HALIFAX AND KIRKLAND LAKE, ON, Jan. 27 /CNW/ - Brigus Gold Corp.
("Brigus" TSX: BRD; NYSE Amex: BRD) and GLR Resources Inc. ("GLR" CNQX:
GLE) jointly announce that they have reached an agreement regarding the
reimbursement by Brigus to GLR in connection with certain equipment
originally ordered by GLR. This equipment was related to Brigus' wholly
owned Goldfields Project in Saskatchewan. A predecessor company of
Brigus had acquired the Goldfields Project from GLR.
Pursuant to the agreement, Brigus will issue to GLR 1,396,134 common
shares of Brigus valued at CAN$2,443,235 based on a deemed price of
CAN$1.75 per share and will make cash payments aggregating US$60,000.
The agreement is subject to receipt of requisite regulatory approvals
and discontinuance of the outstanding legal action between Brigus and
Brigus intends to develop the Goldfields Project into a producing gold
mine within the current schedule as early as 2013, pending a
development decision by June 2011.
GLR is a Canadian-based junior mining and exploration company focused on
existing projects in Ontario and Quebec. GLR is listed for trading on
the Canadian National Stock Exchange (the "CNSX") under the trading
The CNSX has not reviewed and does not accept responsibility for the
adequacy of this release.
This news release contains certain "forward-looking information". All
statements, other than statements of historical fact, that address
activities, events or developments that GLR believes, expects or
anticipates will or may occur in the future including, without
limitation, statements relating to GLR's prosecution of its action
against Brigus are forward-looking statements. These forward-looking
statements reflect the current expectations or beliefs of GLR based on
information currently available to GLR. Forward-looking statements are
subject to a number of significant risks and uncertainties and other
factors that may cause the actual results of GLR to differ materially
from those discussed in the forward-looking statements, and even if
such actual results are realized or substantially realized, there can
be no assurance that they will have the expected consequences to, or
effects on GLR. Factors that could cause actual results or events to
differ materially from current expectations include, but are not
limited to, unforeseen events, costs and/or complications in the
litigation process and the uncertainty of a favourable decision being
rendered inherent in the litigation process generally.
Any forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws, GLR
disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or
results or otherwise. Although GLR believes that the assumptions
inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to
the inherent uncertainty therein.
SOURCE GLR Resources Inc.
For further information:
Robert Kasner, President and CEO
Telephone: 1 705 567 5351