(TheNewswire)
Vancouver, British Columbia – TheNewswire - March 2 8 ,2023 – Pacific Imperial Mines Inc. (TSXV:PPM)(“ PacificImperial ” or the “ Company ”) ispleased to announce that has entered into an option agreement datedMarch 23, 2023 (“ OptionAgreement ”) with Eagle Plains Resources Ltd.(TSX.V: EPL) (“ EaglePlains ”) pursuant to which Eagle Plainsgranted the Company the option to acquire a 60% interest in theBrownell Lake property (the “ Property ”) consisting of three mineraldispositions covering 1,863.3 hectares located approximately 17km northwest ofDeschambault Lake, Saskatchewan. The Company mayexercise the option by paying aggregate cash consideration of$500,000, issuing 1,000,000 common shares of the Company (the“ Common Shares ”) to Eagle Plains and incurring exploration expenditureson the Property of $5,000,000 all in staged amounts by December 31,2027. Upon the exercise of the option, the Company will own a 60%interest and Eagle Plains will own a 40% interest in the Property, andthe parties will enter into a joint venture agreement to furtherexplore and develop the Property to bring it into commercialproduction. The Property is subject to a 2% net smelter returnsroyalty owing to Eagle Royalties Ltd.
The Brownell Lake Project is host toregionally-sheared, highly-strained meta-volcanic rocks which areconsidered to be prospective for volcanogenic massive sulphide(“VMS”) mineralization. Planning is underway to commence aground-based TDEM electromagnetic geophysical survey in the nearfuture to identify potential drill targets.
The Option Agreement is subject to the Companyobtaining the approval of the TSX Venture Exchange. The Common Sharesissued under the Option Agreement will be subject to a hold periodending four months and one day after the date of issuance inaccordance with applicable securities laws.
About Pacific Imperial Mines
Pacific Imperial is a mineral exploration company basedin Vancouver, Canada, engaged in the acquisition, exploration,evaluation and development of mineral properties in an acceptable riskenvironment. The Company’s current focus is on the Eagle MountainLithium property in the USA.
ON BEHALF OF THE BOARDOF DIRECTORS
“Chris McLeod”
Chris McLeod, CEO
For further information please contact:
Roman Shklanka, Chairman, at 604-649-6195,
or
Chris McLeod, CEO and President, at 604-669-6332
Email: investor@pacificimperialmines.com
Neither the TSX Venture Exchange nor its RegulationService Provider (as the term is defined in the policies of the TSXVenture Exchange) has reviewed or accepts responsibility for theadequacy or accuracy of the contents of this News Release.
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