Jan. 27, 2011 (TheNewswire.ca) --
Vancouver, B.C., January 27, 2011 - WPC Resources Inc. (TSXV:WPQ) ("WPC" or the "Company") is pleased to announce that it has entered into two separate option agreements with Genesis Gold Corp., a Utah corporation, to acquire a 100% interest in a total of 215 mineral claims located in Lander County, Nevada. The option agreements are subject to TSX Venture Exchange approval.
Toiyabe Pediment Property
Pursuant to the terms of the first option agreement, the Company has the exclusive option to acquire a 100% interest in 119 claims located in Lander County, Nevada, subject to a 3% net smelter return royalty ("NSR"), by making an aggregate cash payment of US$80,000, issuing a total of 800,000 common shares over a two year period, and undertaking to spend US$1.5 million in exploration expenditures on or before the fourth anniversary of the date of the option agreement. At any time, after exercising the option, the Company may purchase one-half of the NSR for a cash consideration of $1.5 million.
ZPG Property
Pursuant to the terms of the second option agreement, the Company has the exclusive option to acquire a 100% interest in 96 claims located in Lander County, Nevada, subject to a 3% net smelter return royalty ("NSR"), by making an aggregate cash payment of US$160,000, issuing a total of 1,600,000 common shares over a two year period, and undertaking to spend US$1.5 million in exploration expenditures on or before the fourth anniversary of the date of the option agreement. At any time, after exercising the option, the Company may purchase one-half of the NSR for a cash consideration of $1.5 million.
WPC's President, Allan Fabbro, states: "We are extremely pleased to have aligned ourselves with the exploration team of Genesis Gold and Industrial Imaging Company. Between the three principals - geologists John Zimmerman and Don Merrick, and geophysicist Bill Petrick - there is 100 plus years of exploration experience in the Great Basin and they have accounted for several discoveries. They share our vision that the next major discoveries in the Cortez Trend of Nevada will be made undercover in the pediment. Their state of the art geophysical techniques combined with their extensive geological knowledge of the area create optimism in the Company for exploration success. We plan to aggressively explore these new projects."
About WPC Resources Inc.
WPC Resources Inc. is a Vancouver, British Columbia based gold exploration and development company.
For additional information, please contact:
Allan Fabbro, President
Telephone: (604) 351-8850
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains certain "forward-looking information" within the meaning of Canadian securities laws. Actual results may differ materially from those indicated by such forward-looking information. All information included herein, other than statements of historical fact, including, without limitation, information regarding future production, is considered forward-looking information and involves various risks and uncertainties. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. 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.
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