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GLR Resources Inc.: Corporate Update 4/30/04 TORONTO, ONTARIO, Apr 30, 2004 (CCNMatthews via COMTEX) -- Robert J. Kasner, President of GLR Resources Inc. (GLR) would like to clarify some of the coporation`s history. In previous years, GLR was offered unsolicited financing to bring the Goldfields Project in Northern Saskatchewan to production. GLR believing these financial offerings were legitimate and submitted press release regarding these offers. Unfortunately these financial offers were either fraudulent or unable to raise the required funds. The results caused GLR to lose several years of valuable time, loss of capital but more importantly, a loss of credibility with investors. It is now time to move forward. The following actions are being taken to finance the Goldfields project to production. In brief, in 1995 H. C. Simons of Saskatoon now AMEC Americas Ltd. completed a positive feasibility study on the Goldfields project, which indicated a high capital cost $66 + million and a mine life of approximately 6-7years. Due to the high capital cost and short mine life GLR`s qualified in house personnel have been working successfully over the past several years to reduce capital and operating cost to a level more in line with a heap leach operation. Management is confident of their study and has now engaged a third party, AMEC of Saskatoon, to undertake a review and update the feasibility study for the Goldfields project. The AMEC review is intended to identify and if necessary what is required to bring data to National Instrument 43-101 compliance and to a bankable feasibility level. GLR is fortunate to still have access to personnel who worked on the original study and the geologists who supervised and conducted the exploration programs at the Goldfields`project and property. Since 1995 GLR has also completed what it believes to be all the required base line E.I.S data. An updated E.I.S. report is being completed for regulatory approval. GLR has put the previously announced order of a Gekko mill on hold until the completion of the updated feasibility study. GLR currently plans to use the Gekko system at the Goldfields project. Exploration Potential Many investors have inquired, `What is the potential for increasing the gold resource`. Further exploration could result in an increase of the gold resources at both the Box and Athona deposits since both deposits have been drilled relatively shallow (approximately 180 meters vertically at Box and 70 meters vertically at Athona) and therefore open at depth. `In addition to the Box and Athona gold deposits, there exists 1 gold deposit with underground development, 15 gold occurrences, two former producing uranium mines with economic platinum group metals, 4 known uranium-gold-platinum group metal occurrences, 12 former producing uranium mines, 20 uranium deposits with under ground development, an additional 248 uranium occurrences and at least 3 known occurrences of beryliferous pegmatite.`(Goldfields NI 43-101 Report, filed on SEDAR December 15, 2003) Of great exploration interest to GLR, outside the immediate area of the Box and Athona gold deposits, is the uranium-gold potential in the Martin/Contact Lake area of the Goldfields Property. Considerable work conducted in the past within the Martin Sandstone Formation suggests a mineralized model of gold mineralization associated with uranium bearing quartz veins over a length of 3 kilometres. This may relate to either single uranium-to-uranium gold mineralized zone or a suite of zones at depth, such as found in the nearby Athabasca Basin The Martin-Contact Lake target area is located west of the past producing Hab Mine, which produced 1,774,396 pounds of uranium oxide (U3O8) from ore grading 0.43% uranium oxide. The Hab Mine mineralization model is a shear hosted vein type basement rock with associated en echelon uranium deposits. (SMDI#1289, NMI #511120) A previous diamond drill hole completed by SMDC, now Cameco, in the Martin-Contact Lake area, attempted to reach the basement contact but was terminated in chloritic schist and was reported to contain 23.29 g/t gold over 1.5 meters (SMDC drill hole Con-8). Several authors have suggested that the presence of anomalous gold in vein material within wide spread hematization alteration suggest a copper-gold-uranium and possibly platinum group metals mineralization of an Olympic Dam style model. Dr. Serge Nadeau, Geochemist, P.Geo conducted the exploration surveys and report on the Martin-Contact Lake project. Interested parties are encouraged to review the Goldfields Property Report on the SEDAR website www.sedar.com and the GLR website to view details on all the various properties, mineral occurrences and proposed mineralization models. GLR intends to conduct a diamond drill program on the Martin-Contact Lake project during the summer of 2004, which is dependant on the equipment availability. The qualified person who has reviewed this release is Kian Jensen, P. Geo. `GLR`is a Canadian Based Exploration Company with several gold, base metal and Platinum group metal properties within its portfolio with the most advanced being the 100% owned Goldfields Project consisting of two open pitable deposits of gold. The Company currently has 21.7 million shares issued and outstanding. Please visit our website for details on all the Company`s properties and activities or please go to www.smartstox.com/interviews/grs.html to listen to an interview with Robert Kasner, President of GLR Resources Inc. -Disclaimer. Certain matters discussed in this document may contain forward-looking statements within the meaning of the Private Securities Litigation reform Act of 1995. GLR Resources Inc.Robert J. KasnerPresident &CEO(705) 567-5351(705) 567-5557 (FAX)Email: kasner1@ntl.aibn.comWebsite: www.glrresources.comorCurrent Capital Corp.John RobinsonInvestor Relations(877) 859-5200Email: john@currentcapital.com NEWS RELEASE TRANSMITTED BY CCNMatthews Copyright (C) 2004, CCNMatthews. All rights reserved. |
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| aus der Diskussion: | GLR Resources - Total unterbewertet !!! |
| Autor (Datum des Eintrages): | BlackAngel (01.05.04 13:35:09) |
| Beitrag: | 5 von 7 (ID:12941321) |
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