VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/17/16 -- WPC Resources Inc. (the "Company" or "WPC") (TSX VENTURE: WPQ)(FRANKFURT: 5WP) is pleased to provide an update on corporate activities and operational plans for 2016. WPC is currently working on a definitive agreement with Mandalay Resources Corporation to acquire 100% ownership of Lupin Mines Inc. Lupin Mines Inc. owns the past producing Lupin Gold Mine and the advanced stage Ulu Gold Project.
Upon completion of the acquisition of Lupin Mines Inc. the Company will become a potential near term gold producer. The Lupin Gold Mine consists of a permitted and bonded past producing gold asset with existing and maintained mine, mill and camp infrastructure. During 2016, WPC plans an initial 3,000 metre ($1.5 million budget) drill program at Lupin to identify near term production targets as well as a mill and mine refurbishment study, both intended to position the Company to restart production at Lupin as expeditiously as possible.
About WPC Resources Inc.
WPC is a Vancouver-based gold company focused on mineral exploration and development. The Company has entered into a letter agreement to acquire a 100% interest in the historic Lupin Gold Mine and Ulu Gold Property from Mandalay Resources Corporation. In addition, WPC has entered into agreements to acquire Inukshuk Exploration Inc., the owner of a 100% interest in the 8,000-hectare Hood River property located contiguous to the Ulu Gold Property.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains certain "forward-looking information" within the meaning of Canadian securities laws. Actual results may differ materially from those indicated by such forward-looking information. All information included herein, other than statements of historical fact, including the expected completion of the Placement and the timing thereof, and the expected use of proceeds are forward-looking statements and involves various risks and uncertainties. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Neither the 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.
WPC Resources Inc.
Telephone: (778) 379-1433