March 22, 2013
Western Pacific Resources Corp.
" or the "
announces that, as a result of a review by the
Securities Commission, the Company is issuing this news release to revise and clarify certain of its previous technical disclosure. In those instances where the Company has clarified or revised previous disclosure, the Company advises readers not to rely on such statements as they may continue to be found in the public domain.
The Company posted to its website links to certain third-party articles/reports that mentioned technical disclosure which was not compliant with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
"). Specifically, the Company posted the following links to its website: (i)
Energy and Tech Stocks Weekly Hotline Message dated
November 9, 2012
"), (ii) a Hera Research article dated
October 22, 2012
"), (iii) an editorial by
, extracted from the October 2012-1 Issue of
Resource Opportunities (the "
") and (iv)
Gold Stock Advisor Vol. 5, Issue 1, dated
" and collectively with the Taylor Report, the Hera Article and the Roulston Article, the "
The Reports contained statements of historical gold resources and reserves estimates on the Company's Mineral Gulch Property. The Reports were not compliant with NI 43-101 for the reasons that follow. The Taylor Report and the Hera Article disclosed historical estimates not accompanied by mandatory cautionary language always required by NI 43-101 in connection with disclosure of a historical resource or reserve estimate. The Roulston Article and the Scarica Article disclosed significant gold-ounce quantities as current reserves. These disclosures are not compliant with NI 43-101 and failed to designate quantities as historical in nature.