Canarc Resource Terminates Letter of Intent with Pan American Goldfields with
Respect to a Business Combination
TORONTO, ONTARIO -- (Marketwired) -- 05/06/14 -- Pan American
Goldfields Ltd. (the "Company") (OTCQX: MXOM), announces that, as a
result of its due diligence, Canarc Resources Corp ("Canarc") has
terminated its previously announced Letter of Intent with the Company
with respect to a business combination.
The Company is reviewing its strategy with its strategic and
investment advisors and intends to resume discussions with certain
resource companies and investors (which were suspended after the
execution of the Letter of Intent) and that have previously expressed
an interest in pursuing a transaction with the Company.
Emilio Alvarez, CEO
Pan American Gold Fields Ltd.
About Pan American Goldfields Ltd.
Pan American Goldfields is a precious metals mining and exploration
company. Its focus is the production of gold and silver and the
development and expansion of its La Cieneguita mine in Mexico's
prolific Sierra Madre gold-silver belt.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the
meaning of the United States private securities litigation reform act
of 1995 and "forward-looking information" within the meaning of
applicable Canadian securities legislation. Statements contained in
this news release that are not historical facts are forward-looking
information that involves known and unknown risks and uncertainties.
Forward-looking statements in this news release include, but are not
limited to, statements with respect to the potential Transaction, the
completion of a private placement, the benefits of the potential
Transaction, the merits of the mineral properties of Pan American,
the future performance of Pan American, mineral resource estimates
and the Company's plans and exploration programs for its mineral
properties, including the timing of such plans and programs. In
certain cases, forward-looking statements can be identified by the
use of words such as "plans", "has proven", "expects" or "does not
expect", "is expected", "potential", "appears", "budget",
"scheduled", "estimates", "forecasts", "at least", "intends",
"anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or state that certain actions, events or
results "may", "could", "would", "should", "might" or "will be
taken", "occur" or "be achieved".
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such risks and other
factors include, among others, uncertainties inherent in the
estimation of mineral resources; commodity prices; changes in general
economic conditions; market sentiment; currency exchange rates; the
Company's ability to continue as a going concern; the Company's
ability to raise funds through equity financings; risks inherent in
mineral exploration; risks related to operations in foreign
countries; future prices of metals; failure of equipment or processes
to operate as anticipated; accidents, labor disputes and other risks
of the mining industry; delays in obtaining governmental approvals;
government regulation of mining operations; environmental risks;
title disputes or claims; limitations on insurance coverage and the
timing and possible outcome of litigation. Although the Company has
attempted to identify important factors that could affect the Company
and may cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, do not place undue
reliance on forward-looking statements. All statements are made as of
the date of this news release and the Company is under no obligation
to update or alter any forward-looking statements except as required
under applicable securities laws.
Forward-looking statements are based on assumptions that the Company
believes to be reasonable, the merits of the mineral properties of
the Company, the accuracy of the mineral resource estimates of the
Company, mineral exploration and development costs; expected trends
in mineral prices and currency exchange rates; that the Company's
activities will be in accordance with the Company's public statements
and stated goals; that there will be no material adverse change
affecting the Company or its properties; that all required approvals
will be obtained and that there will be no significant disruptions
affecting the Company or its properties.
Pan American Goldfields Ltd.
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