KIRKLAND LAKE, ON, June 19 /CNW/ - GLR Resources Inc. ("GLR" or the
"Company") announces that the Ontario Superior Court of Justice (the "Court"),
the Honourable Mr. Justice Wilton-Siegel presiding, granted the request of
Santa Fe Metals Corp. ("Santa Fe") to adjourn the meeting of creditors
scheduled to be held in Toronto, Ontario.
The Endorsement of the Court in respect to this matter was as follows:
"As it appears that there is a substantial possibility of a significant
additional unsecured claim that cannot be quantified and has therefore
not yet been disclosed to the other creditors, I am satisfied that the
request of the creditor asserting the claim for an adjournment of the
meeting of creditors scheduled for June 22, 2009 is appropriate. Before
the proposal can be addressed by the creditors, it is necessary to
determine the respective rights of this creditor and the purchaser of the
assets under the proposal to a date to be addressed on June 29, 2009 by
No date for reconvening the creditors meeting has been set.
Pending resolution of the issues with Santa Fe, the sale of the Company's
Goldfield Assets to Linear Gold Corp. ("Linear"), originally scheduled for
June 30, 2009, will be delayed.
About GLR Resources Inc.
GLR is a Canadian-based junior mining and exploration company focusing on
projects in North America with existing projects in Ontario and Quebec. On
January 7, 2009, the TSX de-listed GLR's securities and, consequently, the
Company's securities do not trade on a recognized Canadian exchange.
For further information please see the company website at
Forward Looking Statements: This news release contains certain
forward-looking statements, such as the reference to the proposed sale of the
Goldfields Assets to Linear, the resolution and determination of rights of
Santa Fe, and the reconvening of the creditors meeting. These forward-looking
statements are subject to a variety of risks and uncertainties beyond GLR's
control or ability to predict outcomes which could cause actual events or
results to differ materially from those anticipated in such forward-looking
statements, including uncertainty regarding potential for resolution of the
claims of Santa Fe and or any other party submitting a claim as creditor or
purchaser of assets, uncertainty with respect to court determinations with
respect to the rights of creditors, Linear, Santa Fe and/or other parties.
Although GLR believes that the assumptions inherent in the forward-looking
statements are reasonable, undue reliance should not be placed on these
For further information:
For further information: David J. Layman, Senior Vice President, CFO and
Co-CEO, Telephone: (705) 567-5351, E-mail: firstname.lastname@example.org