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WESTERN AND PACIFIC RESOURCES CORP. RECEIVES COMMITMENT FOR $6,300,000 IN TAXABLE CORPORATE BONDS

 WESTERN AND PACIFIC RESOURCES CORP. RECEIVES COMMITMENT
 FOR $6,300,000 IN TAXABLE CORPORATE BONDS
 VANCOUVER, British Columbia, Oct. 9 /PRNewswire/ -- Vancouver- based Western and Pacific Resources Corp. (NASDAQ: WNPRF, Vancouver: WNP) announced today it has accepted a commitment from AIBC Investment Services Corp. of Miami investment bankers, for $6.3 million in taxable corporate bonds. The company anticipates closing by Dec. 31, 1992.
 "This is an excellent market for quality bond offerings because they offer Investors higher yields and a good degree of safety," stated bond specialist, Steven Holsey, of Onyx, Western and Pacific's financial advisers.
 Proceeds from the sale of bonds will be used for working capital and to purchase equipment necessary to activate a major metal recovery process. This specialized equipment has the capability to recover the mineral content from the waters of flooded mine workings from Western and Pacific's properties in Butte, Montana totalling 7,922 acres. These properties are within the area of Butte Hill - historically referred to as "the richest hill on earth."
 At depths of 3,900 feet, gross metal values are reported as approximately $20 per thousand gallons of water following pilot plant operation. New equipment will be used to enlarge the plant which will treat 6,000 to 10,000 gallons of water per minute.
 "Combined with low overhead, this extraction process can create cash flow almost immediately as well as produce significant earnings per share," said Allan Ferguson, president.
 "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."
 Onyx Capital Inc., a Miami-based investment banking firm structured the transaction and continues to work with Western and Pacific on maximizing shareholder value.
 -0- 10/9/92
 /CONTACT: Anita M. Duenas, Onyx Financial Group, 305-536-2484; or L. Barr, Western and Pacific Resources Corp. (604) 682-4488/
 (WNPRF WNP.) CO: Western and Pacific Resources Corp.; Onyx Capital Inc. ST: British Columbia, Florida IN: MNG SU:


KJ -- LA027 -- 8538 10/09/92 17:08 EDT
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Publication:PR Newswire
Date:Oct 9, 1992
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