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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (31190)	1/29/2007 9:55:49 AM
From: LoneClone	Respond to of 78416

Pacifica Resources Proposes Reorganization to Form New Exploration Company 09:15 EST Monday, January 29, 2007 globeinvestor.com FSC / Press Release Pacifica Resources Proposes Reorganization to Form New Exploration Company Vancouver, British Columbia CANADA, January 29, 2007 /FSC/ - Pacifica Resources Ltd. (PAX - TSX Venture), is pleased to inform shareholders that the Board of Directors has authorized submitting to shareholders a reorganization plan, whereby the Company's non-Selwyn Project, Yukon Territory exploration properties will be transferred to a new exploration company. The shares received for the transferred assets will be distributed to Pacifica shareholders through a plan of arrangement. On completion of the reorganization, Pacifica will change its name to Selwyn Resources Corporation and the new exploration company will be named Savant Exploration Ltd. Following all required approvals, Savant will be listed on the TSX venture exchange. The transaction will allow Pacifica to focus on financing the development of the various deposits making up the Selwyn Project in the Howard's Pass District in eastern Yukon Territory. The new exploration company will focus on financing exploration of Pacifica's other base and precious metals exploration properties in Canada, United States and Chile, and on finding new opportunities for mineral exploration. The plan of arrangement transaction will be similar to Expatriate's formation of Yukon Zinc Corporation and Pacifica Resources Ltd. that was completed in December 2004. In that transaction, Expatriate sold its non-core properties to Pacifica Resources Ltd. and distributed the Pacifica shares received for the assets, to Expatriate shareholders. The reorganization of Expatriate to form Pacifica was preceded by the successful formation of StrataGold Corporation in November 2003. The creation of Pacifica highlighted the value of Expatriate's non-core assets and provided shareholders with a direct interest in an exciting new base metal exploration company that successfully acquired the Howard's Pass Joint Venture properties to form the Selwyn Project. With the spin-off completed, Selwyn Resources will focus on the exploration and development of the Selwyn Project as a major new zinc-lead development project. Under the current proposal, Savant Explorations Ltd. will acquire all of Pacifica's interest in its advanced stage Blue Moon base-precious metal property in California, the attractive Yava polymetallic massive sulphide property in Nunavut, the Tillex copper deposit in Ontario and the various copper projects in Chile. The Blue Moon, Yava and Tillex properties have significant mineralization or established resources. Exploration of these properties has been hampered by allocation of most of Pacifica's exploration spending to the Selwyn Project. Savant also intends to undertake grassroots exploration world wide. The formation of Savant will give Pacifica shareholders a direct interest in an aggressive exploration company that will continue to focus on base-precious metals, and pursue the development of these properties as well as the acquisition of new projects in the Americas and Africa. Savant will operate with its own independent President (to be announced shortly) and senior management team with some shared support staff. Pacifica intends to complete the plan of arrangement and distribute the majority of the Savant shares to its shareholders in June 2007. Additional information on the plan of arrangement will be made available in an information circular to be mailed to shareholders in advance of an Extraordinary and Annual General Meeting of shareholders to be held in June to approve the plan of arrangement. The restructuring of Pacifica's assets will also be subject to regulatory acceptance. Management believes that the reorganization will highlight the value of Pacifica's non-core assets and provide shareholders with direct ownership in two well-focused companies. Selwyn Resources Corporation will focus on the development of the Selwyn Project and Savant Explorations Ltd. will focus on base-precious metals exploration in the Americas and Africa. Both companies will remain focused on serving the growing needs for metals worldwide. Pacifica is a junior resource company focused on exploration and development of the Selwyn Zinc-Lead Project. Pacifica completed a $21 million exploration, environmental and engineering program on the Selwyn Project in 2006. Recently, Pacifica released a Preliminary Assessment study for the development of the project that based on the assumptions in the report, the Selwyn Project could form a large potentially viable open pit zinc-lead mine. This press release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control and actual results may differ materially from the expected results. Additional drilling is required to confirm the potential of the new discovery areas and expansions of the current resource areas. Furthermore, there is no assurance that the resources being defined can be developed as an economically attractive mine, and there are many uncertainties associated with permitting and other factors that could delay such development. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OF THIS NEWS RELEASE. -30- For more information contact: Dr. Harlan Meade, President and CEO Jasmin TamDoo, Manager of Investor Communications Telephone: (604) 682-5474 Toll-free: 1-877-682-5474 International Toll-free: 800-8682-5474 Facsimile: (604) 682-5404 info@pacifica-resources.com www.pacifica-resources.com #701 - 475 Howe Street Vancouver, British Columbia Canada V6C 2B3 News Release - 2007-7 News By Filing Services Canada, Distributed By The Richmond Club Maximum News Dissemination by Filing Services Canada Inc. Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com