TORONTO, Oct. 1 /CNW/ -
It has been several months since I, Robert J. Kasner have been able to communicate with you due to my incapacitation following a major vehicle accident which kept me hospitalized for four months.
I am pleased to say I will soon be released from the hospital and look forward to getting back to work.
I sincerely appreciate the support given during this critical time by so many. The courage you gave me when it was most needed reaffirms the meaning of shareholders, family, friends and colleagues.
COMPANY STATUS AND UPDATE
As many of you are aware GLR was delisted from the TSX on January 7, 2009 as the company was unable to meet the TSX's continued listing requirements.
GLR became insolvent due to the lack of funds to pay back the $2 million loan from Black Fish Capital (BFC). Pursuant to a forbearance agreement with BFC, GLR agreed to sell its Goldfield Property.
Linear was the successful bidder for the property. The sale allowed GLR to pay its secured creditor BFC and all unsecured creditors in full. After payment of its debts, the company will have sufficient initial working capital to reactivate its business.
LISTING AND TRADING
GLR is in the process of completing its financial statements, after which it intends to apply to list its shares for trading on the Canadian National Stock Exchange (CNSX) before the end of October.
GLR has several exploration targets in Kirkland Lake, Thunder Bay, and Casa Berardi Quebec. Currently exploration targets are being prioritized on the Casa Berardi property and the Stares property near Thunder Bay, Ontario.
GLR is a company that is committed to exploration in Canada. It is a company that appreciates its shareholders and will strive towards enhancing shareholder value. It is a company determined to rise up out of the ashes and move aggressively forward.
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 www.glrresources.com.
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 or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although GLR believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements. Contact Information
SOURCE GLR RESOURCES INC.
For further information: For further information: Robert Kasner, President and Co-CEO, Telephone: (705) 567-5351, E-mail: firstname.lastname@example.org; David J. Layman, Senior Vice President, CFO and Co-CEO, Telephone: (705) 567-5351, E-mail: email@example.com