VANCOUVER, Sept. 25 /CNW/ - Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") is pleased to announce that it has purchased 1,000,000 Units of Quaterra Resources Inc. ("QTA") at a price of $0.60 per Unit, for a total investment of $600,000. Each Unit consists of one common share of QTA and one non-transferable share purchase warrant, with each warrant being exercisable to acquire one additional common share of QTA at $0.75 per share until September 22, 2011.
QTA is a reporting issuer whose common shares are listed on the TSX Venture Exchange, and full details of its mineral exploration projects are available at www.sedar.com. The Units of QTA were offered by way of a private placement, and form part of a larger equity financing of up to $6 million being raised by QTA.
The investment of these funds in QTA is in accordance with Grande Portage's plan to invest in advanced staged exploration projects with infrastructure and near term cash flow potential. The securities acquired will be held for investment purposes. There is a 4 month hold period on the securities until January 22, 2010. The funds invested are not required for the immediate working capital needs of Grande Portage.
QTA plans to use the proceeds principally for further drilling on their silver and gold projects in Mexico at Nieves and Americas-Mirasol, and their copper projects in Nevada in both the McArthur and Yerington areas.
About Grande Portage Resources Ltd.
Grande Portage Resources Ltd. is a mineral exploration and development company focused on massive sulphide exploration in British Columbia as well as select investment positions within the energy and mineral exploration sectors. Grande Portage is operated by experienced managers and professionals who have been effective in discovery, mine development, and mining operations throughout North and South America, Africa, Europe, and Central Asia. The Company is well financed with no debt. More information is available online at www.grandeportage.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
SOURCE Grande Portage Resources Ltd.
For further information: For further information: Mr. Ian Klassen, Phone: (604) 899-0106, Email: firstname.lastname@example.org, Website: www.grandeportage.com