Vancouver, British Columbia--(Newsfile Corp. - February 2, 2022) - Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) ("Pacific Empire", "PEMC" or the "Company"), a British Columbia copper explorer, is pleased to report that it has signed a purchase and sale agreement (the "Purchase Agreement") with EnGold Mines Ltd. ("EnGold") to sell the Company's 100% interest in the LLH1 mineral tenure (the "Red Property"), covering 1,315 hectares contiguous to EnGold's Lac La Hache Property in central British Columbia.
"We are excited to have completed this transaction which provides PEMC with a 2% Net Smelter Return on prospective ground within EnGold's Lac La Hache Property," commented Brad Peters, President and CEO of Pacific Empire.
Acquisition Terms
PEMC has agreed to sell its 100% interest in the LLH1 mineral tenure by way of the Purchase Agreement for consideration of a 2% net smelter return royalty (the "NSR") on the claim, purchasable by EnGold at any time for $1,000,000. The area of the claim adjoins EnGold's Lac La Hache Property in the Cariboo region of British Columbia and is the same property as the tenures that were part of the "Red Joint Venture" entered into by EnGold & Pacific Empire in 2016 that ended in 2018.
Figure 1
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Qualified Person
Thomas Hawkins, P.Geo., Vice President of Exploration for the Company, serves as a qualified person as defined by NI 43-101 and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
About Pacific Empire
Pacific Empire is a copper exploration company based in Vancouver, British Columbia and trades on the TSX Venture Exchange under the symbol PEMC. The Company's strong portfolio of gold-enriched copper projects in British Columbia, is the culmination of perseverance through one of the longest bear markets in the resource industry.
British Columbia is a "Green" copper jurisdiction with abundant hydroelectric power, access and infrastructure in close proximity to the end market.
ON BEHALF OF THE BOARD,
"Brad Peters"
President and Chief Executive Officer
Pacific Empire Minerals Corp.
Tel: +1-604-356-6246
brad@pemcorp.ca
www.pemcorp.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation: to sell the Company's 100% interest in the LLH1 mineral tenure (the "Red Property"); Engold shall have the right to repurchase the NSR for consideration of C$1,000,000. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
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