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American Pacific Mining Announces Joint Venture with OceanaGold for USD$10Million

 

 

 

 

 

American Pacific Mining Corp (CSE: USGD) ( FWB: 1QC) (OTCPK: USGDF) is pleased to announce that it has entered into an earn-in agreement in respect of APM’s Tuscarora Gold Project with OceanaGold U.S. Holdings Inc., a US subsidiary of  OceanaGold Corp. (TSX: OGC) (ASX: OGC). OceanaGold is an Australian-based, mid-tier mining company with numerous producing assets, including the largest producing gold mine in New Zealand, the Macraes Goldfield Mine.

 

Warwick Smith, CEO of APM, commented: “We are very pleased to partner with OceanaGold at Tuscarora. The company’s management and Board of Directors extend a warm welcome to the OceanaGold team as both sides work to add value to the project and define further drill targets across the large and historic land package. This announcement adds excitement to the project and the company as we enter a new exploration season. OceanaGold is the perfect partner in our eyes, especially with the success they have had at Waihi in New Zealand—a similar high-grade epithermal system. For a company of our size, this transaction is a big milestone.”

 

Eric Saderholm, President of APM commented: “A joint venture with a mid-tier producer, such as OceanaGold, adds to the merit of this high-grade, epithermal gold project. Nevada is the top investor-friendly jurisdiction for mining, and I look forward to working alongside the OceanaGold team as we move this gold discovery ahead at Tuscarora.”

 

Key Points of the Agreement

 

  • OceanaGold can earn up to 51% of the Tuscarora Gold Project by investing USD$4 million over the next four years (Phase 1)
  • OceanaGold will have sixty (60) days thereafter to exercise an option to earn an additional 24% by investing a further USD$6 million over the following four years (Phase 2)
  • OceanaGold will make an initial cash payment of USD$50,000 to American Pacific and, upon OceanaGold earning a 51-per-cent interest in the property, a second payment of USD$200,000 in cash or shares at Oceana’s option
  • OceanaGold will also make all payments to holders of underlying property interests and pay claim fees
  • OceanaGold will be the operator and, upon earning-in an interest, a joint venture management committee will be formed

 

About OceanaGold Corp.

 

OceanaGold Corporation is a mid-tier, high-margin, multinational gold producer with assets located in the Philippines, New Zealand and the United States. The Company’s assets encompass the Didipio Gold-Copper Mine located on the island of Luzon in the Philippines. On the North Island of New Zealand, the Company operates the high-grade Waihi Gold Mine while on the South Island of New Zealand, the Company operates the largest gold mine in the country at the Macraes Goldfield which is made up of a series of open pit mines and the Frasers underground mine. In the United States, the Company operates the Haile Gold Mine, a top-tier, long-life, high-margin asset located in South Carolina.

 

OceanaGold also has a significant pipeline of organic growth and exploration opportunities in the Americas and Asia-Pacific regions. OceanaGold has operated sustainably since 1990 with a proven track-record for environmental management and community and social engagement. The Company has a strong social license to operate and works collaboratively with its valued stakeholders to identify and invest in social programs that are designed to build capacity and not dependency. In 2019, the Company expects to produce between 500,000 to 550,000 ounces of gold and 14,000 to 15,000 tonnes of copper at All-In Sustaining Costs ranging between $850 and $900 per ounce sold.

 

About American Pacific Mining Corp.

 

American Pacific Mining Corp. is a gold explorer focused on precious metal opportunities in the Western United States. Tuscarora is a high-grade, early stage gold project located in a prime precious metal district in Nevada, only 35km northeast of the Carlin trend, 20km southwest of the Jerritt Canyon deposit, and 50km east-northeast of the Midas deposit. American Pacific is Eyeing a Gold Discovery amidst gold’s next bull market.

 

Posted April 15, 2019

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