WPC Resources Inc. Completes Non-brokered Private Placement
07 Dezembro 2011 - 1:30PM
PR Newswire (Canada)
EXPLORATION UPDATE ZPG PROPERTY TSX-V: WPQ VANCOUVER, Dec. 7,
2011 /CNW/ - WPC Resources Inc. (the "Company") announces that
further to its news release dated August 3, 2011 and November 29
2011 that it has completed a non-brokered private placement.
The Company issued an aggregate of 6,877,500 units at a price of
$0.12 per unit for gross proceeds of $825,300. Each unit
consists of one common share and one share purchase warrant which
entitles the holder to purchase an additional common share of the
Company at a price of $0.20 until November 23, 2013. The
shares and underlying shares are subject to a four month hold
period. The Company paid finder's fees in the amount of $53,688 and
536,250 warrants at a price of $0.15 until November 23, 2012 in
connection with the private placement. The proceeds of the Private
Placement will be used to fund the work program on the Company's
"Toiyabe Pediment" and "ZPG" properties. The properties are
located in central Nevada within the Battle Mountain-Eureka Trend
near the Cortez District. Exploration Update ZPG Property WPC
Resources Inc. (WPC) is pleased to announce that it has nearly
completed the first of three drill holes on ZPG Property, which
lies within the favourable Battle Mountain - Eureka Trend, near the
Cortez district. The nearest major mining operations are the
Phoenix deposits (Newmont Mining Corp.) approximately 8 kilometres
north of the ZPG property, which host significant copper and gold
reserves and resources. The ZPG property is prospective for two
styles of mineralization, porphyry style copper-gold and skarn
mineralization. Limited historic work has been completed on
portions of the current day ZPG property by previous operators
exploring the trend. Past work includes geophysical surveys
(gravity, magnetic, and IP) and limited diamond drilling. Magnetic
surveys within the region have outlined 5 circular magnetic
features. The two northernmost features are associated with
gold-copper mineralization at Newmont's Copper Canyon and Copper
basin deposits. The ZPG Property is underlain by the largest of the
3 remaining circular magnetic features. A limited IP survey
completed in 2001 and 2002 delineated a flat-lying chargeability
anomaly at a depth of approximately 500 metres measuring
approximately 3.0 kilometers north-south and 1.5 kilometres
east-west, coincident with the magnetic anomaly and this conductive
zone is the target. Limited diamond drilling on the property and
general area was completed in the early 1990's with 10 holes
drilled to a maximum depth of 1200 feet (366 metres); none of the
holes was deep enough to test the IP anomaly. The best mineralized
intercept from the property comprised 0.12% copper over 21.34
metres (70 feet), well above the IP target. Hole 1 was collared in
the vicinity of the 1990's drill hole reported above and is
currently at a depth of 550 metres (1,800 feet). Subsurface waters
and caving ground conditions have necessitated switching to rotary
mud drilling in an effort to drill to a depth of 610 metres (2000
feet) and intersect the strongest portion of the IP conductor. The
onsite geologist has identified copper mineralization in the RC
rock chips, including chalcopyrite and bornite. Sulphide
mineralization was noted at approximately 460 metres (1500 feet) as
the hole intersected the IP anomaly and there was a gradual
increase in sulphide content with depth. No visual grade
estimations have been made, assays are pending but the confirmation
of copper-bearing sulphide mineralization associated with the IP
conductor is highly encouraging. Upon completion of the first hole
the drill will be moved to the second site. This location will test
the thickest part of the IP anomaly, which coincidently happens to
be approximately 150 metres closer to surface as well. WPC will
inform shareholders of the programs progress and will release assay
data once it is received and reviewed. This news release has been
reviewed and approved by Wesley Raven, P.Geo. who is the qualified
person for the project as defined under NI 43-101. About WPC
Resources Inc. WPC Resources Inc. is a Vancouver, British Columbia
based gold exploration and development company. 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. WPC
Resources Inc. CONTACT: Allan Fabbro, PresidentTelephone: (604)
351-8850
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