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Grande Portage Resources Ltd. Discovers Numerous Unknown Ground Anomalies Outside of Merry Widow Pit-Drilling to Begin
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 29, 2007) - Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to announce that preliminary results of the Ground Mag Geophysical Survey along the 3.5 kilometre Merry Widow trend has successfully identified several new and impressive targets. These targets possess similar geophysical signatures as those at the Merry Widow Pit (focus of 2006 drilling) and are believed to represent new and previously unknown massive sulphide mineralization. This critical Mag data will be utilized as the Company commences drilling at the Merry Widow in the next few days.
The Company announces that it will complete a ground UTEM survey over the entire Merry Widow and Old Sport trends. The Company has contracted S.J. Geophysics Ltd. of Delta, B.C. to complete the work commencing mid July. The ground survey will enhance and further define sulphide targets to depth beyond the airborne work that has been completed.
As well, commencing next week the Company will undertake a property wide program of regional silt sampling, geological mapping and prospecting. This will provide a comprehensive data package over this favorable geological belt for the first time on the Merry Widow, Old Sport as well as the newly acquired Cherry Claims.
George Nicholson, P. Geo., is the qualified person for this project and has reviewed and verified the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Alistair MacLennan, Chairman
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
gad
NEWS GPG: Higher Grade Gold Values Intercepted at Merry Widow-Including DDHMW06-35 Grading 32.61 Metres of 8.06 g/t Gold
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 8, 2007) - Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to announce partial assay results from its twenty hole follow up diamond drilling program at the Merry Widow Massive Sulphide Project on Vancouver Island, British Columbia conducted between Nov 15th and Dec 15th, 2006. Eight of the eleven drill holes successfully intersected massive sulphide skarn mineralization containing visible pyrrhotite, pyrite and chalcopyrite hosted in either massive magnetite or epidote-garnet-actinolite skarn assemblages.
This second round of drilling was designed to test the northern extensions of the Merry Widow Open pit and to test for mineralization laterally towards the Raven showing which is located approximately 150 meters northeast of the pit. The Merry Widow Open Pit intersections successfully stepped out from previous drilling and will be incorporated into a planned tonnage calculation.
Specific highlights of the drill results include:
MW06-31: 16.16 metres of 6.13 g/t gold, 5.80 g/t silver, 0.27% copper
Including: 1.63 metres of 19.57 g/t gold, 12.55 g/t silver, 0.41% copper
MW06-35: 32.61 metres of 8.06 g/t gold, 9.95 g/t silver, 0.76% copper
Alistair MacLennan, CEO, remarked, "I am delighted that our drilling continues to yield impressive results. These assays, in addition to those from the remaining 9 holes at the lab, will be welcomed as we move towards feasibility studies in 2007. In late spring, the next phase of drilling in the Merry Widow Open Pit area will commence with a series of step-outs to the known showings northeast and southwest of the Merry Widow Pit along a 3.2 kilometer trend defined by the Company's 2006 airborne geophysical survey and surface showings."
MacLennan further added, "We now focus on the much anticipated Old Sport Horizon. The next phase of drilling, to start within weeks, will be very exciting as we commence a 50-60 hole (20,000 metre) drill program. Drilling will be conducted from an existing active road network and will be the first time in over 30 years that this huge mineralized zone has been explored (utilizing new technologies) since the Coast Copper and Benson Lake Mines closed in 1973. While deeper holes will be generally undertaken up to 900 meters, the Old Sport Horizon zone is more laterally extensive (up to 7 km) and occurs as a relatively flat lying structure. We are optimistic that the Old Sport will add significantly to the Company's tonnage calculations and shareholder value."
A summary of the drill hole locations and orientations with significant results of gold are displayed below. The drill core was analyzed by ALS Chemex Labs in North Vancouver, BC. The values displayed are weighted averages of the intersected zones and are not true widths. Gold is reported in grams per tonne and troy ounces per tonne. A factor of 31.10 grams equals 1 troy ounce was used to convert the gold values. Copper is measured by percentage.
