Western Pacific Update on Working Capital & Share Structure

About this update from Silver X Mining Corp

[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Aug. 18, 2011 /CNW/ - Western Pacific Resources Corp. (TSXV: WRP) is pleased to provide an update on its unaudited working capital and\n share structure.\n\n\nFrom the exercise of 1,930,955 share purchase warrants, proceeds of\n $965,477.50 have been added to the Company treasury. The warrants, with\n an exercise price of $0.50, were originally issued by the Company as\n part of its Initial Public Offering completed on January 28, 2010\n (refer to press release dated January 28, 2010). With the proceeds from\n the warrant exercise and the June 2011 financing, the Company currently\n has an unaudited working capital position of approximately CAD $4.7\n million.\n\n\nThe revised share structure is.\n\nShares issued: \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n29,096,128\n\n\n \n\n\nIncentive Options:\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n2,315,000\n\n\n \n\n\nWarrants: \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n6,147,476\n\n\n \n\n\nFully Diluted: \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n37,558,604\n\n\n\"We would like to thank our shareholders for their continued support. We\n look forward to results at Mineral Gulch and moving the company forward\n in the coming year,\" states Warwick Smith, CEO.\n\n\nWestern Pacific plans to use the current working capital for general\n purposes, exploration programs at the various projects in the\n portfolio, and a possible expansion of the current 33 hole RC drill\n program at its lead gold project, Mineral Gulch. Other project\n acquisitions are also under current evaluation by management.\n\n\nAbout Mineral Gulch\n\n\nMineral Gulch is located in Cassia County, Idaho, along the southeast\n edge of the Black Pine Mountains, approximately 80 km southeast of\n Burley, Idaho near the Idaho/Utah border. Western Pacific Resources\n Corp. controls 100% of the project which was acquired through the\n staking of 345 unpatented mining claims. The project encompasses the\n historic Black Pine Mining District and surrounding exploration ground.\n\n\nSporadic small-scale gold and base-metal mining occurred in the area as\n early as 1915. Noranda conducted exploration programs at Black Pine\n between 1984 and 1990. Pegasus Mining entered into a joint venture with\n Noranda in 1990 and became the majority ...

More updates from Silver X Mining Corp