Pacific Coast to Acquire the Burwash Property Next to Prophecy's Wellgreen
06.04.2011 | Marketwire
VANCOUVER, April 6, 2011 - Pacific Coast Nickel Corp. (TSX VENTURE: NKL) ("Pacific Coast" or the "Company") is pleased to announce that it has entered into a Binding Agreement ("Agreement") to acquire a 100% interest in the Burwash Property ("Property") from Strategic Metals Ltd. (TSX VENTURE: SMD) ("Strategic"). The Burwash Property is located immediately east of Prophecy Resource Corp's (TSX VENTURE: PCY) Wellgreen project, known to host extensive nickel-copper-platinum group metal (PGM) mineralization. The Burwash Property is accessible by an 8km all weather road connected to the Alaska Highway, in south western Yukon, and 350km from Haines Alaska deep seaport.Pursuant to the Agreement, Pacific Coast will issue to Strategic Metals, common shares of Pacific Coast valued at $1,000,000 based upon the average 10 day trading price of Pacific Coast's shares immediately prior to the closing of the Agreement. The Agreement also allows Strategic the right to participate pro rata in any future Pacific Coast financings for a period of 5 years from the closing date.
This Agreement replaces the Burwash option agreement dated March 8, 2010 between Pacific Coast and Strategic and is subject to TSX Venture Exchange approval.
John Lee, Chairman and Interim CEO of Pacific Coast commented today that: "With the Burwash acquisition and the proposed acquisition of the adjacent Wellgreen property from Prophecy Resource Corp., Pacific Coast will soon control the 20-km-long Quil Creek Triassic ultramafic Complex within the Kluane Mafic-Ultramafic Belt, 2nd largest known in Canada after the Thompson's Nickel Belt."
Pacific Coast currently has over $1.2 million cash on hand.
About Pacific Coast Nickel
Pacific Coast Nickel Corp. is a TSX-V listed nickel and PGM exploration company with properties in Canada, Argentina and Uruguay. On April 3, Pacific Coast Nickel Corp. and Prophecy Resource Corp. entered into a definitive agreement whereby Pacific Coast will acquire Prophecy's Nickel PGM projects by issuing 450 million common shares to Prophecy with the expected closing date in early May, subject to shareholder approvals.
ON BEHALF OF THE BOARD OF DIRECTORS of Pacific Coast Nickel Corp.
John Lee
Chairman and Interim CEO
This news 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.
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.
Contact Information
Pacific Coast Nickel Corp.
John Lee, Chairman and Interim CEO
+1.604.716.1638
info@pacificcoastnickel.com
www.pacificcoastnickel.com