SOURCE: Alaska Pacific Energy Corp.

January 19, 2011 06:00 ET

Alaska Pacific Signs Agreement to Purchase Gold Property in Tanzania

CARLSBAD CA--(Marketwire - January 19, 2011) - ALASKA PACIFIC ENERGY CORP. "APEC" (OTCBB: ASKEE) is pleased to announce that APEC has now completed negotiations and executed documents to acquire an 80% interest in approximately a 60 sq. kilometre Handeni 84/97gold property in the United Republic of Tanzania for the purpose of development and further exploration.

APEC will pay Sundance Gold (Tanzania) Ltd in both cash and stock; the company will also spend significant money for exploration work over three years. A detailed exploration program is being initiated on the property which is located to the Southeast of the Canaco Resources Inc. major gold discovery which was recognized last summer as being in a new geological setting (high grade granulite facies metamorphic terrain) which can produce sizable mineralized deposits. Initial drill results of the Canaco property were reported on that company's website. 

The Handeni area of Tanzania has a long history of small scale gold production and today is a premier gold mining area in Tanzania. Specifically, the property being acquired by APEC is wedged between current production and new found deposits. The property has the advantage of never having been mined so it is expected that the property will be capable of producing to its maximum over decades once work gets underway. Development through joint venture is an approach currently being discussed to help facilitate work as soon as possible and in a more meaningful way with the assistance of senior mining firms already in the area.

Alaska Pacific is very pleased that it can now move forward with this much anticipated gold project and looks forward to initiating the work program on the property as soon as possible.

About Alaska Pacific Energy Corp.

Alaska Pacific Energy Corp. is an emerging public company listed on the OTC Bulletin Board in the USA (OTCBB: ASKE).

Safe Harbor Statement; under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

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