Jun. 22, 2010 (TheNewswire.ca) --
Vancouver, B.C., June 22, 2010 - WPC Resources Inc. (TSXV:WPQ) (the "Company") is pleased to provide to shareholders a corporate update on its activities since being called for trading on April 20, 2010.
Quest Lake
The Company's geological team has formulated the 2010 exploration program for Quest Lake in the Northwest Territories. This program will commence in early July and will include:
1) Interpretation of VTEM geophysical data - report to be delivered next week
2) Ground follow-up - geophysics, geochemistry, mapping, prospecting
3) 1,000 meter diamond drill program to commence in August or early September, 2010
The estimated cost of the initial program is $500,000.
Nevada
The Company has entered into an acquisition agreement (the "Acquisition Agreement") to purchase a 100% interest in 350 mineral claims located in Lander County and Eureka County, Nevada (the "Claims"). The Claims are in the Cortez-Battle Mountain Trend, which has produced and identified 32 million ounces of gold over the past thirty years and is second only to the Carlin Trend in reserves and production. The Claims cover over 7,000 acres and are situated in a strategic position between the southern border of Barrick Gold's (NYSE:ABX) (TSX:ABX) Cortez gold (OOTC:CRTZF) (TSXV:CUT) mine and the northern border of US Gold's (TSX:UXG') (TSX:UXG) Cortez claims.
Under the terms of the Acquisition Agreement, the Company will acquire a 100% mineral interest in the Claims from arm's length vendor Golden Spike Mining, a Nevada corporation controlled by Mr. Peter Kuhn (the "Vendor"). As consideration for the Claims, the Vendor has received a cash payment of $50,000 and will retain a 1.5% Net Smelter Royalty payable on all production from the property. To complete the acquisition, the Company must pay staking registration fees to the Nevada State Office of the Bureau of Land Management and the Lander and Eureka County Recorders on or before June 29, 2010.
Manitoba
The Company is also in preliminary negotiations to acquire an existing gold mining operation in Manitoba. There are no guarantees that these discussions will result in an acquisition, however, negotiations continue and shareholders will be updated as progress is made.
The Company looks forward to a busy and successful summer. It will continue to evaluate and develop existing projects as well as continue to look for other assets which may bring added value to the shareholders. The Company will keep all shareholders informed of its progress and encourages all investors to stay current with the Company's affairs by visiting its website at www.wpcresources.com.
Warren Robb, (P.Geo) and Wesley Raven (P.Geo), who are both qualified persons for the purposes of NI 43-101, have reviewed all of the technical information relating to the properties mentioned in this press release.
About WPC Resources Inc.
WPC Resources Inc. is a Vancouver, British Columbia based gold exploration and development company focused primarily on the resource development of the Quest Lake project in the Northwest Territories, Canada.
For additional information, please contact:
Allan Fabbro, President & Director
Telephone: (604) 351-8850
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains certain "forward-looking information" within the meaning of Canadian securities laws. Actual results may differ materially from those indicated by such forward-looking information. All information included herein, other than statements of historical fact, including, without limitation, information regarding future production, is considered forward-looking information and involves various risks and uncertainties. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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