a prime precious metal district in Nevada, only 35km northeast of the Carlin trend, 20km southwest of the Jerritt Canyon deposit, and 50km east-northeast of the Midas deposit. Tuscarora is under option to Soldera mining Corp. (SOLD:CSE) More information can be found at: https://americanpacific.ca/projects/tuscarora/

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.

Forward-looking Information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, statements as to planned exploration activities and the expected timing of the receipt of results. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource industry as well as the performance of services by third parties.

Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

FAQ

What did American Pacific Mining announce on February 3, 2021?

American Pacific Mining announced the completion of a $150,000 CDN payment to Novo Resources Corp., granting them 100% ownership of the Tuscarora Gold Project.

What is the significance of the Tuscarora Gold Project for USGDF shareholders?

The Tuscarora Gold Project acquisition signifies increased asset control and potential value for USGDF shareholders in the precious metals market.

Where is the Tuscarora Gold Project located?

The Tuscarora Gold Project is located in Nevada, in a prime precious metal district near significant gold deposits.

How does the 100% ownership of Tuscarora affect American Pacific Mining's future?

Owning 100% of the Tuscarora Gold Project may enhance American Pacific Mining's exploration and development opportunities, potentially leading to increased revenue.