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American Pacific Mining announces joint venture with OceanaGold

Published by , Editorial Assistant
Global Mining Review,

American Pacific Mining Corp (APM) has announced 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. OceanaGold is an Australian-based, mid-tier mining company with several 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

  • 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% 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.

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