|By Marketwired .||
|August 7, 2013 12:44 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/07/13 -- Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") has become aware of a recent press statement (the "Press Statement") made on 5 August 2013 by the Honourable Najib Balala, Cabinet Secretary of Mining in Kenya (the "Kenyan Ministry Cabinet Secretary"), on the purported revocation of all licences (Prospecting, Exploration and Mining), issued in Kenya between 14th January 2013 and 15th May 2013 and related unverified reports with respect to this issue from news media outlets in Kenya.
The Press Statement discloses that a task force has been appointed to undertake a comprehensive review of all prospecting, exploration and mining licences issued between January 2003 to August 2013. The purpose is to assess the validity of such licences, draft recommendations and provide a report to enable the Kenyan Ministry Cabinet Secretary to take necessary action within sixty days.
From media sources it appears as if the 21 year Special Mining Licence granted to Cortec Mining Kenya Limited ('CMK') (PAW indirect 70% ownership) on 7th March 2013, is affected by the Kenyan Ministry Cabinet Secretary's decision. The Company has not received any formal notification from the Kenyan Ministry of Mining on this matter and CMK's Managing Director and PAW Director Mr. David Anderson is currently making enquiries to the Ministry of Mining to confirm the status of the licence held by CMK.
CMK, who begun its special mining license application process in early 2012 is confident it has complied with all applicable rules and regulations and went through a thorough process in support of its application and is currently seeking legal advice to protect its interests.
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 mining rights to the Mrima Hill Niobium and Rare Earth Project in Kenya. In July 2013 the Company completed an updated independent Niobium Resource estimate for 47.8 million tonnes at 0.66% Nb2O5 (Indicated Classification) plus 94.4 million tonnes at 0.73 % Nb2O5 (Inferred Classification) at a 0.2% Nb2O5 cut-off for a total of 2.22 billion pounds contained Nb2O5. In July 2013 the Company completed an inaugural independent Total Rare Earth Resource estimate for 48.7 million tonnes at 4.44% TREO (Indicated Classification) plus 110.7 million tonnes at 3.61 % TREO (Inferred Classification) at a 1% TREO cut-off for a total of 6.14 million tonnes of contained TREO. 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. 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. 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. In particular, there can be no assurance that the Private Placement will complete. 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 all the permits that are required in order to commence mining operations at the Mrima Hill Project.