DDHMW06-31 - mid point long road to coppery knob 624314 E, 5579818 N
Dip Angle -45 degrees
Azimuth 230 degrees
Total Depth 157.58 meters
INTERVAL Gold Gold Silver Copper
FROM TO meters g/tonne Oz/tonne g/tonne %
62.70 78.86 16.16 6.13 0.20 5.80 0.27
90.53 92.16 1.63 19.57 0.63 12.55 0.42
DDHMW06-32 - mid point along road to coppery knob 624314 E, 5579818 N
Dip Angle -55 degrees
Azimuth 230 degrees
Total Depth 197.21 meters
INTERVAL Gold Gold Silver Copper
FROM TO meters g/tonne Oz/tonne g/tonne %
62.65 65.57 2.92 9.67 0.31 11.86 0.55
74.44 76.49 2.05 12.83 0.41 8.54 0.28
DHMW06-33 - coppery knob site 624295 E, 5579768 N
Dip Angle -45 degrees
Azimuth 300 degrees
Total Depth 96.62 meters
INTERVAL Gold Gold Silver Copper
FROM TO meters g/tonne Oz/tonne g/tonne %
41.76 53.28 11.52 1.48 0.05 5.36 0.58
DHMW06-35 - coppery knob 624295 E, 5579768 N
Dip Angle -65 degrees
Azimuth 300 degrees
Total Depth 81.38 meters
INTERVAL Gold Gold Silver Copper
FROM TO meters g/tonne Oz/tonne g/tonne %
38.65 71.26 32.61 8.60 0.28 9.95 0.76
DHMW06-36 - coppery knob 624295 E, 5579768 N
Dip Angle -65 degrees
Azimuth 320 degrees
Total Depth 92.27 meters
INTERVAL Gold Gold Silver Copper
FROM TO meters g/tonne Oz/tonne g/tonne %
11.10 15.63 4.63 2.80 0.09 4.90 0.61
DHMW06-37 - coppery knob 624295 E, 5579768 N
Dip Angle -65 degrees
Azimuth 355 degrees
Total Depth 92.27 meters
INTERVAL Gold Gold Silver Copper Cobalt
FROM TO meters g/tonne Oz/tonne g/tonne % %
48.64 56.09 7.45 5.04 0.17 8.76 0.68 .020
DHMW06-38 - coppery knob 624295 E, 5579768 N
Dip Angle -65 degrees
Azimuth 015 degrees
Total Depth 81.38 meters
INTERVAL Gold Gold Silver Copper
FROM TO meters g/tonne Oz/tonne g/tonne %
15.94 16.92 0.98 8.15 0.26 1.7 0.19
DDHMW06-28 - Pit edge 624349 E, 5579844 N
Dip Angle -45 degrees
Azimuth 230 degrees
Total Depth 188.37 meters
Drill hole DDHMW06-28 was drilled as an offset of a massive sulfide pod
located on the upper access ramp to the coppery knob showing and
intersected disseminated pyrite which is interpreted as an alteration halo
to mineralization in the open pit. Deviation of the hole may have occurred
as the first 31 meters cored was through dump material.
DDHMW06-29 - Raven site 624349 E, 5579878 N
Dip Angle -45 degrees
Azimuth 330 degrees
Total Depth 154.53 meters
DDHMW06- 30 - Raven site 624349 E, 5579878 N
Dip Angle -60 degrees
Azimuth 330 degrees
Total Depth 154.53 meters
INTERVAL Gold Gold Silver Copper
FROM TO meters g/tonne Oz/tonne g/tonne %
104.52 107.80 3.28 0.88 0.028 6.38 0.93
Drill holes DDHMW06-29&30 were drilled between the Merry Widow Open Pit and
the Raven showing. Limited access due to severe snow conditions prevented
actual drilling of the Raven showing and further extensions to the
northeast. These two holes intersected skarn mineralization with
disseminated sulphides and massive magnetite, but returned no significant
assays values. The Company is formulating a ground electromagnetic survey
which would aid in delineating possible massive sulphide occurrences
between the known surface showings. The EM survey would be scheduled for
late spring to early summer.
DHMW06-34 - coppery knob site 624295 E, 5579768 N
Dip Angle -90 degrees
Azimuth 000 degrees
Total Depth 92.35 meters
No significant assays returned. The hole has been interpreted as intersecting a vertical faulted sequence as the RQD for the hole was generally less than 50% for most runs. The rock was very broken and fractured.
Grande Portage is nearing completion on negotiations with independent consulting groups for resource calculations, environmental baseline studies, and further helicopter airborne Mag and EM geophysical surveys. Information on these items will be updated soon.
Warren Robb, P. Geo., and George Nicholson, P. Geo., are the qualified persons for this project, and have reviewed and verified the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Grande Portage Resources Expands Brokered Financing
and Announces Non-Brokered Financing
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 15, 2006) -
Not for Dissemination in the United States or via US Newswire Services
Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to announce that due to a strong response from the investment community, its Board of Directors has elected to increase the maximum amount to be raised under the flow-through portion of the previously announced brokered private placement led by Pacific International Securities Inc. and including Dundee Securities Corporation (November 7, 2006) by up to an additional C$1.0 million, increasing the total offering size from up to C$8.0 million to up to C$9.0 million.
As a result of the increase in the brokered offering, the Company will issue up to 4,250,000 flow-through units ("FT Units") of the Company at $0.80 per FT Unit, to raise gross proceeds of up to C$3.4 million (the "FT Offering"). As previously announced, each FT Unit shall consist of one (1) flow-through common share (a "FT Share") of the Company and one half of one common share purchase warrant (one whole warrant being a "Warrant"). Each Warrant will enable the holder to purchase one additional non flow-through common share at an exercise price of $1.10 per share for a period of 18 months following the closing date. The FT Shares will entitle the Canadian investors under the FT Offering to receive certain income tax benefits. All other terms of the brokered offering will remain the same.
The Company also wishes to announce a non-brokered private placement for up to non flow-through 1,000,000 Units ("Units") at a price of $0.70 per Unit to raise gross proceeds of up to C$700,000. Each Unit shall consist of one common share of the Company and one half of one Warrant. The Warrants shall have the same terms and conditions as those issued pursuant to the brokered offering.
There will be no finder's fee paid in connection with either the brokered or non-brokered offerings.
