GLR Not to Proceed with Prospectus Offering

    Toronto: GRS / Frankfurt: GKF

    KIRKLAND LAKE, ON, June 24 /CNW/ - GLR Resources Inc. ("GLR" or
"Company") (TSX:GRS) wishes to advise that it is continuing to work with
Investec Bank (UK) Limited on a $45 million bank financing package for the Box
Mine project.
    This financing is contingent upon GLR investing approximately $20 million
toward development of the Box Mine project. To date, GLR has already invested
nearly $7 million towards Box Mine development costs and was seeking
additional financing which would have comprised the balance of the $20
million. Details on this financing were announced in a press release on April
7, 2008.
    GLR now advises that it will not be proceeding with the prospectus
offering of Subscription Receipts as announced in this news release of April
7, 2008. At issue is the negative sentiment that continues to pervade North
American credit markets. GLR is currently exploring alternate avenues of
obtaining this financing and will update progress made in future press

    About GLR Resources

    GLR is a Canadian-based junior mineral exploration company focusing on
projects in North America and with exploration projects in Ontario, Quebec and
Saskatchewan. GLR's most advanced project is its Box Mine project which is the
subject of the above-noted financing, located near Uranium City in northern
    For further information please see the company website at

For further information:

For further information: Robert Kasner, President and CEO, T: (705)
567-5351, E:; Malcolm Bucholtz, V.P. Investor Relations
and Government Affairs, T: (306) 525-0852, E:

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