Pacifica Resources Ltd.

Pacifica Resources Ltd.

June 06, 2007 18:36 ET

Pacifica Resources Ltd.: Plan of Arrangement, Name and Symbol Change

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2007) -


Pacifica Resources Ltd. (TSX VENTURE:PAX) ("Pacifica") is pleased to announce the closing of the previously announced Plan of Arrangement (the "Arrangement"). The Arrangement was overwhelming approved by shareholders at the special meeting held on May 31, 2007 (see May 31, 2007 news release).

Pursuant to the Arrangement, Savant Explorations Ltd. ("Savant"), which was a wholly-owned subsidiary of the Company, acquired for aggregate consideration of 12,857,143 common shares of Savant ("Savant Shares"), the Company's interest in the Yava polymetallic sulphide property in Nunavut, the Blue Moon base-precious metal property in California, the Tillex copper prospect in Ontario, the various copper projects in Chile and 4,000,000 share purchase warrants of StrataGold Corporation exercisable at $0.60 until November 7, 2008. In addition, the Company transferred $2,590,000 in cash to Savant in exchange for 7,400,000 Savant Shares and 3,700,000 Savant Series A Warrants, each exercisable to acquire an additional Savant Share for $0.55 for a period of two years from June 7, 2007, Savant's listing date. Pacifica retains the mineral properties comprising the Selwyn Project and will initially control approximately 34% of the outstanding Savant Shares. Shareholders of Pacifica as of the close of business on June 6, 2007 will receive 0.1083829 of a Savant Share for each common share of Pacifica held at that time. These Savant Shares will be mailed to registered shareholders within a week.

Pursuant to the Arrangement, Pacifica has changed its name to "Selwyn Resources Ltd.". On the market opening on Thursday, June 7, 2007 Pacifica will trade on the TSX Venture Exchange (the "Exchange") under its new name with the trading symbol of "SWN". Savant will also commence trading on June 7, 2007 on the Exchange under the symbol "SVT".

Selwyn Resources Ltd.'s main focus will continue to be the exploration of its Selwyn Project in eastern Yukon and Northwest Territories. The Selwyn Project hosts very large tonnages of zinc-lead mineralization. The known deposits have the potential for large scale production of zinc and lead, at a time when World's zinc mine supply is in deficit and there are few new zinc-lead mines under development.

This press release contains forward-looking statements concerning the mineralization at and the potential of the Selwyn Project. These forward-looking statements are based upon the reasonable beliefs of Pacifica and its management as of the date of this news release; however, forward-looking statements involve risks and uncertainties and are based upon factors that may change and assumptions that may prove, with the passage of time, to be incorrect as a result of exploration and other risk factors associated with mineral exploration and development that are beyond the control of Pacifica. Accordingly, undue reliance should not be placed upon such statements. If factors materially change or assumptions are materially incorrect, the actual results, performance or achievements of Pacifica may be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Pacifica does not undertake any obligation to update or revise any forward-looking statements to reflect new information, future events or otherwise, except as required by applicable law.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release.

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