The proposed issuance of the securities is subject to the completion of formal documentation and receipt of regulatory approval, including the acceptance of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
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". These statements involve risks and uncertainties due to the inherent nature of the Company's mineral resource exploration activities, and therefore 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news releas
Grande Portage Resources Announces $8,000,000 Brokered Financing
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 7, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to announce a brokered private placement, led by Pacific International Securities Inc. and including Dundee Securities Corporation as agents (the "Agents"), for up to 8,000,000 non flow though units ("Units") of the Company at $0.70 per Unit and up to 3,000,000 flow-through units ("FT Units") of the Company at $0.80 per FT Unit, for total gross proceeds of up to (Cdn) $8,000,000 (the "Offering"). Each Unit shall consist of one (1) common share ("Common Share") of the Company and one half of one common share purchase warrant ("Warrant"). Every whole Warrant is exercisable into one additional Common Share at an exercise price of $1.10 per share on or before 18 months after the date of closing. Each FT Unit shall consist of one (1) flow-through common share ("FT Share") of the Company and one half of one Warrant.
The Company intends to use the net proceeds from the Offering to advance the Merry Widow massive sulphide properties through to feasibility stage. Specifically, the Company plans to grid drill the Merry Widow along strike and length for the 3.5-kilometer extension. It will also drill extensively along the 8.0-kilometer strike length of the Old Sport Horizon. In addition, funds will be allocated for the property-wide completion of helicopter airborne Mag & EM geophysics, geological mapping, prospecting, environmental assessment, metallurgy, silt sampling, property management, logistics and general working capital.
The gross flow-through proceeds raised will be used for Canadian exploration expenditures (as defined in the Income Tax Act (Canada)) and will be renounced for the 2006 taxation year.
The Offering is expected to close on or about December 11, 2006.
As consideration for acting as agents, the Agents will receive a commission of 7% of the gross proceeds raised, payable in cash or in units of the Company (the "Agent's Units"), at the election of the Agents. The Agent's Units will have the same terms as the Units. In addition, the Agents will receive compensation warrants (the "Agent's Warrants") equal to 8% of the number of Units and FT Units sold pursuant to the Offering. Each Agents' Warrant will be exercisable to purchase one (1) Common Share at an exercise price of $0.85 for a period of 18 months following the closing of the Offering.
The proposed issuance of the securities is subject to the completion of formal documentation and receipt of regulatory approval, including the acceptance of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Gad
Grande Portage Resources Increased Potential Along Strike
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 23, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to announce additional assay results from the diamond drilling program at the Merry Widow Massive Sulphide Project on Vancouver Island, British Columbia.
Specific highlights of the drill results include:
MW06-21: 41.58 metres of 1.99 g/t gold, 30.15 g/t silver, 1.82% copper
- Including 10.80 metres of 3.59 g/t gold, 103.75 g/t silver,
6.13% copper
MW06-22: 40.51 metres of 2.46 g/t gold, 8.75 g/t silver, 0.51% copper
- Including 16.16 metres of 2.67 g/t gold, 17.21 g/t silver,
1.04% copper
MW06-23: 41.01 metres of 2.13 g/t gold, 41.01 g/t silver, 0.67% copper
- Including 13.40 metres of 1.90 g/t gold, 13.40 g/t silver,
1.51% copper
A summary of the drill hole locations and orientations with significant results of gold, silver and copper are displayed below in chart format.
All the drill holes successfully intersected massive sulphide skarn mineralization containing visible pyrrhotite, pyrite and chalcopyrite hosted in either massive magnetite or epidote-garnet-actinolite skarn assemblages.
Alistair MacLennan, CEO remarked, "I am particularly pleased that the results we have posted from the summer campaign are consistently high in gold, silver and copper. With the discovery, along strike, of new surface showings in addition to the findings from our airborne EM survey we will continue to expand the significant potential of our property."
With these last drill hole intersections, the Company has results for the first 23 holes in the vicinity of the past producing Merry Widow open pit. The Company is awaiting a few infill assays from drillholes MW 06-01 to MW06-04. As the programme had continued, it was observed that not all relevant assays occurred strictly within the presence of massive sulphides. Sections within the previously reported for drillholes MW-06-01 to MW06-04 were recognized as possibly carrying important assay values for gold-silver-copper-cobalt and iron and have been sent for analysis. Following receipt of these, a complete table of assay results and intersections will follow.
In total, 2,014 metres were drilled in the open pit area along a strike length of almost 100 metres. The deepest drilled hole went 118 metres at -50 degrees (DDMW-06-15). The massive sulphide mineralization is still open to depth and along strike. Consulting geologists for the Company recently incorporated drillhole sections, previous workings, geology and airborne EM targets using MapInfo. The potential just in the Merry Widow open pit area is in the order of 1.5 kilometres of strike length. Many of the airborne EM targets identified do not appear to have received and historic drilling. A recent property visit by the geologists confirmed massive sulphide mineralization on surface for several of these targets including some with massive cobalt bloom. Geological mapping and sampling of each target will ensure to evaluate the priority for drilling these targets in an upcoming Phase II diamond drilling program.
The drill core was analyzed by ALS Chemex Labs in North Vancouver, BC. The values displayed are weighted averages of the intersected zones and are not true widths, gold and silver values are reported in grams per tonne and copper is measured by percentage.
Note: where reported gold and silver values were less than 0.05 grams per tonne a value of 0.001 grams per tonne was used to calculate the weighted average of the interval reported, conversely if values of copper were below threshold as established by the company then the values were divided by 10,000 and expressed in per cent (%), individual intercepts are assay values over the sample interval as reported.
