TSX Symbol: GNY
CALGARY, Oct. 11 /CNW/ - Gentry Resources Ltd. is pleased to announce
that it intends to make a normal course issuer bid through the facilities of
the TSX to buy up to 2,500,000 of its issued and outstanding Common Shares.
This amount represents less than 5% of the 55,095,515 issued and outstanding
common shares of Gentry as at October 10, 2007. The bid will commence October
15, 2007 and expire October 14, 2008 and any shares acquired pursuant to the
bid will be cancelled.
During the previous twelve-month period, Gentry purchased, pursuant to a
previous normal course issuer bid, 333,000 common shares at an average price
of $3.49 per share. These shares were subsequently cancelled.
Gentry's reasoning for the normal course issuer bid is that from time to
time the market price of Gentry's Common Shares may not reflect the underlying
value of such shares and that, at such times, the purchase of Common Shares
for cancellation will increase the proportionate interest of, and be
advantageous to, all remaining shareholders. In addition, any purchases made
by Gentry will afford increased liquidity to those shareholders of the
Corporation who may wish to dispose of their Common Shares.
Disclaimer: Statements in this press release may contain forward-looking
statements, including management's assessment of future plans and operations
and including expectations of future production and capital expenditures.
These statements are based on current expectations that involved numerous
risks and uncertainties, which will cause actual results to differ from those
anticipated. These risks include, but are not limited to: the risks of the oil
and gas industry (e.g. operational risks in exploration, development and
production; potential delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety and environmental risks),
and price fluctuation. As a consequence, actual results may differ materially
from those anticipated in the forward-looking statements.
For further information:
For further information: For Details, Contact: Hugh Ross, President &
Chief Executive Officer, (403) 264-6161; Ketan Panchmatia, Chief Financial
Officer, (403) 264-6161; Website: www.gentryresources.com, Email: