TORONTO, April 22, 2014 /CNW/ - GAR Limited ("GAR" or the "Company") announces that is in the process of completing its application for listing on the Canadian Securities Exchange. GAR is currently a reporting issuer in Ontario, Alberta and British Columbia.
GAR is also pleased to announce it has signed an option agreement to acquire a property containing 41 claims from 2158879 Ontario Limited located in Burt Township, Gross Township and Flanelle Township in the Larder Lake Mining Division of Ontario.
GAR can obtain 100% interest in the property by making payments of 500,000 common shares per year over an eight year period totaling 4,000,000 common shares. The property is also subject to a 3% net smelter return ("NSR").
The NSR is payable to the vendor who is John Rapski, the president of GAR and also the major shareholder of 2158879 Ontario Limited. These common shares issued by GAR will be subject to a 12 month hold period.
The property contains a massive sulphide deposit named the Lucky Irish Deposit and has produced high surface assays of copper, lead and zinc.
No securities regulatory authority has approved or disapproved of the contents of this news release.
SOURCE: GAR Limited
For further information: GAR Limited, John Rapski, President and Chief Executive Officer, T: (705) 642.3376, E: firstname.lastname@example.org