Note site 7 is located 20 meters east of site 6
DDHMW06-19 site 7
Dip Angle -50 degrees
Azimuth 303 degrees
Total Depth 87.70 meters
--------------------------------------------------------
INTERVAL Gold Silver
FROM TO meters g/tonne g/tonne Copper %
--------------------------------------------------------
63.50 66.78 3.28 7.10 5.67 0.25
--------------------------------------------------------
DDHMW06-20 site 7
Dip Angle -65 degrees
Azimuth 303 degrees
Total Depth 93.57 meters
--------------------------------------------------------
INTERVAL Gold Silver
FROM TO meters g/tonne g/tonne Copper %
--------------------------------------------------------
57.12 58.81 1.69 16.05 8.8 0.27
--------------------------------------------------------
DDHMW06-21 SITE 6
Dip Angle -65 degrees
Azimuth 285 degrees
Total Depth 78.33 meters
--------------------------------------------------------
INTERVAL Gold Silver
FROM TO meters g/tonne g/tonne Copper %
--------------------------------------------------------
21.51 63.09 41.58 1.99 30.15 1.82
--------------------------------------------------------
Includes
--------------------------------------------------------
27.91 38.71 10.80 3.59 103.75 6.13
--------------------------------------------------------
DDHMW06-22 SITE 6
Dip Angle -50 degrees
Azimuth 285 degrees
Total Depth 78.33 meters
--------------------------------------------------------
INTERVAL Gold Silver
FROM TO meters g/tonne g/tonne Copper %
--------------------------------------------------------
23.47 63.98 40.51 2.46 8.75 0.51
--------------------------------------------------------
Includes
--------------------------------------------------------
23.47 39.63 16.16 2.67 17.21 1.04
--------------------------------------------------------
DDHMW06-23 SITE 6
Dip Angle -50 degrees
Azimuth 285 degrees
Total Depth 78.33 meters
--------------------------------------------------------
INTERVAL Gold Silver
FROM TO meters g/tonne g/tonne Copper %
--------------------------------------------------------
25.65 66.66 41.01 2.13 41.01 0.67
--------------------------------------------------------
Includes
--------------------------------------------------------
25.65 39.05 13.40 1.90 13.40 1.51
--------------------------------------------------------
Warren Robb, P. Geo., and George Nicholson, P. Geo., are the qualified persons for this project, and have reviewed and verified the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Grande Portage Resources Announces Significant Assay Results for Holes MW06-17, MW06-18 at the Merry Widow Project
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 4, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to announce additional assay results from the diamond drilling program at the Merry Widow Massive Sulphide Project on Vancouver Island, British Columbia.
Specific highlights of the drill results include:
MW06-17: 50.32 metres of 6.51 g/t gold, 21.93 g/t silver, 1.38% copper
- Including 1.00 metres of 21.90 g/t gold, 77 g/t silver, 4.83% copper
1.10 metres of 33.70 g/t gold, 45 g/t silver, 2.57% copper
0.86 metre of 47.90 g/t gold, 93 g/t silver, 4.50 % copper
MW06-18: 49.67 metres of 3.26 g/t gold, 15.02 g/t silver, 1.02% copper
- Including 14.85 metres of 6.46 g/t gold, 38.57 g/t silver, 2.53% copper
1.00 metre of 7.07 g/t gold, 191.0 g/t silver, 12.20% copper
1.26 metres of 35.90 g/t gold, 37 g/t silver, 1.61% copper
A summary of the drill hole site and orientations with significant results of gold, silver and copper are displayed below in chart format. All information regarding drill site locations is available on the Company's website (www.grandeportage.com).
Both holes successfully intersected massive sulphide skarn mineralization containing visible pyrrhotite, pyrite and chalcopyrite hosted in either massive magnetite or epidote-garnet-actinolite skarn assemblages.
The drill core was analyzed by ALS Chemex Labs in North Vancouver, BC. The values displayed are weighted averages of the intersected zones and are not true widths, gold and silver values are reported in grams per tonne and copper is measured by percentage.
Note: where reported gold and silver values were less than 0.05 grams per tonne a value of 0.001 grams per tonne was used to calculate the weighted average of the interval reported, conversely if values of copper were below threshold as established by the company then the values were divided by 10,000 and expressed in per cent (%), individual intercepts are assay values over the sample interval as reported.
Note site 6 is the SAME SITE AS DDHMW06-15, 16
DDHMW06-17 site 6
Dip Angle -50 degrees
Azimuth 323 degrees
Total Depth 78.33 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
20.02 70.44 50.32 6.51 21.93 1.38
----------------------------------------------------
Includes
----------------------------------------------------
23.00 24.00 1.00 21.90 77.00 4.83
----------------------------------------------------
52.52 53.62 1.10 33.70 45.00 2.57
----------------------------------------------------
53.62 54.48 0.86 47.90 93 4.50
----------------------------------------------------
67.33 68.33 1.00 26.60 12.00 0.38
----------------------------------------------------
DDHMW06-18 site 6
Dip Angle -40 degrees
Azimuth 323 degrees
Total Depth 87.47 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
19.33 69.00 49.67 3.26 15.02 1.02
----------------------------------------------------
Includes
----------------------------------------------------
22.00 23.47 1.47 7.83 47 3.76
----------------------------------------------------
29.08 30.36 1.28 14.75 11.00 0.50
----------------------------------------------------
51.46 66.31 14.85 6.46 38.57 2.53
----------------------------------------------------
In Hole 18 the Company received assay values heretofore unseen on the Merry Widow Project. For example, from intersect interval 53.00 to 54.00 the assays returned 1.00 metre of 7.07 g/t gold, 191.0 g/t silver and 12.20% copper.
