Golden Pacific Resources says it has an agreement in principle with a B.C. company to acquire a 51% interest in a 50-claim block in the Caribou mining division of B.C.
It adds it has also purchased three claims in the Skeena mining division of the province. Both deals are subject to the approval of the Alberta Stock Exchange, Golden Pacific says.
On the Caribou division property, Golden Pacific says past work has outlined a high grade silver vein averaging 26 oz silver per ton, over a length of 1,400 ft, and a galena vein, high in silver content, over 2,000 ft in length.
Old reports on the Skeena division claims indicated high grade gold values, the company says.
Richard Schmidt, chairman of Golden Pacific, has been appointed president to fill the vacancy left by the June 23 death of President John D. Porter.
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