VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/25/13 -- Pacific Wildcat Resources Corp. (TSX VENTURE: PAW) ("PAW" or the "Company") would like to announce that Cortec Mining Kenya Limited ("CMK"), owner of the Mrima Hill Niobium and Rare Earth Project in Kenya, has been issued with a Special Mining Licence (the "Licence") from the Republic of Kenya, Mines and Geology Department. The Licence, which has a term of 21 Years, is for the exploration, development and mining of Niobium and Rare Earth Elements at Mrima Hill. PAW owns 100% of Stirling Capital Ltd and Cortec Pty Ltd, two UK companies that between them own a 70% interest in CMK.
Key Aspects of the Licence include:
-- Area of the Licence of 142 hectares (area includes key High Grade Niobium and associated High Grade Rare Earth Oxide mineralisation zones),-- Gross Sales Value Royalty (Free on Board) of 3% for Niobium and 5% for Rare Earth Elements payable to the Government of the Republic of Kenya,-- CMK at the appropriate time to put in place mineral ore processing facility to produce Ferro Niobium and to extract Rare Earth Elements, and-- All activities to comply with laws of the Republic of Kenya, including but not limited to, the Environmental Management and Coordination Act No 8, Wildlife Conservation and Management Act CAP 376 and Forest Act No 7.
PAW President and CEO Darren Townsend said: "We are extremely pleased with the awarding of this Special Mining Licence to CMK. I would like to thank CMK's staff, consultants and the numerous Government Departments of the Republic of Kenya for their tireless and professional work. The awarding of this licence reaffirms Kenya as a great destination for mining investment and we look forward to continuing to work successfully with the Government to rapidly advance the Mrima Hill Niobium and Rare Earth Project."
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. This is an ex Anglo American and Pechiney property the subject of extensive historic work. In July 2011 the Company completed an initial NI 43-101 compliant inferred niobium resource estimate of 105.3 million tonnes at 0.65% Nb2O5 for a total of 1.519 billion pounds contained Nb2O5 to a depth of 30 metres from the surface. 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. 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. 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 to commence mining operations at the Mrima Hill Project.
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.
Pacific Wildcat Resources Corp.
Company Secretary/Chief Financial Officer