Warren Robb, P. Geo., and George Nicholson, P. Geo., are the qualified persons for this project, and have reviewed and verified the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
NEWS
September 29, 2006
Grande Portage Resources Announces Further Assay Results Bearing High Grade Values
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 29, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to announce additional assay results from the diamond drilling program at the Merry Widow Massive Sulphide Project on Vancouver Island, British Columbia.
Specific highlights of the drill results include:
MW06-15: 47.32 metres of 5.16 g/t gold, 23.48 g/t silver, 1.47% copper
- Including 1.19 metres of 47.4 g/t gold, 83 g/t silver,
4.83% copper
0.43 metres of 13.55 g/t gold, 291 g/t silver,
18.35% copper
1.11 metres of 55.50 g/t gold, 51 g/t silver,
2.53 % copper
MW06-16: 49.31 metres of 4.56 g/t gold, 18.73 g/t silver, 1.14% copper
- Including 1.0 metre of 11.4 g/t gold, 76 g/t silver,
4.69% copper
0.63 metres of 25.80 g/t gold, 33.0 g/t silver,
1.41% copper
0.81 metres of 13.85 g/t gold, 13 g/t silver,
0.61% copper
A summary of the drill hole locations and orientations with significant results of gold, silver and copper are displayed below in chart format.
Alistair MacLennan, chief executive officer remarked "We are extremely pleased with the assay results received thus far from our summer drill campaign at the Merry Widow. These results are significant and serve to confirm that we are taking the correct steps as we strive to enhance shareholder value."
All the drill holes successfully intersected massive sulphide skarn mineralization containing visible pyrrhotite, pyrite and chalcopyrite hosted in either massive magnetite or epidote-garnet-actinolite skarn assemblages.
Drill holes MW06-11,12,13 were drilled from a drill setup site located approximately 9 meters east from drill set up #1 (drill holes MW06-01,02,03,04). Drill hole MW06-14 was drilled approximately 22 meters from set up 3 (drill holes MW06-09, 10). Drill holes MW06-11, 12, 13 were infill holes to test the mineralization between drill site #1 and drill setup #3 while MW06-14 was a step out hole. All these holes were located on the access ramp to the Merry Widow open pit.
Drill holes MW06-15, 16 were drilled from the same drill site located on the 750m bench, approximately 30 meters north and 30 meters higher in elevation from drill holes MW06-07, 08 and were located to verify results obtained from diamond drilling in 1989 and 1990 by previous operators, to add to the geological database knowledge, and to provide drill core for metallurgical test work.
The drill core was analyzed by ALS Chemex Labs in North Vancouver, BC. The values displayed are weighted averages of the intersected zones and are not true widths, gold and silver values are reported in grams per tonne and copper is measured by percentage.
Note: where reported gold and silver values were less than 0.05 grams per tonne a value of 0.001 grams per tonne was used to calculate the weighted average of the interval reported, conversely if values of copper were below threshold as established by the company then the values were divided by 10,000 and expressed in per cent (%), individual intercepts are assay values over the sample interval as reported.
DDHMW06-11 site 4
Dip Angle -60 degrees
Azimuth 325 degrees
Total Depth 87.47 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
28.45 37.76 9.31 7.02 9.83 0.39
----------------------------------------------------
Includes
----------------------------------------------------
28.45 29.95 1.50 29.10 37.00 1.73
----------------------------------------------------
----------------------------------------------------
54.86 71.74 16.88 1.21 3.46 0.22
----------------------------------------------------
Includes
----------------------------------------------------
67.66 68.68 1.02 6.65 17.00 1.01
----------------------------------------------------
----------------------------------------------------
DDHMW06-12 site 4
Dip Angle -50 degrees
Azimuth 325 degrees
Total Depth 84.62 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
35.50 63.80 28.30 2.25 4.71 0.26
----------------------------------------------------
includes
----------------------------------------------------
37.13 38.13 1.00 8.96 3.10 0.09
----------------------------------------------------
50.52 51.52 1.00 6.81 6.50 0.32
----------------------------------------------------
----------------------------------------------------
DDHMW06-13 site 4
Dip Angle -60 degrees
Azimuth 325 degrees
Total Depth 87.47 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
34.54 40.75 6.21 1.12 5.90 0.38
----------------------------------------------------
----------------------------------------------------
58.12 63.43 5.31 7.93 12.54 0.67
----------------------------------------------------
Includes
----------------------------------------------------
60.00 61.00 1.00 10.90 11.00 0.56
----------------------------------------------------
----------------------------------------------------
DDHMW06-14 site 5
Dip Angle -40 degrees
Azimuth 323 degrees
Total Depth 96.62 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
35.84 40.19 4.35 7.40 5.82 0.17
----------------------------------------------------
Includes
----------------------------------------------------
38.00 39.10 1.10 18.70 14.00 0.67
----------------------------------------------------
----------------------------------------------------
