Sep 11, 2009
Grande Portage Resources Ltd. Acquires Equity Position in Nexstar Energy Ltd.
VANCOUVER, BC, September 11, 2009 -- Grande Portage Resources Ltd. (TSX-V "GPG") ("Grande Portage" or "the Company") is pleased to announce that it has acquired from an arm' length seller 10,000,000 free trading common shares in Nexstar Energy Ltd. ("Nexstar") (TSX-V "NXE.A") at a price of $0.15 per share for an aggregate investment of $1.5 million. These shares represent about 11% of the current total issued common shares of Nexstar, or about 7.7% on a fully diluted basis. Grande Portage will hold the shares for investment purposes.
The investment of these funds in Nexstar is in accordance with Grande Portage's plan to invest in advanced staged exploration/development projects.
Nexstar Energy is an emerging junior oil company focused on the drilling of multi-zone light sweet crude oil prospects in its core areas of west and central Alberta. Nexstar currently holds an inventory in excess of 40 Cardium light oil drilling locations in the Pembina area with working interests varying between 20.68% and 60.00%. Nexstar's current objective is to achieve organic production growth and enhance shareholder value through the drilling and completion of multiple horizontal wells. To date, the Company has successfully completed its first two horizontal wells.
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 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
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.
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