VanadiumCorp has arranged a non-brokered private placement of up to 1,400,000 flow-through common shares at a price of $0.07 cents per share for total proceeds of up to $98,000.
VANCOUVER, BRITISH COLUMBIA -2013-06-13
Dr. Christian Derosier reports
PACIFICORE CLARIFIES STATUS OF MINERAL CLAIMS
PacificOre Mining Corp. wishes to clarify the situation with respect to certain mineral claims.
In 2009, the company’s former chief executive officer decided to acquire some claims in the Chibougamau region without informing the board or the vice-president of exploration, Dr. Christian Derosier. The Lac Cache claims cover a lake which is surrounded by houses and summer camps, as well as a seaplane base. It is nearly impossible to exploit these claims; one would not only have to obtain permission from the municipal government of Chibougamau, the house owners and the seaplane base, but it would be necessary to drain the lake. Similarly, the Typhoon claims and MagBay claims (of which 50 per cent are also underwater) were staked without Dr. Derosier’s knowledge and are located within the municipality boundaries of Chibougamau; these claims would encounter significant permitting problems as well as prohibitive environmental compliance costs.
All of the claims have extremely low metallurgical value. The company decided some time ago to let these claims lapse and does not consider them to be part of its property portfolio. The claims for the company’s key projects, the Lac Dore and the Iron-T, are all in good standing.