88.06 90.20 2.14 52.86 35.27 2.33
----------------------------------------------------
Includes
----------------------------------------------------
89.00 90.20 1.20 54.00 63.00 2.54
----------------------------------------------------
----------------------------------------------------
----------------------------------------------------
DDHMW06-15 site 6
Dip Angle -50 degrees
Azimuth 303 degrees
Total Depth 118.67 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
19.43 66.75 47.32 5.16 23.48 1.47
----------------------------------------------------
includes
----------------------------------------------------
33.90 34.33 0.43 13.55 291 18.35
----------------------------------------------------
45.40 46.40 1.00 11.05 16.00 0.72
----------------------------------------------------
60.15 61.34 1.19 47.4 83 4.83
----------------------------------------------------
61.34 62.45 1.11 55.50 51.00 2.53
----------------------------------------------------
----------------------------------------------------
DHMW06-16 site 6
Dip Angle -65 degrees
Azimuth 325 degrees
Total Depth 79.65 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
23.69 73.00 49.31 4.56 18.73 1.14
----------------------------------------------------
includes
----------------------------------------------------
34.00 35.00 1.00 11.40 76.00 4.69
----------------------------------------------------
53.58 54.19 0.81 13.85 13.00 0.61
----------------------------------------------------
57.61 58.24 0.63 25.80 33.00 1.41
----------------------------------------------------
65.50 66.17 1.17 1.17 19.00 0.86
----------------------------------------------------
The Company is also pleased to announce that a series of new maps and claim outline have been prepared and later today will be available for viewing on the Company's website (www.grandeportage.com). These maps detail:
1. the new claim holdings at the Merry Widow Project;
2. the regional geochemical surveys for the elements gold, silver, copper, cobalt and iron;
3. the regional airborne geophysics;
4. the airborne EM geophysical targets generated by the recently completed survey; and
5. the diamond drill locations from the 2006 Phase 1 diamond drilling programs and the known historic mineral showings.
As more information is made available these maps will be updated and new ones will be generated.
New Director
The Company is pleased to announce that Mr. Harold Forzley, CA has joined the Board of Directors replacing Mr. Jim Williams effective immediately. Mr. Forzley earned a BA Commerce while attending at Simon Fraser University and a Chartered Accountant designation while employed at Thorne Riddell (now KPMG). After an eight year tenure with Thorne Riddell, Mr. Forzley spent the next 20 years building a variety of companies primarily in the mining sector. Most notably, Continental Gold Corp., which was sold to a major mining concern and El Condor Resources, also sold to an intermediate mining company with both companies generating substantial returns to their respective shareholders. Mr. Forzley has spent the past ten years in his own consultancy, providing financial/business advice to a variety of businesses and currently serves as President and CEO of Pacific Cascade Minerals Inc.
Lastly, the Company announces that, subject to regulatory approval, it has granted incentive stock options to various employees and consultants to purchase up to 1,000,000 common shares at an exercise price of $0.71 per share for a period of 5 years from date of grant.
Warren Robb, P. Geo., and George Nicholson, P. Geo., are the qualified persons for this project, and have reviewed and verified the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
NEWS
Grande Portage Resources Ltd.: High Grade Gold Values Contained Within Long Massive Sulphide Intersections-Including 95.2 Grams Per Tonne Over 1.01 Metres
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 29, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to report initial assay results from drill holes MW06-01 to MW06-04. These holes were drilled from the same drill setup site occurring along the access ramp to the Merry Widow open pit. The drill holes were located to verify results obtained from diamond drilling in 1989 and 1990 by previous operators to add to the database knowledge, and to provide drill core for metallurgical test work.
The drill holes successfully intersected skarn mineralization containing visible pyrrhotite, pyrite and chalcopyrite hosted in either massive magnetite or epidote-garnet-actinolite skarn assemblages. Significant results were obtained from DDHMW06-03 which intersected 5.29 meters from 12.21 meters to 17.50 meters of 15.49 gm/tonne Au, 12.47 ppm Ag, 6295.29 ppm Cu (Including 48.3 gm/tonne, 32.3 ppm Ag, 1.47% Cu over 1.00 meter, and 18.45 gm/tonne Au, 13.6 ppm Ag, 0.62% Cu over 1.26 meters), and from DDHMW06-02 which intersected 18.20 meters from 13.46 meters to 31.66 meters grading 4.98 gm/tonne Au, 6.73 ppm Ag, 3157.24 ppm Cu (including 18.05 gm/tonne Au, 7.5 ppm Ag, 2100 ppm Cu over 0.90 meters, 14.85 g/tonne Au, 7.0 ppm Ag, 1600 ppm Cu over 0.94 meters and 22.1 g/tonne Au, 15 g/t Ag, 0.64% Cu over 0.79 meters) and from DDHMW06-04 which intersected 1.01 meters from 5.24 to 6.25 meters grading 95.2 gm/tonne Au, 21.0 gm/tonne Ag, 1.01% Cu, 2.07% Co, and 1.82 meters from 26.15 meters to 27.97 meters grading 18.63 gm/tonne Au, 10.28 ppm Ag, 4030.38 pm (Including 31.5 gm/tonne Au, 17.1 ppm Ag, 6630 ppm Cu over 1.03 meters).
