KIRKLAND LAKE, ON, April 13 /CNW/ - (GLR Resources Inc.-GRS:TSX,
GKF:Frankfurt) ("GLR" or "the company") is pleased to provide an update on its
Goldfields Feasibility study and exploration plans for the remainder of 2007.
Feasibility and EIS
John Orr, P.Eng.,GLR's Chief Operating Officer (COO) is pleased to report
that the Final Feasibility Study being prepared by Bikerman Engineering &
Technology Associates (BETA) is on track and progressing well. Mr. Orr further
notes "I am pleased with the performance by BETA, the firm retained to
complete this feasibility. Their hands-on operational experience in numerous
northern Canadian remote-access mines has been a great asset in working
through the feasibility". A draft report will be available to GLR management
by early May, 2007 and as previously announced (see Press Release of March 2,
2007) to the public by the end of May, 2007. Mr. Orr is currently visiting
Australia, China and other countries to initiate the process of sourcing
mining and milling equipment for the Goldfields Project.
As previously reported (see Press Release of Feb.13, 2007) an
Environmental Impact Study (EIS) has been submitted to the Saskatchewan
Environmental Assessment Branch. The Assessment Branch is now starting the
process of obtaining comments from various stakeholders. In parallel,
negotiations are also under way on the surface lease for the Goldfields
property. These negotiations are conditional on several issues, particularly
EIS approval. It is management's consensus that permits and surface leases
should be in hand by early fall 2007.
Goldfields and Area
GLR plans to complete several drill holes in the vicinity of the Box and
Athona deposits this summer to increase resources at depth on both deposits
and to explore other known Gold and PGM showings in the area. There is now a
light-weight drill on location that can easily be moved into position to
access some of the more difficult drill locations.
Kirkland Lake Properties
GLR is the second largest land holder in the Kirkland Lake Gold Camp.
Claims consist of the former Omega Mine property, Hurd McCauley property and
Kirkland West property. The Omega Mine property is situated 4 kms west of the
former producing Kerr Addison Mine which produced 10 million ounces Gold in
its lifetime. The Omega Mine itself was in production up until the mid 1950's
and in its lifetime produced 250,000 ounces Gold. The Omega property has a
near surface historic drill indicated resource of 296,934 tons grading
0.160 oz/ton Gold (47,509 oz). This indicated resource is not NI-43-101
compliant. Assessment reports indicate that there could be additional lower
grade resources remaining on the Property in the range of 0.08 - 0.12 ounces
/ton Gold.(1) GLR may undertake some drilling to further verify these
resources in 2007.
The Hurd McCauley claim adjoins the south portion of the Macassa Mine
owned by Kirkland Lake Gold (TSX:KGI). GLR has received offers from Kirkland
Lake Gold on this claim but to date none have been accepted by GLR.
The Kirkland West property is located 5 kms west and on strike with the
Macassa Mine. This claim encompasses the small former producing Baldwin mine
and covers a strike length of 7 kms along the Kirkland-Larder fault zone from
which 24 million oz Gold has been historically produced. GLR will complete
approximately 10 drill holes on this property this year.
Thunder Bay Properties
GLR has a 50% interest (with RJK Exploration (TSXV: RJX.a) holding the
other 50%) in two properties west of Thunder Bay, Ontario in the
Hemlo-Shebandowan greenstone belt.
The 1300 hectare Goldie property is located 50 kms west of Thunder Bay. A
2005 geophysical (IP) survey outlined several interesting conductors. Previous
work by GLR produced 1.73g/tonne Gold over 14.5 meters and 1.37g/tonne Gold
over 12.4 meters. Some additional drilling will be undertaken in 2007 on this
The 7000 hectare Stares-Calvert property is located 55 kms west of
Thunder Bay. The discovery of glacial boulder debris exhibiting over 10% Zinc
remains the impetus to further explore this property. Over the past several
years, over 8000 m of drilling and 71 line kms of geophysical surveys have
been conducted. Several more drill holes are planned for 2007 in an effort to
identify the in-situ base metal deposit.
GLR acquired 100% ownership of the 1040 hectare Casa Berardi property in
the 1980's. This property is located in the Puiseaux and Orvilliers townships
of northwestern Quebec, 100 kms north of La Sarre and east of the now
producing Aurizon Mine (TSX:ARZ). Several companies are conducting exploration
work around GLR's property and GLR is keeping a close eye on the activity.
This property has excellent potential for Gold and Base Metal discoveries.
Historic drilling has returned several drill holes grading between 0.10 oz/ton
and 0.735 oz/ton (non NI-43-101 compliant) (2).
(1) Summary Report on the Larder Lake Project, G.J. Hinse Geological
Services, May 07, 1986
(2) Summary Report on the Casa Berardi Project, G.J. Hinse Geological
Services, May 22, 1987
Forward Looking Statements
This news release contains certain forward looking statements. These
forward looking statements are subject to a variety of risks and uncertainties
beyond GLR's ability to control and predict which could cause actual events or
results to differ materially from those anticipated. Although GLR believes the
assumptions inherent in the forward looking statements are reasonable, undue
reliance should not be placed on these forward looking statements.
For further information:
For further information: Robert Kasner, President & CEO, T: (705)
567-5351, E: email@example.com; Malcolm Bucholtz, V.P. Investor Relations,
T: (306) 525-0852, E: firstname.lastname@example.org