Pacific Wildcat Resources Corp.: Update on Sale of Tantalum Assets
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/14/12 -- Pacific Wildcat Resources Corp. (TSX VENTURE: PAW) ("PAW" or the "Company") advises further to the Company's News Releases dated September 18, 2012 and titled "PAW signs Formal Agreement for Sale of Tantalum Assets" and November 15, 2012, titled "PAW Announces Extension to Closing Date for Sale of Tantalum Assets" that the Company has been advised by Muscadine Limited ("Muscadine") that they are unable to close the transaction on the 15th December 2012. The Acquisition Agreement is therefore now at an end. The Company is pleased to announce it has mandated BlueMount Capital Pty Ltd to facilitate divestiture of the Mozambican tantalum assets.
ON BEHALF OF THE BOARD OF DIRECTORS OF
PACIFIC WILDCAT RESOURCES CORP.
Darren Townsend, President & CEO
About Pacific Wildcat Resources Corp. - Pacific Wildcat is a TSX Venture Exchange listed Canadian mineral exploration company having the trading symbol "PAW". PAW owns 100% of Stirling Capital Ltd and Cortec Pty Ltd, two UK companies that between them own a 70% interest in Cortec Mining Kenya Limited, a Kenyan company which has the exploration rights to the Mrima Hill Niobium and Rare Earth Project in Kenya. This is an ex Anglo American and Pechiney property the subject of extensive historic work. In July 2011 the Company completed an initial NI 43-101 compliant inferred niobium resource estimate of 105.3 million tonnes at 0.65% Nb2O5 for a total of 1.519 billion pounds contained Nb2O5 to a depth of 30 metres from the surface In addition, substantial rare earths mineralization has been identified and it is the objective of the Company to complete a Rare Earth Resource RC drilling program over the next 6 months.
For information about Pacific Wildcat Resources Corp. and its development and exploration activities shareholders and other interested parties are invited to visit the company's website at www.pacificwildcat.com.
Investors are cautioned that trading in the securities of Pacific Wildcat Resources Corp. should be considered highly speculative. Cautionary note: This press release contains forward looking statements, particularly those regarding cash flow, capital expenditures, the completion of certain financings, work programs, the estimation of mineral resources and the Company's plans with respect to the exploration and development of its projects and its investment plans. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. There can be no assurance that the Company will be able to obtain a mining licence or any of the permits that are required in order to commence mining operations at the Mrima Hill Project. The rare earths historical resource estimates is considered speculative and therefore noncompliant with National Instrument 43-101 ("NI 43-101") reporting standards and should not be relied upon. The Company is not treating the historical estimate as current mineral resources or reserves. The Company has not undertaken any independent investigation of the historic rare earths resource estimates. The Company believes that these historical resource estimates provide a conceptual indication of the potential of mineral occurrences within the project and are relevant to ongoing exploration. The Company intends to confirm the historic resource estimates through drilling as soon as possible.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. 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.
Contacts:
Pacific Wildcat Resources Corp.
Darren Townsend
President & CEO
(250) 768-0009 / TF Canada/US 1-855-768-0009
(250) 768-0020 (FAX)
TF UK/SA/AUS 1-800-7768-0009
www.pacificwildcat.com