American Pacific regains 100% interest in Madison copper-gold mine project

American Pacific Mining announces that Kennecott Exploration Company, a subsidiary of the Rio Tinto Group in collaboration with American Pacific, has agreed to discontinue the 11-year Madison earn-in agreement to acquire a 70% interest in American Pacific’s Madison Mine Project. American Pacific would like to thank the regional Kennecott team for its collaborative approach at Madison over the years. The Company is pleased to regain 100% ownership and control of Madison, which now becomes the Company’s lead solely owned property. The Madison Project was host to small-scale production, which concluded in 2012 with 2.7 million pounds of copper produced at grades ranging from 20-35% copper. Subsequent drilling at Madison in 2017 included 30.18 metres of 24.50 grams per tonne gold and 0.39% Cu and 10.97 m of 41.65 g/t Au and 0.38% Cu. Drilling in 2017 also included a drill hole completed to 377 m depth, which intersected altered latite porphyry material at 301 m and has yet to be followed up on. The final drill hole from the last drill campaign completed by Rio intersected 6.53 m of 14.44 g/t Au and 0.11% Cu in an area that remains open approximately 100 m down plunge from the known skarn mineralization. The Company intends to proceed with the 2024 drill program as planned in collaboration with Kennecott. The program has been designed to include drill holes within the skarn that will aim to confirm and extend mineralization encountered in historical drilling.