Mr. Warwick Smith reports

AMERICAN PACIFIC MOBILIZES DRILL RIG TO MADISON COPPER-GOLD PROJECT IN MONTANA

American Pacific Mining Corp. has mobilized a drill to its Madison copper-gold project in Montana, in preparation for an initial $1.5-million, five-hole, 1,350-metre drill program.

Drilling will focus both on the near-mine area to extend the known mineralized zone identified through historical drilling, which included intercepts of 14.69 metres of 12.10 grams per tonne gold and farther downhole 61.63 m of 6.97 per cent copper. The company also plans to test highly prospective areas, identified through the interpretation of extensive historical and recent data, that have never been drilled.

Phase II will focus on following up on positive results from phase I drilling, while also testing deeper regional targets within the western portion of the project. This region has recorded historical, gold values at surface of up to 48.5 g/t Au in undrilled locations, which the company believes could suggest the presence of a concealed intrusive heat source.

"We are pleased to be mobilizing a drill rig to Madison in preparation for drilling. Phase I will focus on areas where exceptional copper and gold mineralization have been encountered historically," commented chief executive officer and director, Warwick Smith. "By drilling the near-mine area, we aim to confirm and expand upon this high-grade zone to build towards a first mineral resource estimate at the project. As part of phase II, our technical team has identified several highly prospective, yet untested, regional targets that we believe may represent the peripheral expression of a larger mineralized system. The upcoming drill program will be an opportunity for us to evaluate the exploration upside potential of these priority target areas. And, with a robust treasury, we are in an excellent position to embark on this multiphase drill campaign as we aim to unlock the full value of the Madison copper-gold project."

The phase one drill program is expected to take four to five weeks to complete, with assay results anticipated to be released during Q3 2024.

Corporate update

The company also reports that Centerra Gold Inc. has terminated the option agreement that provided an opportunity to earn 70 per cent of the Ziggurat project.

Qualified person statement

Technical aspects of this press release have been reviewed and approved by the designated qualified person under National Instrument 43-101, Eric Saderholm, PGeo.

About American Pacific Mining Corp.

American Pacific Mining is a precious and base metals explorer and developer focused on opportunities in the Western United States. The company has two flagship assets: the Palmer project, a volcanic massive sulphide-sulphate (VMS) project in Alaska, under joint-venture partnership with Dowa Metals & Mining, owner of Japan's largest zinc smelter; and the Madison project, a past-producing copper-gold project in Montana. For the Madison transaction, American Pacific was selected as a finalist in both 2021 and 2022 for Deal of the Year at the S&P Global Platts Metals Awards, an annual program that recognizes exemplary accomplishments in 16 performance categories. Also, in American Pacific's asset portfolio are high-grade, precious metals projects located in key mining districts in Nevada, United States. The company's mission is to grow by the drill bit and through partnerships that provide shareholders with additional copper and gold discovery exposure.