Western Pacific Mining Exploration Inc.: Update.QUEBEC, QUEBEC--(BUSINESS WIRE)--Nov. 25, 1996--WESTERN PACIFIC MINE (ME:WPC WPC (in Britain) woman police constable WPC (Brit) n abbr (= woman police constable) → Polizistin f WPC n abbr (BRIT .) Final preparations and negotiations with suppliers are expected to be completed within the next few weeks. Accordingly, the exploration progam in the Solomon Islands Solomon Islands, independent Commonwealth nation (2005 est. pop. 538,000), c.15,500 sq mi (40,150 sq km), SW Pacific, E of New Guinea. The islands that constitute the nation of the Solomon Islands—Guadalcanal, Malaita, New Georgia, the Santa Cruz Islands, , is expected to begin shortly after. Also of importance, management is currently raising funds through a private placement, the minimum amount will be $2,000,000 and the maximum will be $8,000,000. This placement will be made through the issuance of units at a price of $2.00. Each unit will comprise one share and one share purchase warrant at a price of $2.50. This transaction is subject to regulatory approval. The proceeds will be added to the $4,000,000 private placement completed November 4, 1996. The capital raised will be used to complete a full-scale exploration program, as recommended by our consulting geological- engineering firm, Watts Griffis McOuat, (WGM WGM Whispering Gallery Mode (microresonators) WGM Women's Grandmaster WGM Work Group Manager WGM World Gone Mad (Austin, Texas drum and bugle corps) WGm West Germanic (linguistics) ) is the Solomon Islands. Phase 1 of the exploration work, sampling and drilling, will commence on Fauro Island Fauro Island is an island, part of the Shortland Islands, Solomon Islands, located at . which is just south of Bougainville Island For other uses of "Bougainville", see Bougainville. Bougainville is part of Papua New Guinea and is the largest island of the Solomon Islands group. Bougainville, the adjacent island of Buka, and assorted outlying islands including the Carterets are sometimes known as and is of close proximity to the Lihir deposit. According to the WGM report: "Fauro Island has a large collapsed caldera caldera: see crater. caldera Large, bowl-shaped volcanic depression that forms when the top of a volcanic cone collapses into the space left after magma is ejected during a violent volcanic eruption. The term is Spanish for “caldron. . Within this volcanic structure there and highly permeable rocks such the Koria sandstone and the Togha pyroclastic py·ro·clas·tic adj. Composed chiefly of rock fragments of volcanic origin. pyroclastic Composed chiefly of rock fragments of explosive origin, especially those associated with explosive volcanic . These units are and the fractured or faulted areas within them are highly favorable to host epithermal gold deposits. Previous work by BHP defined three highly favorable areas that contain strongly anomalous gold values in bedrock, soil and stream sediments. This property requires detailed surface exploration to define diamond drill targets." Fauro Island is only the beginning of the exploration program for the Solomon Islands. The other equally promising properties, East Choiseul, Kolombagara, Nggatokae, Makira and Florida Islands will be explored as priority is given to the targets with early stage drilling potential. CONTACT: Western Pacific Mining Exploration Inc. Richard Diotte, 418/527-3362 or 514/286-0909 (Montreal) 418/527-3870 (FAX) Internet: http:www.infodine.com/wpc/wpc.htm |
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