|By Marketwired .||
|September 25, 2013 02:37 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/25/13 -- Pacific Imperial Mines Inc. ("PPM") (TSX VENTURE:PPM.H) announces that it has entered into a binding letter of intent to sell its interest in its wholly owned Brazilian subsidiary, Pacific Imperial Mines Brazil ( PIMB) to Mr. Licurgo Albuquerque.
PIMB's assets include the right to acquire 100% interest in properties held by Companhia Baiana de Pesquisa Mineral (CBPM) in the Marcionilio Souza area, Bahia State, Brazil as well as working capital of R 10,050.
The decision to sell PIMB was made to minimize expenditures during the current difficult investment climate.
The consideration to be paid to PPM consists of a 2% Net Smelter Royalty on any future production from the CBPM properties and an indemnity of the purchaser in favour of PPM against all losses or damages sustained or incurred by PPM in relation to PIMB or its properties after the closing date.
The sale and purchase of PPM's interest in PIMB is conditional on receipt of shareholder and TSX Venture Exchange approval. The Annual and Special Meeting of Shareholders is set for November 25, 2013.
Upon completion of the sale of PIMB, PPM intends to seek new business opportunities to pursue in the future.
On behalf of the Board of Directors
PACIFIC IMPERIAL MINES INC.
H. Leo King, President and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), accept responsibility for the adequacy or accuracy of this News Release. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.
Pacific Imperial Mines Inc.