Mr. Warwick Smith reports

AMERICAN PACIFIC COMMENCES DRILL PROGRAM AT ITS PALMER VMS PROJECT IN SOUTHEAST ALASKA

American Pacific Mining Corp. has initiated a 2024 diamond drill program at its high-grade Palmer copper-zinc volcanogenic massive sulphide project in Alaska, with joint-venture partner Dowa Metals & Mining Alaska Ltd.

"We are excited to begin this year's drill program at Palmer," commented chief executive officer, Warwick Smith. "In a world that is recognizing the importance of critical metals, the impact and value that a polymetallic project with demonstrated high-grade copper, like Palmer could have, should not be understated. With drilling now under way on two of our key projects, we look forward to providing regular drill results in the coming weeks and months."

The highest-grade copper intersections ever drilled in Palmer's history -- including 43.8 metres of 6.54 per cent copper and 23.9 metres of 9.03 per cent copper (see Jan. 10, 2024, news release) -- were reported during the 2023 exploration program. The 2024 drill plan will follow up on the structural trends interpreted to be associated with these significant results, while also testing the deposit extensions to expand the known mineralized envelope.

"The 2023 exploration program was an operational success with the high-grade copper and zinc results exceeding our expectations," commented Peter Mercer, senior vice-president -- advanced projects. "I am incredibly proud of the technical team's efforts over the past year and have full confidence in their capabilities to continue advancing Palmer through 2024 and beyond. In addition to the diamond drill program, our team will follow up on the numerous regional prospects to further demonstrate the exploration upside and district potential of the Palmer project."

American Pacific, along with its joint venture partner at Palmer, Dowa, plans to spend approximately $17.5-million ($12.8-million (U.S.)) on exploration and development work, including a 5,100-metre drill program in 2024.

Qualified person statement

The technical information in this news release regarding the Palmer project has been reviewed and approved by Michael Vande Guchte, PGeo, vice-president of exploration for the Palmer project and a qualified person (QP) as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About American Pacific Mining Corp.

American Pacific Mining Corp. 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 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, including the Ziggurat gold project and the Tuscarora gold-silver district. The company's mission is to grow by the drill bit, strategic partnerships, and mergers and acquisitions.

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