Trading Symbol: PAX.TSX-V
VANCOUVER, Oct. 6 /CNW/ - Pacifica Resources Ltd. (PAX.TSX-V) is pleased
to announce a non-brokered $1.5 million financing. The financing consists of
$750,000 in flow-through shares priced at $0.20 per share and $750,000 in
units. Each unit is priced at $0.20 per unit and comprises one share and one-
half share purchase warrant. Each full warrant, upon exercise, entitles the
holder to purchase a share at $0.26 per share for 24 months from closing. A
fee will be paid with respect to this financing.
Proceeds of the financing will be added to the approximately $1.4 million
in current working capital and provide for compilation of the 2005 exploration
results and completion of an initial metallurgical testwork program at
Howard's Pass. The 2005 summer exploration program focused on expanding the
open-pittable resources in the Anniv and XY deposits, identifying other areas
of surface mineable mineralization and testing the favourable strata for
extensions of the "Active Member" that hosts zinc-lead mineralization over a
strike length exceeding 30 kilometres (see May 2 and May 6, 2005 news
releases).
Pacifica is a junior resource company focused on exploration for base
metals in the Americas. Its core focus is the exploration of its properties in
the Howard's Pass District, Yukon that hosts 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 zinc mine supply is in
deficit and there are few new mines under development.
This press release may contain forward-looking statements based on
assumptions and judgments of management regarding future events or results
that may prove to be inaccurate as a result of exploration and other risk
factors beyond its control and actual results may differ materially from the
expected results.
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. 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 state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available. All
dollars in this release are in Canadian funds.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OF THIS NEWS RELEASE.