GLR Resources Company Update

    KIRKLAND LAKE, ON, Oct. 31 /CNW/ - GLR Resources (TSX:GRS) ("GLR" or the
"Company") announces that the $2 million loan (the "Loan") from Blackfish
Capital (Master) Fund 1 SPC ("Blackfish"), which was previously announced on
November 1, 2007, came due on October 30, 2008. The Company is unable to repay
the Loan.
    The Company is in discussions with Blackfish regarding a possible
restructuring of the Loan, including a three month extension. No assurances
can be given that these negotiations will be successful. The Loan is secured
against the Company's personal property. If the Company is unable to
restructure the Loan or obtain financing to repay same, Blackfish may enforce
its security interest in such assets.
    The Company is also actively seeking out various near term strategic and
financing alternatives to address this liquidity issue, including debt and/or
equity financing, a merger or other corporate reorganization.

    Forward-Looking Statements

    This news release contains certain "forward-looking statements". All
statements, other than statements of historical fact that, address activities,
events or developments that the Company believes, expects or anticipates will
or may occur in the future are forward-looking statements. These
forward-looking statements reflect the current expectations or beliefs of the
Company based on information currently available to the Company. Such
forward-looking statements include, among other things, statements relating to
the Company's negotiations with Blackfish and the investigation of strategic
alternatives. Forward-looking statements are subject to significant risks and
uncertainties and other factors that could cause the actual results 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, the
Company. Factors that could cause actual results or events to differ
materially from current expectations include, but are not limited to: the
ability of the Company to conclude negotiations with Blackfish on favourable
terms or at all; the failure of negotiations with Blackfish and the subsequent
enforcement of its security against the Company's personal property; and the
availability of strategic alternatives for restructuring the Company's
obligations (particularly in light of the current state of the credit and
equity markets). 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,
the Company 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 the Company 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.

    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:

For further information: please see the company website at or contact Robert Kasner, President and CEO, Telephone:
(705) 567-5351, E-mail:; Malcolm Bucholtz, V.P. Investor
Relations and Government Affairs, Telephone: (306) 525-0852, E-mail:

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