Gooseberry Gold Project Earn-In Agreement

VANCOUVER - American Pacific Mining Corp has entered into an earn-in and option to form joint venture agreement with GRAC Global Resource Acquisition Corp. (Optionee) with respect to its Gooseberry Gold Project. Eric Saderholm, President, said “Nevada is the top investor-friendly jurisdiction for mining, and I look forward to working alongside GRAC Global Resource Acquisition Corps team as we move this gold discovery ahead.”

Key Points of the Agreement: The Optionee can earn a 51% interest in the Gooseberry Gold Project by making a cash payment to the Company in the aggregate amount of $50,000, making two million share payments to APM, and funding exploration expenditures of $1.50 million towards the Gooseberry Gold Project over the next two years (Phase 1); Subject to the Optionee’s completion of Phase 1, the Optionee will have four years from the date of the Earn-In Agreement (the “Option Period”) to exercise an option to earn an additional 14% interest by making an additional one million share payment to the Company and funding further exploration expenditures of $3 million towards the Gooseberry Gold Project (Phase 2); Subject to the Optionee’s completion of Phase 2, the Optionee may exercise an option to earn a final 15% (for a total interest of 80%) by completing a positive feasibility study on the Gooseberry Gold Project before the end of the Option Period (Phase 3); The Optionee will make the $50,000 non-refundable cash payment (as part of its cash payment under Phase 1) to APM within the first four months of the Option Period; The Optionee will also pay all claim fees; and The Optionee will be the operator of the Gooseberry Gold Project and, upon earning-in an interest, a joint venture management committee will be formed.