A summary of the drill hole locations and orientations with significant assay and geochemical results of gold, silver, copper and Cobalt are displayed below. The values to date are preliminary as further copper, cobalt and silver Assays are awaited. The drill core was analyzed by ALS Chemex, the various values displayed are weighted averages of the intersected zones and are not true widths, gold (Au) is reported in grams per tonne (g/tonne) while silver (Ag) and copper (Cu) are reported in ppm (parts per million, note 1ppm is equivalent to 1 gram per tonne, while 10,000 ppm is equivalent to 1%). The results for silver or copper if recorded as grams per tonne or in percent indicate that this value was determined by fire assay and not geochemical ICP assay. Note where reported gold values were less than 5 ppb a value of 0.01 ppb was used to calculate the weighed average of the interval in the reported intersection.
DDHMW06-01 site 1Dip Angle -50 degreesAzimuth 323 degreesTotal Depth 81.07 meters
-----------------------------------------------------------------------FROM TO INTERVAL Gold Silver Copper Cobalt meters g/tonne ppm or ppm or % ppm or % g/tonne-----------------------------------------------------------------------4.78 7.00 2.22 6.37 6.96 1341-----------------------------------------------------------------------Includes----------------------------------------------------------------------- 0.55 19.9 24.1 1.98%-----------------------------------------------------------------------
-----------------------------------------------------------------------50.97 56.74 5.77 5.10 12.81 8617-----------------------------------------------------------------------Includes----------------------------------------------------------------------- 1.03 13.45 5.0 3160-----------------------------------------------------------------------
-----------------------------------------------------------------------
DDHMW06-02 site 1Dip Angle -50 degreesAzimuth 314 degreesTotal Depth 89.00 meters
-----------------------------------------------------------------------FROM TO INTERVAL Gold Silver Copper Cobalt meters g/tonne ppm or ppm or % ppm or % g/tonne-----------------------------------------------------------------------4.67 6.42 1.75 4.28 5.02 3572 1408-----------------------------------------------------------------------13.46 31.66 18.20 4.98 6.73 3157-----------------------------------------------------------------------Includes----------------------------------------------------------------------- 0.90 18.05 7.5 2100----------------------------------------------------------------------- 0.94 14.85 7.0 1600----------------------------------------------------------------------- 0.79 22.1 15g/tonne 0.64%-----------------------------------------------------------------------
-----------------------------------------------------------------------37.43 46.72 8.18 5.02 8.43 4477-----------------------------------------------------------------------Includes----------------------------------------------------------------------- 0.74 14.05 23g/tonne 1.24%-----------------------------------------------------------------------
-----------------------------------------------------------------------55.53 60.35 4.82 6.13 4.87 2175-----------------------------------------------------------------------
-----------------------------------------------------------------------
DDHMW06-03 site 1Dip Angle -38 degreesAzimuth 314 degreesTotal Depth 90.50 meters
-----------------------------------------------------------------------FROM TO INTERVAL Gold Silver Copper Cobalt meters g/tonne ppm or ppm or % ppm or % g/tonne-----------------------------------------------------------------------12.21 17.50 5.29 15.49 12.47 6295-----------------------------------------------------------------------Includes----------------------------------------------------------------------- 1.00 48.3 32.3g/tonne 1.47%----------------------------------------------------------------------- 1.26 18.45 13.6g/tonne 0.62%-----------------------------------------------------------------------
-----------------------------------------------------------------------31.85 38.41 6.56 2.38 7.07g/tonne 4005-----------------------------------------------------------------------
-----------------------------------------------------------------------
DDHMW06-04 site 1Dip Angle -60 degreesAzimuth 314 degreesTotal depth 90.50 meters
-----------------------------------------------------------------------FROM TO INTERVAL Gold Silver Copper Cobalt meters g/tonne ppm or ppm or % ppm or % g/tonne-----------------------------------------------------------------------5.24 6.25 1.01 95.2 21.0g/tonne 1.01% 2.07%-----------------------------------------------------------------------
-----------------------------------------------------------------------26.15 27.97 1.82 18.63 10.28g/tonne 4030-----------------------------------------------------------------------Includes----------------------------------------------------------------------- 1.03 31.5 17.1g/tonne 0.66%-----------------------------------------------------------------------
-----------------------------------------------------------------------61.98 64.04 2.06 11.53 13.92g/tonne 7074(i)-----------------------------------------------------------------------
(i) This calculation was based using 10,000 ppm for Copper value reported as greater than 10,000 ppm
The Company established threshold values geochemically for Gold greater than 250 ppb, silver greater than 10 ppm, Copper greater than 1000 ppm and cobalt greater than 500 ppm in which any value received above this will be analyzed by fire assay. This has created a slowdown in receipt of assay results because there were multiple intersections reporting above threshold in silver, copper and cobalt. It has been noted that silver assays do not fluctuate significantly when reported geochemically versus fire assay however there is an overall appreciable increase reported in values by fire assay especially for copper and to a lesser extent cobalt. The Company will continue to monitor this and will report all assay values above threshold for silver, copper and cobalt when available.
The gold assay values for the next four drill holes are anticipated later in the week and will be reported when available. It is hopeful further assays of silver, copper and cobalt will also be available.
