Pacific Arc Resources Ltd. announced that the Company has agreed to discontinue its claim against Faina Goldfields Inc. and entered into a settlement agreement with Faina with respect to a disputed claim pursuant to which Faina has agreed make a payment in cash and common shares in the capital of Faina on or prior to December 30, 2021. The Settlement Agreement was a compromise between Faina and the Company with respect to a disputed claim about expenses incurred by Pacific Arc on behalf of Faina and the agreements and covenants contained in the Settlement Agreement are not in any manner to be construed as or be deemed to be an admission of liability or fault on the part of any of the parties thereto.