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| | Thu Aug 13, 2009
Grande Portage Resources Ltd. Corporate Update
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| | VANCOUVER, BC, August 13, 2009 - Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") announces the following corporate update:
Exploration
In an effort to protect its healthy balance sheet and due to continued generally unfavorable market conditions, the Company has prudently delayed most of its 2009 exploration programs. However, the Company is please to confirm that it is actively investigating other advanced opportunities in mineral resource properties which are currently available during this time of fiscal uncertainty and difficulty in replacing "exploration dollars", and which have the potential to create shareholder value.
The Company's Merry Widow camp at the north end of Vancouver Island has now been closed and is currently on a "care and maintenance" program, until economic conditions improve. The Company has also reduced its overhead both in terms of management and consulting fees and operating costs. Management continues to conserve the Company's working capital with the intent to continue to develop or acquire an economic mineral deposit. The Company has a strong balance sheet, no debt, and is focused on further reducing costs, while maintaining qualified management and developing or acquiring mineral projects of merit. Business activities are currently focused on acquiring advanced stage mineral property interests in politically stable jurisdictions with a pro-mining regulatory regime. Within these jurisdictions, the Company shall seek projects that are amenable to conventional mining and metallurgical processes, which are undercapitalized.
The Company is completing due diligence reviews on a number of mineral exploration/development projects that meet the Company's corporate mandate of acquiring established resource opportunities with infrastructure, are in an advanced stage of exploration, and either have cash flow or future cash flow potential.
Merry Widow Bulk Sample
The Company has applied to the B.C. Ministry of Energy and Mines for permission to collect a small bulk sample at the Merry Widow project for metallurgical testing. The bulk sample will be collected from the north edge of the open pit by blasting an approximate 1x1x2 metre block of massive to semi-massive sulphide. If approved, the Company intends to complete the bulk sample by the end of this September.
Data Compilation
The Company has commissioned and recently completed a very thorough data compilation effort to bring together all the available historical exploration data from all property holdings at the Merry Widow project. This has been assembled into a digital format. The final product of the compilation is a complete collection of diamond and percussion drill holes, rock and soil samples, geological data, and airborne geophysical data, which will help guide future exploration and development work.
Scrutor Property Optioned
The Company holds certain rights to acquire a 100% interest in and to six (6) mining claims located on Vancouver Island, in the Alberni Mining Division of British Columbia known as the "Scrutor Property". The Company has granted to Auracle Resources Ltd., ("Auracle"), the exclusive sub-option to acquire 70% of its interest in the Property.
Under the terms of the Agreement, in varying increments by August 31, 2011, Auracle must pay to Grande Portage the aggregate sum of $120,000; incur an aggregate of at least $775,000 of expenditures on the Property; and issue to Grande Portage an aggregate of 250,000 common shares.
Incentive Stock Options
The Company announces that it has granted an incentive stock option for 100,000 common shares at $0.15 per share for a period of five years to a Director of the Company, and outstanding stock options for the purchase of up to 975,000 common shares have been cancelled voluntarily.
Grande Portage Resources Ltd. is a Tier 1 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. The Company is well financed with no debt. More information is available online at www.grandeportage.com
ON BEHALF OF THE BOARD OF DIRECTORS
________________________________________
Ian Klassen, President
For further information please contact:
Mr. Ian Klassen
Phone: (604) 899-0106
Email: ian@grandeportage.com
Website: www.grandeportage.com
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements.
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: Fri Sep 11, 2009, Grande Portage Resources Ltd. Acquires Equity Position in Nexstar Energy Ltd.
You can view the Previous News Releases item: Thu Jun 4, 2009, Grande Portage Resources Ltd. Adds New Director and New Advisory Board Member
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