Sep 12, 2007
Grande Portage Resources Announces The Acquisition Of Three Property Interests---Baseline Environmental Studies To Commence At Merry Widow
VANCOUVER, BC, September 12, 2007 -- Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") is pleased to announce that it has entered into a property acquisition agreement to acquire an undivided 100% interest in six mineral claims known as the Tahsis Property, covering 726 hectares, and located near Tahsis, B.C. in the Alberni Mining Division on Vancouver Island. The agreement provides for the payment of $10,000 and the issuance of 100,000 common shares shares to two arm's length vendors. The claims have been transferred into the name of the Company, and the cash paid and shares issued to the vendors.
The Tahsis property encompasses geology similar to that of the main Merry Widow property to the north and has a number of magnetite occurrences. Prospecting and sampling will enable the Company to determine if other massive sulphide occurrences exist.
Grande Portage has also entered into an option agreement to acquire an undivided 100% interest in another six mineral claims known as the Scrutor Property, covering 2,050 hectares, and also located in the Alberni Mining Division on Vancouver Island, but not contiguous to the Tahsis Property. The option agreement provides for option payments of a total of $100,000 (of which the first $7,500 has been paid), and the issuance of up to 250,000 common shares to an arm's length vendor in installments over the next three years, and the expenditure of not less than $700,000 on the property in annual installments by August 31, 2010. The vendor will also retain a 2% net smelter returns royalty, of which the Company can purchase one-half for $750,000 at any time.
The Scrutor claims cover a felsic volcanic package of rocks consisting of mineralized andesite, rhyolite and dacite within the Lower Jurassic Bonanza Group. The geology is similar to the former Westmin Mine in Strathcona Park to the south which has been producing massive sulphides for over 30 years. The claims also cover a bimodal magnetic high feature, the relevance of which and the relation to mineralization needs to be determined. Previous work on the property by Minequest in the 1980's was limited to prospecting and some geological mapping of the volcanics however very good assays were reported. From the Minequest Assessment Report 17134, the Discovery Zone returned grades up to 8.7g/t Au over 1 metre within felsic breccia. Massive sulphide vein swarms returned 1% to 2% Cu and up to 4.5 g/t Au. The cadmium zone is an intensely altered dacite with sphalerite and a float sample returned 13% Zn. Minefile occurrence No 92L100 "Scrutor Gold" occurs within the claims and gold in quartz veins was worked in 1946.
Jo Shearer, M.Sc., P.Geo., is managing the exploration programs on this property.
Finally, Grande Portage has also entered into an option agreement to acquire an undivided 100% interest in another two mineral claims known as the Pass Property, covering 563 hectares, and located southwest of Smithers, B.C., in the Omineca Mining Division. The option agreement provides for an option payment of a total of $7,500 (which has been paid), and the issuance of up to 200,000 common shares to an arm's length vendor in installments as exploration work progresses, and the expenditure of not less than $500,000 on the property in installments over the next four years. The vendor will also retain a 3% net smelter returns royalty, of which the Company can purchase one-half for $1,000,000 at any time.
The Pass Property was last worked in 2004 when high grade gold values within a massive sulphide vein system prompted a recommendation of drilling. Mineralization is described as massive pyrite, galena, and sphalerite within quartz vein swarms up to 4 metres wide and some are in excess of 1km strike length.
Previous reported sampling includes:
The Company plans to have one of its consulting geologists visit the property this year to sample and make plans for drilling in the spring of 2008.
At the Company's Merry Widow project permitting is underway for drilling of the Road, Martin East, Bluebird and Skyline showings. Infill drilling, metallurgical test work, and baseline environmental studies will commence on the main pit area within this quarter as the Company looks to undertake a prefeasibility study.
George Nicholson, P. Geo., is the qualified person for this project and has reviewed and verified the contents of this news release.
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. The Company is well financed with no long term debt. More information is available online at www.grandeportage.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Alistair MacLennan, Chairman
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.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
For investor relations inquiries:
Ascenta Capital Partners Inc.
Trent Dahl/Bryson Goodwin
Tel: 604-684-4743 Ext. 228/239
For corporate inquiries:
President -- Grande Portage Resources Ltd.
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