Pacific Imperial Mines Inc.

Pacific Imperial Mines Inc.

October 25, 2010 15:21 ET

PPM Holds Annual General & Special Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2010) - PACIFIC IMPERIAL MINES INC. ("the Company") (TSX VENTURE:PPM.H) is pleased to announce that the Annual General and Special Meeting of the Company was held on October 22, 2010 and that the disinterested shareholders of the Company passed the required special resolution authorizing the Company to dispose of its interests in Gold China Holdings Group Limited pursuant to the terms of the Share Purchase Agreement dated August 20, 2010 between the Company and Yunnan Nonferrous Metal Resources Group Ltd. The transactions which include a payment of $476,000 and cancellation of 15,104,760 common shares of the Company are scheduled to be completed on November 3, 2010 subject to approval of the TSX Venture Exchange. Upon completion of the sale, the Company will embark on a search for new business opportunities.

Three directors: Roman Shklanka, H. Leo King and Geir Liland were re-elected to the board.

The Company wishes to announce it has granted a total of 450,000 options at $0.10 per share exercisable for a period of five (5) years to directors and officers of the Company, subject to TSX Venture Exchange approval.

The Company also wishes to announce that it has entered into a debt settlement agreement pursuant to which the Company will issue 300,000 shares at $0.09 per share as partial settlement of outstanding receivable owed by the Company to a director for management services. This debt settlement is subject to approval of the TSX Venture Exchange.

On behalf of the Board of Directors


H. Leo King, President and Director

This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.

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.

Contact Information

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