Pacific Empire Minerals Corp. has announced the appointment of Samantha Shorter to its board of directors and said she has also been appointed to the company's Audit Committee and will serve as chair of that committee effective immediately.
In connection with Shorter's appointment, the company also announced that Larry Donaldson is stepping down as a director and chair of the Audit Committee. The company said its board of directors would like to thank Donaldson for his contributions to the company, adding that Donaldson has added significant value to the company for many years since 2017 and will be greatly missed for his large contribution to the financial and audit reviews.
In a statement, Brad Peters, CEO of Pacific Empire commented: "We are pleased to welcome Samantha to Pacific Empires' Board of Directors. She brings a wealth of financial and operating expertise, and she will be a valued member of our board and advisor to our executive team. I would also to thank Mr Larry Donaldson, who has served as PEMC's Chair of the Audit Committee and Director since 2017. Larry has been integral to our team and we wish Larry all the best."
READ: Pacific Empire Minerals inks deal to sell its Stars copper project stake in British Columbia
The company noted that Shorter is a senior finance and accounting professional with 15 years of experience in the mineral exploration sector and has served as CFO of various junior mining companies. She has extensive international experience with development projects as well as operating assets.
Shorter was also previously employed as an audit manager at a major Canadian accounting firm specializing in the mining industry and has extensive experience providing financial reporting and corporate services to companies in the mining and mineral exploration industries. She is a CPA, CA and CIA and holds a Bachelor of Commerce degree with Honours from the University of British Columbia, the company added.
Stars Property deal completion
In addition, the company also announced that it has closed the purchase transaction, originally announced on September 27, 2021, with Aurwest Resources Corporation whereby Pacific Empire sold its 50% interest in the Stars Property, a copper porphyry project, covering 2,136 hectares contiguous to Aurwest's Stellar Property in central British Columbia.
Commenting on the deal completion, Peters said: "We are excited to have completed this transaction which provides PEMC with a 2% Net Smelter Return on the Stars Property in addition to receiving a cash payment that strengthens our treasury.
Terms of the Stars Property transaction included a purchase price payable to Pacific Empire Metals consisting of a cash payment of C$350,000 and the grant to the company of a 2% net smelter return royalty (NSR) on all minerals produced from the Stars Property. Aurwest shall have the right to repurchase at any time 1% of the NSR for a consideration of C$1,000,000. The transaction closed on September 30, 2021.
The Stars Property consists of three mineral tenures (2,136 hectares), located in the Omineca Mining District, located approximately 65 kilometres southwest of Houston, British Columbia. The property can be accessed by all-season forest roads, including the Chisholm Mainline FSR, which runs directly through the southern portion of the property.
The area comprising and surrounding the Stars property has been explored intermittently since the early 1970's. Historical exploration consisted of mapping, sampling, prospecting, airborne and ground magnetic surveys, Induced Polarization surveys, and several reverse circulation and diamond drilling programs.
Pacific Empire is a copper exploration company based in Vancouver. The company's strong portfolio of gold-enriched copper projects in British Columbia, is the culmination of perseverance through one of the longest bear markets in the resource industry. British Columbia is a 'Green' copper jurisdiction with abundant hydroelectric power, access and infrastructure in close proximity to the end market.
Contact the author at jon.hopkins@proactiveinvestors.com