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Western Pacific Mining Exploration Inc.: Update.

QUEBEC, QUEBEC--(BUSINESS WIRE)--Nov. 25, 1996--WESTERN PACIFIC MINE (ME:WPC.) Final preparations and negotiations with suppliers are expected to be completed within the next few weeks. Accordingly, the exploration progam in the Solomon 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) is the Solomon Islands. Phase 1 of the exploration work, sampling and drilling, will commence on Fauro Island which is just south of Bougainville Island and is of close proximity to the Lihir deposit. According to the WGM report: "Fauro Island has a large collapsed caldera. Within this volcanic structure there and highly permeable rocks such the Koria sandstone and the Togha pyroclastic. 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)

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Publication:Business Wire
Date:Nov 25, 1996
Next Article:Coastal Physician Group completes sale of North Carolina-based preferred provider organization.

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