Pacific Imperial Mines Signs Option Agreement with Eagle Plains Resources to Acquire 60% of Brownell Lake Property in Saskatchewan
Vancouver, British Columbia – TheNewswire - March 28, 2023 – Pacific Imperial Mines Inc. (TSXV:PPM) (“Pacific Imperial” or the “Company”) is pleased to announce that has entered into an option agreement dated March 23, 2023 (“Option Agreement”) with Eagle Plains Resources Ltd. (TSX.V: EPL) (“Eagle Plains”) pursuant to which Eagle Plains granted the Company the option to acquire a 60% interest in the Brownell Lake property (the “Property”) consisting of three mineral dispositions covering 1,863.3 hectares located approximately 17 km northwest of Deschambault Lake, Saskatchewan. The Company may exercise 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 expenditures on 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, and the parties will enter into a joint venture agreement to further explore and develop the Property to bring it into commercial production. The Property is subject to a 2% net smelter returns royalty owing to Eagle Royalties Ltd.
The Brownell Lake Project is host to regionally-sheared, highly-strained meta-volcanic rocks which are considered to be prospective for volcanogenic massive sulphide (“VMS”) mineralization. Planning is underway to commence a ground-based TDEM electromagnetic geophysical survey in the near future to identify potential drill targets.
The Option Agreement is subject to the Company obtaining the approval of the TSX Venture Exchange. The Common Shares issued under the Option Agreement will be subject to a hold period ending four months and one day after the date of issuance in accordance with applicable securities laws.
About Pacific Imperial Mines
Pacific Imperial is a mineral exploration company based in Vancouver, Canada, engaged in the acquisition, exploration, evaluation and development of mineral properties in an acceptable risk environment. The Company’s current focus is on the Eagle Mountain Lithium property in the USA.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris McLeod, CEO
For further information please contact:
Roman Shklanka, Chairman, at 604-649-6195,
Chris McLeod, CEO and President, at 604-669-6332
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of the contents of this News Release.