TORONTO, ONTARIO–(Marketwired – May 6, 2014) – 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.
Emilio Alvarez
CEO
+1-416-848-9407
www.panamerican-goldfields.com/index.html
