Pacific Imperial Mines Inc.

Pacific Imperial Mines Inc.

December 03, 2010 13:41 ET

Pacific Imperial Mines Inc.: Gold China Sale and Debt Settlement Completed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2010) - PACIFIC IMPERIAL MINES INC. ("The Company") (TSX VENTURE:PPM.H) announces that, pursuant to an agreement dated as of August 20, 2010 with Yunnan Nonferrous Metals Resources Group Ltd., it has completed the sale of all of its interest in Gold China Holdings Group Limited ("Gold China") and thereby all of its interests in the Tangshang and Salachong mineral properties in Yunnan Province, China. In consideration for the sale, the Company received $476,000 and the return for cancellation of a total of 15,104,760 common shares of the Company held by the former owners of Gold China. All of such shares have been cancelled by the Company and returned to treasury.

The Company also announces the completion of the debt settlement announced on October 25, 2010. A total of 300,000 shares have been issued to a director for management services.

Following completion of these transactions, the Company now has a total of 16,841,968 issued and outstanding common shares.

The Company continues to search for new business opportunities to pursue.

On behalf of the Board of Directors

"Leo King"
H. Leo King
President and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), accept responsibility for the adequacy or accuracy of this News Release. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Pacific Imperial Mines Inc.
    Leo King
    604-688-9336 (FAX)