Business
WPC RESOURCES INC.: CORPORATE UPDATE
WPC RESOURCES INC.: CORPORATE UPDATE
About this update from Blue Star Gold Corp.
[{"type":"text","content":"\nWPC RESOURCES INC.: CORPORATE UPDATE\n\n\n Jun. 22, 2010 (TheNewswire.ca) -- Vancouver, B.C., June 22, 2010 - WPC Resources Inc. (TSXV:WPQ) (the \"Company\") is pleased to provide to shareholders a corporate update on its activities since being called for trading on April 20, 2010.Quest LakeThe Company's geological team has formulated the 2010 exploration program for Quest Lake in the Northwest Territories. This program will commence in early July and will include:1) Interpretation of VTEM geophysical data - report to be delivered next week2) Ground follow-up - geophysics, geochemistry, mapping, prospecting3) 1,000 meter diamond drill program to commence in August or early September, 2010The estimated cost of the initial program is $500,000.NevadaThe Company has entered into an acquisition agreement (the \"Acquisition Agreement\") to purchase a 100% interest in 350 mineral claims located in Lander County and Eureka County, Nevada (the \"Claims\"). The Claims are in the Cortez-Battle Mountain Trend, which has produced and identified 32 million ounces of gold over the past thirty years and is second only to the Carlin Trend in reserves and production. The Claims cover over 7,000 acres and are situated in a strategic position between the southern border of Barrick Gold's (NYSE:ABX) (TSX:ABX) Cortez gold (OOTC:CRTZF) (TSXV:CUT) mine and the northern border of US Gold's (TSX:UXG') (TSX:UXG) Cortez claims.Under the terms of the Acquisition Agreement, the Company will acquire a 100% mineral interest in the Claims from arm's length vendor Golden Spike Mining, a Nevada corporation controlled by Mr. Peter Kuhn (the \"Vendor\"). As consideration for the Claims, the Vendor has received a cash payment of $50,000 and will retain a 1.5% Net Smelter Royalty payable on all production from the property. To complete the acquisition, the Company must pay staking registration fees to the Nevada State Office of the Bureau of Land Management and the Lander and Eureka County Recorders on or before June 29, 2010.ManitobaThe Company is also in preliminary negotiations to acquire an existing gold mining operation in Manitoba. There are no guarantees that these discussions will result in an acquisition, however, negotiations continue and shareholders will be updated as progress is made.The Company looks forward to a busy and successful summer. It will co...