VANCOUVER, June 20, 2012 /CNW/ - Grande Portage Resources Ltd. (TSXV: GPG) ("Grande Portage" or "the Company") is pleased to announce that it has commenced drilling at its mesothermal vein gold discovery near Juneau, Alaska.
The 2012 drill program will be divided into two primary objectives, the larger drill will go deep at 25 meter spacing in order to convert inferred ounces into the measured and indicated category. The smaller drill will explore 3000 meters of relatively shallow holes into 4 of the 5 principle vein structures. Each structure has a surface expression of approximately 1,000 meters and management anticipates data from up to 70 holes by the conclusion of this season's drilling.
Grande Portage and Quaterra Resources, Inc. (TSX-V: "QTA", NYSE Amex: "QMM") have formed a 65%/35% joint venture for the further exploration and development of the property with each party bearing their proportionate costs.
Further to the Company's announcement made on June 11, 2012, the total incentive stock option grants to the Company's directors, officers, employees and consultants has been increased to up to 1.9 million shares, exercisable at a price of $0.15 per share for a period of 5 years from the date of grant.
This news release has been prepared and approved by Carl Hale, CPG, a geologist with more than 40 years experience and a Qualified Person as defined under NI #43-101. Mr. Hale is supported by C. C. Hawley, Ph.D., CPG of Hawley Resource Group, Inc. and Alaska Earth Sciences, Inc. of Anchorage, Alaska.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
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