NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: WESTERN PACIFIC MINING EXPLORATION INC.
ME SYMBOL: WPC
NOVEMBER 25, 1996
Western Pacific Mining Exploration Inc.: Update
QUEBEC, QUEBEC--Final preparations and negotiations with suppliers
are expected to be completed within the next few weeks.
Accordingly, the exploration progam in the Solomon Islands, is
expected to begin shortly after.
Also of importance, management is currently raising funds through
a private placement, the minimum amount will be $2,000,000 and the
maximum will be $8,000,000. This placement will be made through
the issuance of units at a price of $2.00. Each unit will
comprise one share and one share purchase warrant at a price of
$2.50. This transaction is subject to regulatory approval. The
proceeds will be added to the $4,000,000 private placement
completed November 4, 1996.
The capital raised will be used to complete a full-scale
exploration program, as recommended by our consulting geological-
engineering firm, Watts Griffis McOuat, (WGM) is the Solomon
Islands. Phase 1 of the exploration work, sampling and drilling,
will commence on Fauro Island which is just south of Bougainville
Island and is of close proximity to the Lihir deposit. According
to the WGM report: "Fauro Island has a large collapsed caldera.
Within this volcanic structure there and highly permeable rocks
such the Koria sandstone and the Togha pyroclastic. These units
are and the fractured or faulted areas within them are highly
favorable to host epithermal gold deposits. Previous work by BHP
defined three highly favorable areas that contain strongly
anomalous gold values in bedrock, soil and stream sediments. This
property requires detailed surface exploration to define diamond
drill targets."
Fauro Island is only the beginning of the exploration program for
the Solomon Islands. The other equally promising properties, East
Choiseul, Kolombagara, Nggatokae, Makira and Florida Islands will
be explored as priority is given to the targets with early stage
drilling potential.
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