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WESTERN AND PACIFIC RESOURCES CORP. PLANS TO ISSUE IN THE UNITED STATES UP TO $4 MILLION IN TAXABLE CORPORATE BONDS

WESTERN AND PACIFIC RESOURCES CORP. PLANS TO ISSUE IN THE UNITED STATES UP
 TO $4 MILLION IN TAXABLE CORPORATE BONDS
 VANCOUVER, British Columbia, Sept. 30 /PRNewswire/ -- Vancouver- based Western and Pacific Resources Corp. (NASDAQ: WNPRF, Vancouver: WNP) announced today it plans to issue in the United States up to $4 million in taxable corporate bonds. The company has retained Onyx Financial Group Inc., a Miami-based investment banking firm, to structure the offering and assist in its funding. Onyx was also retained to research and implement a plan to maximize shareholder value.
 Proceeds from the sale of bonds will be used for working capital and to activate a major mining process to recover the mineral content from the water of flooded mine workings.
 "This is an excellent market for quality bond offerings because they offer investors higher yields and a good degree of safety," stated Onyx bond specialist Steven Holsey.
 Western and Pacific owns an 87.5 percent interest in mining claims in Butte, Mont., totalling 7,922 acres. These properties are within the area of the Butte Hill -- historically referred to as "the richest hill on earth."
 For the past several months, the company has been testing the metal content of water at the deeper levels of the Kelly Mine Shafts, where the water is 3,900 to 4,000 feet deep. Results are reported to have been very encouraging and indicate that concentrations increase with depth. Installation of a small pump station, which represents 250 to 300 gallons per minute to the pilot plant operation, is scheduled to be completed by the end of November. After several months of pilot plant operation, the company plans to begin construction of a commercial metal recovery plant, which could be enlarged to treat 6,000 to 10,000 gallons of water per minute.
 While still too early to predict the extent to which the value of the metals in the water can be realized, tests to date at depths of 3,900 feet indicated that the gross metal value is approximately $20 per thousand gallons, depending on the degree of purification obtained and the marketing of compounds for particular applications. Pilot plant operations will provide a basis for assessing the degree to which these values can be achieved. Initial marketing of concentrates and specific compounds will also take place during the pilot plant phase of the project.
 There are several thousand miles of flooded mine workings containing an estimated 3.9 billion gallons of water below the level of the hydrologically connected Berkeley Pit. The pit contains an estimated 23 billion gallons of water. As the naturally acidic water comes into contact with mineral deposits in the mines, the metals are dissolved. When operating at full scale, the company intends to promote circulation through these mineralized zones in an in situ leaching or solution mining operation.
 The mineral deposits on the property are substantial, as indicated in a December 1990 study by Mackay and Schnellman which evaluated 870 of the 7,922 acres of mineral properties and estimated total resources of 54 million tons with an un-discounted 1990 pre-tax net worth of Canadian $242 million attributed to that 870 acre sector alone.
 "Having regard to the asset value of the company's mining interests and earnings potential, we feel there is a substantial gap between the market value of our stock and its value based on its future earning potential, which led us to seek the assistance of qualified investment banking concern in the United States," said President Allan Ferguson.
 "Since Western and Pacific will not be involved in costly deep mining, results from the mine will benefit the bottom line in the next six to 12 months," said Onyx director of research, Michael Scheft. "The company's earning potential is unlimited, as only 11 percent of their claims have been evaluated thus far."
 -0- 09/30/92
 CONTACT: L. Barr, Western and Pacific Resources, 604-682-4488; or Anita M. Duenas of Onyx Financial Group, 305-536-2484
 (WNPRF WNP.) CO: WESTERN AND PACIFIC RESOURCES CORP. IN: MNG ST: -- LA011 -- X302 09/30/92
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Date:Sep 30, 1992
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