The
TSX Venture Exchange has not reviewed
and does not accept responsibility
for the adequacy or accuracy of
this news release.
PACIFIC
IMPERIAL MINES INC.
1605-750
West Pender Street, Vancouver,
BC, V6C 2T8 Canada
Telephone: (604) 669.6332 Facsimile:
(604) 688.9336 Email: ppm-corp@telus.net
December 13, 2004 PPM-TSX Venture
NEWS
RELEASE
Pacific Imperial Mines Inc. (the
Company) has signed a Letter of
Intent with Hubei Jiayu hewushan
Gold Mine Co. (Shewushan) to establish
an Equity Joint Venture Company
for gold exploration on licenses
held by Shewushan. The licenses
cover an area of 120 square ilometers
in the vicinity of the Shewushan
gold mine located in Hubei province,
China.
The Joint Venture would also include
rights to any gold in sulphide
mineralization situated at depth
below the gold oxide ore currently
being mined by open-pit and recovered
by heap leaching.
The Company would hold a 70% interest
and Shewushan would hold a 30%
interest in the Joint Venture.
The Company would contribute the
first US$5 million of expenditures
and Shewushan would contribute
the exploration rights to the
property. Any additional expenditures
would be made on a pro rata basis.
The Company has 60 days to carry
out due diligence to determine
if it wishes to proceed and if
so to then finalize a contract.
Shewushan
is a well established gold mining
company producing in the order
of 30,000 oz gold per annum from
a heap-leach, open pit operation
in Hubei province.
The
Company also wishes to announce
that it’s board has approved
an exploration program estimated
at $360,000 on its wholly owned
properties situated in Yunnan
Province, China.
The two properties, Tangshang
and Salachong, are located within
the Dian-Qian-Gui Triangle known
as the Golden Triangle. Sediment-hosted,
oxide gold mineralization occurs
in several zones on the properties
that have been partially outlined
by trenching, tunneling and limited
diamond drilling.
The approved exploration work
on the Tangshang property will
consist of a program of trenching
and geological mapping to extend
the known zones of mineralization.
To date, detailed work has focused
on a few specific targets where
programs of trenching, tunneling
and limited diamond drilling have
outlined several zones of oxide
gold mineralization. The widest
intersection obtained to date
is from Zone 3 on the Tangshang
property where a tunnel driven
across the zone averaged 1.12
grams/tonne gold over 56.7 meters.
Other significant results from
trenching include 1.56 grams/tonne
gold over a trench length of 52.6
meters located about 100 meters
to the north of the tunnel.
On the Salachong property, exploration
work will consist of geological
mapping, trenching of multi-element
soil geochemical anomalies as
well as a soil sampling survey
to fill in areas of potential.
The
TSX Venture Exchange has not reviewed
and does not accept responsibility
for the adequacy or accuracy of
this news release. This News Release
was prepared by Leo King, P. Geo.,
the Qualified Person in accordance
with National Instrument 43-101
who is the supervisor for the
Company’s projects.
For further information contact:
PACIFIC
IMPERIAL MINES INC.
Leo King, President
Tel: 604.669.6332/ Fax: 604.688.9336
Email: ppm-corp@telus.net
On behalf of the board of Directors
PACIFIC IMPERIAL MINES INC.
“Leo King”
Leo King, President
