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| | Mon Mar 27, 2006
Grande Portage Resources Ltd. Increases Land Holdings at Merry Widow Massive Sulphide Property
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| | VANCOUVER, BC, March 27, 2006 -- Grande Portage Resources Ltd., (TSX-V "GPG") ("Grande Portage" or "the Company") is pleased to announce that it has entered into an option agreement with Arbutus Resources Ltd. ("Arbutus") to acquire an undivided 100% interest in nine Crown granted claims and one mineral claim located in the Nanaimo Mining Division, B.C., known as the New Merry Widow Property, as well as a separate agreement to acquire three Crown granted claims located in the Rupert District, known as the Kathleen Lake Claims.
Grande Portage now controls approximately 300 square kilometers of land upon which it is preparing to undertake a 1200 line kilometer helicopter airborne VTEM and magnetometer geophysical survey. The Company will also be initiating a Phase I diamond drilling program totaling 4000 meters upon receiving all necessary permits.
The Company can acquire a new 100% interest in the New Merry Widow Property, from Arbutus, by making option payments totaling $75,000 and issuing 275,000 common shares payable in installments over the next four years. Arbutus has also reserved a 2% net smelter return royalty over the New Merry Widow Property which the Company has an option to purchase for $750,000. The Company will also pay Arbutus $25,000 for the Kathleen Lake group of Crown grants.
The above described property acquisitions are subject to the acceptance of the TSX Venture Exchange. As well, the Company wishes to announce that Ian Klassen has been named Vice-President, Corporate Development. Over the past year, Mr. Klassen has been actively assisting the Company in a variety of tasks as a Consultant.
ON BEHALF OF THE BOARD OF DIRECTORS
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Alistair MacLennan, President/CEO
About Grande Portage Resources Ltd.
Grande Portage Resources Ltd. is a mineral exploration and development company focused on massive sulphide exploration in British Columbia. Grande Portage is operated by experienced managers and professionals who have been effective in discovery, mine development, and mining operations throughout North and South America, Africa, Europe, and Central Asia.
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.
For further information please contact:
Mr. Robin Forshaw
Phone: (604) 685-5851
Website: www.grandeportage.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE. |
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| | You can view the Next News Releases item: Tue Apr 4, 2006, Grande Portage Resources Ltd. Announces Non-Brokered Private Placement
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