VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") is pleased to advise that the Company is currently focused on completing formal documentation on a financing option which, if consummated and subject to completion of due diligence, shareholder approval and TSXV approval, will allow the Company to complete the acquisition of the indirect 70% interest in the Mrima Hill Niobium and Rare Earth Project. PAW and the potential financing partner are working on an exclusive basis with the objective of completing a binding formal agreement as soon as practicable.
To allow time for the completion of the documentation, PAW and the Vendors of the 70% indirect interest have agreed upon a further extension of the closing date for the Acquisition, subject to the satisfaction of the closing conditions to June 25, 2012. In the event that a formal financing agreement is completed with the potential financing partner, a further extension to the acquisition closing date will be required to permit the completion of conditions precedent required to complete the financing.
ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP.
Darren Townsend, President and CEO
About Pacific Wildcat Resources Corp. - PAW is a Canadian mineral exploration company trading on the TSXV under the symbol "PAW". PAW has a producing tantalum mine at Muiane in northern Mozambique, where it has the largest land position of over 350 square kilometers on the Alto Ligonha pegmatite belt, the location of numerous historic tantalum mines.
PAW's flagship project is located in Kenya, where a conditional contract is in place providing the Company the right to acquire an indirect 70% interest in the Mrima Hill niobium and rare earth project. This is an ex-Anglo American and Pechiney property, which was the subject of extensive historical work. In July 2011, PAW completed an initial NI 43-101 compliant inferred niobium resource estimate of 105.3 million tonnes at 0.65% Nb2O5 for a total of 1.519 billion pounds contained Nb2O5 to a depth of 30 metres from the surface.
For information about Pacific Wildcat Resources Corp. and its development and exploration activities, shareholders and other interested parties are invited to visit the company's website at www.pacificwildcat.com.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States or to, or for the account or benefit of, any U.S. person. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, any U.S. person unless an exemption from such registration requirements is available. "United States" and "U.S. person" are as defined in Regulation S under the U.S. Securities Act.
Investors are cautioned that trading in the securities of Pacific Wildcat Resources Corp. should be considered highly speculative. Cautionary note: This press release contains forward looking statements, particularly those regarding cash flow, capital expenditures, work programs, the estimation of mineral resources and the Company's plans with respect to the exploration and development of its projects and its investment plans. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. There can be no assurance that the Company will be able to obtain a mining licence or any of the permits that are required in order to commence mining operations at the Mrima Hill project. The rare earths resource estimates are considered speculative and therefore noncompliant with NI 43-101 reporting standards and should not be relied upon. The Company is not treating the rare earths resource estimates as current mineral resources or reserves. The Company has not undertaken any independent investigation of the rare earths resource estimates. The Company believes that these resource estimates provide a conceptual indication of the potential of mineral occurrences within the project and are relevant to ongoing exploration. The Company intends to confirm the resource estimates through drilling currently underway.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither 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.