American Pacific Regains Full Control of Alaska's Palmer Project

American Pacific Mining Corp. announced a significant milestone in its Alaskan operations on November 18: the acquisition of a 100% interest in the Palmer VMS Project. This strategic move follows an agreement with Constantine North Inc. (CNI) and Dowa Metals & Mining Alaska Ltd. to purchase Dowa's stake in Constantine Mining LLC, the zinc project's current holder.

As per the terms of the agreement, American Pacific through its wholly owned subsidiary CNI, will acquire Dowa's interest in the Palmer Project. Dowa will pay American Pacific US$10 million in exchange for an option to purchase up to 50% of the zinc concentrate produced during the initial and subsequent years of the project's operation. The acquisition is subject to customary closing conditions, and upon completion, American Pacific will have full ownership and control of the Palmer Project.

The acquisition of full ownership in the Palmer Project underscores American Pacific's commitment to its Alaskan operations. With 100% control, the company gains greater flexibility and decision-making authority, enabling it to accelerate exploration efforts and maximize the project's value.

The infusion of US$10 million from Dowa provides American Pacific with additional financial resources to fund exploration activities, infrastructure development, and potential future mine development. This strategic move positions the company to capitalize on the growing demand for critical minerals and advance the Palmer Project towards production.

Warwick Smith, CEO of American Pacific, expressed enthusiasm about the transaction: "This is a transformative deal for American Pacific. We've secured a substantial capital infusion and regained complete control over a project with a well-established mineral resource and immense exploration potential across the district."

Smith further emphasized the company's renewed focus on advanced exploration and resource expansion: "An updated mineral resource estimate (MRE) is currently underway. By consolidating ownership, we're well-positioned to unlock the significant value of this project, which, at present, only encompasses a small portion of the known VMS showings within the current MRE."

American Pacific Mining is a precious metals exploration company focused on gold and silver projects in the United States. The company is dedicated to discovering and developing high-quality mineral assets, with a portfolio that includes advanced-stage gold projects in Nevada and other promising mining districts. American Pacific Mining utilizes a combination of strategic exploration and innovative technologies to unlock the potential of its assets and create value for its stakeholders. The Palmer Project is an advanced-stage, polymetallic zinc-copper-gold-silver exploration project located in Alaska, USA, focused on high-grade mineralization.