American Pacific Receives US$10 Million and 100% Interest in the Palmer VMS Project in Alaska
American Pacific Mining has entered into an agreement to acquire Dowa's interest in the Palmer VMS Project in Alaska. The deal includes US$10 million payment from Dowa to American Pacific, giving Dowa an option to acquire up to 50% of zinc concentrate during production years. Upon completion, American Pacific will own 100% of the Project. The Palmer VMS Project is an advanced-stage copper-zinc-gold-silver exploration site located 60km from Haines, Alaska, with over US$116 million invested to date. The company expects to have over CDN$16 million in cash following the transaction closure in Q4 2024.
American Pacific Mining ha stipulato un accordo per acquisire l'interesse di Dowa nel Progetto Palmer VMS in Alaska. Il contratto prevede un pagamento di 10 milioni di dollari USA da Dowa a American Pacific, dando a Dowa l'opzione di acquisire fino al 50% del concentrato di zinco durante gli anni di produzione. Al termine dell'operazione, American Pacific possederà il 100% del Progetto. Il Progetto Palmer VMS è un sito di esplorazione avanzato di rame-zinco-oro-argento, situato a 60 km da Haines, Alaska, con oltre 116 milioni di dollari USA investiti fino ad oggi. L'azienda prevede di avere oltre 16 milioni di dollari canadesi in contante dopo la chiusura della transazione nel quarto trimestre del 2024.
American Pacific Mining ha entrado en un acuerdo para adquirir el interés de Dowa en el Proyecto Palmer VMS en Alaska. El trato incluye un pago de 10 millones de dólares estadounidenses de Dowa a American Pacific, otorgando a Dowa la opción de adquirir hasta el 50% del concentrado de zinc durante los años de producción. Al finalizar, American Pacific poseerá el 100% del Proyecto. El Proyecto Palmer VMS es un sitio de exploración en fase avanzada de cobre-zinc-oro-plata, ubicado a 60 km de Haines, Alaska, con más de 116 millones de dólares estadounidenses invertidos hasta la fecha. La compañía espera tener más de 16 millones de dólares canadienses en efectivo tras el cierre de la transacción en el cuarto trimestre de 2024.
American Pacific Mining은 알래스카의 Palmer VMS 프로젝트에서 Dowa의 지분을 인수하기로 합의했습니다. 계약에는 Dowa가 American Pacific에 지급하는 1000만 달러가 포함되어 있으며, Dowa는 생산 연도 동안 아연 농축물의 최대 50%를 인수할 수 있는 옵션을 갖게 됩니다. 거래 완료 후 American Pacific는 프로젝트의 100%를 소유하게 됩니다. Palmer VMS 프로젝트는 알래스카 헤인즈에서 60km 떨어진 고급 구리-아연-금-은 탐사 지점으로, 현재까지 1억 1600만 달러 이상이 투자되었습니다. 회사는 2024년 4분기에 거래 종료 후 1600만 캐나다 달러 이상의 현금을 보유할 것으로 예상합니다.
American Pacific Mining a conclu un accord pour acquérir l'intérêt de Dowa dans le Projet Palmer VMS en Alaska. L'accord comprend un paiement de 10 millions de dollars américains de Dowa à American Pacific, offrant à Dowa la possibilité d'acquérir jusqu'à 50% du concentré de zinc durant les années de production. Une fois l'opération terminée, American Pacific détiendra 100% du Projet. Le Projet Palmer VMS est un site d'exploration avancé de cuivre-zinc-or-argent situé à 60 km de Haines, en Alaska, avec plus de 116 millions de dollars américains investis à ce jour. L'entreprise s'attend à disposer de plus de 16 millions de dollars canadiens en espèces après la clôture de la transaction au quatrième trimestre 2024.
American Pacific Mining hat eine Vereinbarung getroffen, um Dowa's Interesse am Palmer VMS Projekt in Alaska zu erwerben. Der Deal umfasst eine Zahlung von 10 Millionen US-Dollar von Dowa an American Pacific, die Dowa die Option gibt, während der Produktionsjahre bis zu 50% des Zinkkonzentrats zu erwerben. Nach Abschluss wird American Pacific 100% des Projekts besitzen. Das Palmer VMS Projekt ist ein fortgeschrittener Standort für die Erkundung von Kupfer-Zink-Gold-Silber, der 60 km von Haines, Alaska, entfernt liegt und bisher über 116 Millionen US-Dollar investiert wurden. Das Unternehmen erwartet, nach Abschluss der Transaktion im vierten Quartal 2024 über 16 Millionen kanadische Dollar in bar zu verfügen.
- Receives US$10 million cash payment from Dowa
- Consolidates 100% ownership of Palmer VMS Project
- Project has existing mineral resources with exploration upside
- Strategic location with road access and proximity to deep seaport
- Over US$116 million already invested in the project
- None.
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2024) - American Pacific Mining Corp. (CSE: USGD) (FSE: 1QC) (OTCQX: USGDF) ("American Pacific" or the "Company") announced today that it has entered into an agreement (the "Purchase Agreement") with Constantine North Inc. ("CNI") and Dowa Metals & Mining Alaska Ltd. ("Dowa") to acquire Dowa's interest in Constantine Mining LLC (the "Dowa Interest"), the holder of the Palmer VMS Project ("Palmer" or the "Project"). Pursuant to the terms of the Purchase Agreement executed November 15th, 2024, CNI, a wholly-owned subsidiary of American Pacific, will acquire the Dowa Interest from Dowa and Dowa will pay US
American Pacific would like to thank Dowa for its collaborative approach to work at Palmer over the years. Given the differing corporate priorities of Dowa and American Pacific, the Company is pleased to have regained
Warwick Smith, American Pacific's Chief Executive Officer stated:
"This is a transformative transaction for American Pacific. American Pacific receives a significant injection of capital and
"An updated mineral resource estimate (MRE) is underway, and this transition consolidates ownership and provides a clear path forward with a renewed focus on advanced exploration and resource expansion, which we believe will create significant value for a Project that currently includes a small fraction of the known VMS showings in the current MRE."
Following the closing, American Pacific is expected to have more than CDN
Transaction Update Webinar
A transaction update webinar is scheduled for 10:00am Pacific Time (1:00pm Eastern Time) today, November 18th, 2024.
To join, the webinar, click the Zoom Webinar Access link below, or contact info@americanpacific.ca.
Palmer VMS Project
The Palmer VMS Project is an advanced stage copper-zinc-gold-silver exploration project in Southeast Alaska with road access and located only 60 kilometres (37 miles) from the deep seaport at Haines, Alaska. More than US
Qualified Person Statement
The technical information in this news release regarding the Palmer Project has been reviewed and approved by Michael Vande Guchte, P.Geo., Vice President of Exploration for the Palmer Project and a Qualified Person (QP) as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About American Pacific Mining Corp.
American Pacific Mining Corp. is a precious and base metals explorer and developer focused on opportunities in the Western United States. The Company has two flagship assets:
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
Full disclosure can be found in our NI 43-101 Technical Report for the Palmer Project at www.americanpacificmining.com.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230311
FAQ
What is the value of the deal between American Pacific Mining (USGDF) and Dowa in November 2024?
Where is the Palmer VMS Project located and what are its key features?
When is the American Pacific Mining (USGDF) transaction expected to close?
