Jun 11, 2012
Grande Portage Resources Receives Drill Permits for Herbert Glacier Gold Project
VANCOUVER, BC, June 11, 2012 - Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") is pleased to announce that it has received approval to commence drilling at the Herbert Glacier Gold project in the Juneau Gold Belt, southeast Alaska.
The Company has begun to mobilize crews and equipment and expects drilling to start on June 16, 2012. The Company has contracted Spring Valley Drilling Inc. and Core One Enterprises LLC, to perform a two rig drill program which will consist of 12,000 meters of infill drilling designed at a nominal drill hole spacing of 25 meters with the objective of expanding and confirming the "inferred" resource to "indicated"; and 3,000 meters of exploratory drilling both within other vein targets (Goat and Ridge Veins) and along the open strike extents of the Main and Deep Trench Veins. The Company expects to complete 60-70 drill holes during this phase.
Grande Portage and Quaterra Resources, Inc. (TSX-V: QTA, NYSE Amex:QMM) have formed a 65%/35% joint venture for the further exploration and development of the property with each party bearing their proportionate costs.
Lastly, the Company announces that, subject to regulatory approval, is has granted incentive stock options to purchase up to 1,750,000 common shares at an exercise price of $0.15 per share for a period of five years from date of grant.
This news release has been prepared and approved by Carl Hale, CPG, a geologist with more than 40 years experience and a Qualified Person as defined under NI #43-101. Mr. Hale is supported by C. C. Hawley, Ph.D., CPG of Hawley Resource Group, Inc. and Alaska Earth Sciences, Inc. of Anchorage, Alaska
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
For further information please contact:
Mr. Ian Klassen
Phone: (604) 899-0106
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE