This stock interests me still, even though I paid $1 for it. Ed Charters likes it and I guess that seems very credible to me right now as I bought both Ashton and Gittens for doubles this year on his recommendation. I guess at 50 cents it is a very good risk/reward situation.
New press release of today follows. Looks like it should have it's day in the sun sometime soon:
WESTERN PACIFIC GOLD INC ("WPI-Y;WPGIF-L")
- Independent Research Report Received
Donald P. Caron, Director, Vice-President and Secretary of Western Pacific Gold Inc., Edmonton, Alberta, reports that the Company has recently received an Independent Research Report from David Williamson Associates Limited. David Williamson, managing director of the company, personally visited the properties in the Solomon Islands during the second week of January 1997. His report is 12 pages in length and extensively provides a complete and independent analysis of WPI. The six highlighted points extracted from his report are as follows:
- Western Pacific Gold Inc. (WPI) controls extensive land positions in Solomon Islands were sampling, undertaken over a period of years, has returned many highly anomalous copper and gold results suggesting that a number of porphyry and linear gold vein systems exist. WPI has also just acquired substantial exploration leases in Papua, New Guinea.
- Systematic rock chip sampling on its Guadalcanal, Solomon leases, has returned grades as high as 70.0 g/t gold over 5m whilst lower grade exposures of over 100m grading 1.05 g/t gold with anomalous copper have also been encountered.
- At this stage, the Company's management relies heavily on modern airborne geophysical techniques and has just completed a 4,400km line airborne magnetic and potassium radiometric survey. This produced over 20 porphyry copper/gold targets with one, in particular, exhibiting a signature which closely resembles the massive Ok Tedi deposit in Papua New Guinea. Drilling will follow in the best of the targets.
- The Solomon chain is part of the famous Pacific "Rim of Fire" geological region and its prospectivity has already been demonstrated by Ross Mining which is in the process of developing its two million ounce Gold Ridge resource. WPI's 500km(2) tenements are located in close proximity to Gold Ridge.
- Solomon Islands has just introduced a new mining act which pays special attention to relationships and agreements with landowners. In this regard WPI maintains a very close and friendly relationship with landowners and government officials.
- WPI's management are geologically very skilled with many years of experience in the Pacific region. They are highly focused and are looking at the big picture, in seeking to find a significant copper/gold porphyry deposit. It is our opinion that the chances of doing so must be rated very highly and that the company, capitalized at just US $6.8M, offers exceptional value for the risks/rewards involved.
TEL: (403) 496-9171 Donald P. Caron, Director, Vice-President
and Secretary FAX: (403) 496-9172 |
