Pacific Wildcat Resources Corp.
TSX VENTURE : PAW

Pacific Wildcat Resources Corp.

September 01, 2010 09:15 ET

PAW Extends Closing of Acquisition and Initial Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 1, 2010) -

"NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES"

Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") wishes to advise that further to the Company's news releases dated July 23, 2010 and August 23, 2010 "PAW Enters into Conditional Purchase Agreement with the Right to Acquire the Majority of a Large Scale Niobium/Rare Earth Metal Project" referred to as the Mrima Hill Project in Kenya and "Letter of Engagement Signed with Macquarie Private Wealth", the Parties have agreed to extend the date for the initial closing of the Acquisition and the Initial Financing in order to complete the due diligence process, obtain advice on multi-jurisdictional corporate and tax matters, and to structure the transaction in the most effective manner from corporate, tax, financing and property holding perspectives. The extension is also required to provide the Company with sufficient time to seek and obtain all applicable regulatory approvals for the transaction. The Company estimates that an additional four to six weeks will be required for the completion of this process, and it plans to announce a more definitive closing date within this time period.

All other provisions of the Acquisition Agreement continue to be in full force and effect. As part of the Company's evaluation of the Mrima Hill Project, the Company intends to commence a 1,600 metre drilling program at Mrima Hill in the last week of September. The aim of the drill program is to twin approximately 10% of the historic Anglo American 10 metre deep shafts with a view to confirming the reliability of the historic Niobium assay data. In addition to assaying the drill holes for Niobium content the Company will also be assaying all the holes for Rare Earth Element content. Further details of the planned drilling program will be released by the Company in due course.

ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP.

Darren Townsend, President

Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include unsuccessful exploration results, changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pacific Wildcat Resources Corp.
    Darren Townsend
    President
    1-888-860-2666
    250 768-0020 (FAX)
    www.pacificwildcat.com