Additionally, the Company also reports that the companies consulting geologists will be meeting with representatives Aeroquest Limited (airborne contractor) later in the week to review the final results of the airborne mag and EM surveys completed. Several high priority targets have been selected and recommendations for follow-up will be reviewed. These results will be posted on the company website along with new target areas.
The exploration program is being conducted under the direction of Warren Robb, P.Geo. and George Nicholson, P.Geo., both are qualified geologists as defined under National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Letter to shareholders
GREEN OASIS ENVIRONMENTAL, INC.
1500A Greenleaf Street
Charleston, SC 29405
http://www.greenoasis.com/
William D. Carraway
President and Chief Executive Officer
grno@bellsouth.net
January 23, 2002
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Dear Valued Shareholders and Friends of Green Oasis:
Some of you have been investors in Green Oasis Environmental for a very long time. For your faith and perseverance, you have my deep appreciation. Some of you are relatively new investors in the company. Thank you for your involvement and interest. Some of you have yet to invest but have been learning more about our operation and its patented EnviroEconomics? Process. I hope you are finding the promise of our "waste oil to diesel fuel" process attractive.
I am writing to tell you about the recent developments in the Green Oasis business during 2001, and to describe our plans for 2002 and beyond. The past 12 months have been a pivotal year for Green Oasis. Much has happened and much of what has happened positions us for success in the coming months and years.
As many of you know, Green Oasis was founded to research, develop and commercialize a process that protects the environment from damage caused by the disposal of waste oil. After investing millions of dollars, Green Oasis was successful in obtaining a process patent in 1999 for the United States, and has filed a patent application with the European Union.
Since securing our patent and patent application, we have been aggressively marketing the EnviroEconomics? System directly and through agents around the world. We have received overwhelming, positive responses and interest in the Green Oasis process. Waste oil and other disposable hydrocarbons have created catastrophic environmental problems:
*
Forty percent of the pollution found in the waterways of the United States is created by waste oil.
*
One gallon of waste oil can contaminate one million gallons of water.
*
One quart of waste oil can create a two-acre slick.
*
Burning of waste oil (a common means of disposal) creates pollution.
Additionally, the levels of waste oil and other disposable hydrocarbons are growing around the world:
*
The amount of waste oil generated from manufacturing, transportation, mining and automotive use in the United States is more than 1.7 billion gallons per year.
*
The level of waste containing complex hydrocarbons that can be recycled using the Green Oasis EnviroEconomics? System exceeds 11.9 billion gallons annually in the United States.
*
The top 25 oil producing countries annually generate 5.5 billion gallons of used motor oil and 47.5 billion gallons of disposable hydrocarbons -- all of which can be recycled using the Green Oasis patented process.
These estimates are derived from a study Green Oasis conducted using industry resources. Using this data, GOE was able to size the annual worldwide market for our EnviroEconomics? System (based on the 1500GPH system) at $1.7 billion for waste oil recycling and $15.4 billion for all disposable hydrocarbons.
Over the past year we also have completed an analysis, based primarily on cash flow projections, estimating the value of the Green Oasis patented process to the company, its shareholders and users of the technology, which has helped us improve and more effectively focus our marketing and sales efforts. The economics of our process offer a return on investment of 18-24 months even on our smallest capacity EnviroEconomics? System and less than a year on our larger systems. This return on investment makes our patented process particularly attractive to:
*
Private investors seeking business models that generate recurring margins and a rapid return on investment.
*
Waste management companies wishing to diversify their businesses through technology that is built on an economic model that will help expand their margins.
*
Utility companies and their suppliers using the conversion of waste fuel into diesel fuel, which is then used to power turbine engines that generate electricity.
*
Petroleum companies increasingly under pressure from governments to invest in technology that provides an environmentally sound cradle-to-grave environmentally friendly solution for crude oil and its byproducts.
*
Transportation companies, specifically the shipping industry, where the environmental impact of bilge water and other ship materials, which could be recycled using the Green Oasis process, has increased regulatory oversight and operating expenses for shipping companies.
Green Oasis is happy to announce that in 2001, our marketing and sales efforts led to the signing of contracts for four EnviroEconomics? Systems.
*
The most significant contract is for a 6500GPH system and a 7000GPH system EnviroEconomics? Systems in the United States, which will use our process to produce #2 diesel to power generators that create electricity that can be sold to power companies and townships.
*
The second system will be deployed in the United Kingdom where our engineers are working with British engineers to incorporate design modifications that will allow our system to process tallow (animal fats) & waste oil into a low sulfur bio-diesel. According to the European Economic Commission, approximately 200,000 tons of tallow may be available for processing due to the growing acceptance of "new environmental technology."
*
The fourth system will be shipped to Turkey, and will be operated by private investors to create diesel fuel for general-purpose use. These investors are financing their purchase of the EnviroEconomics? System through the Export/Import Bank of the United States.
All of these contracts are subject to final approval of financing and permitting. The value of the contracts exceeds $20.5 million. Manufacturing of the systems is expected to begin in the first half of 2002, and the systems should be fully operational in late 2002 and mid 2003. Moreover, our pipeline of business interests beyond these initial contracts is strong. While we are still in the due diligence stage in each case, we are working on additional business opportunities in the United States, Canada, United Kingdom, Turkey, Mexico, Germany, Korea, Thailand, Malaysia, India and China. It is too early to tell at this time whether these "discussions" will materialize into contracts for Green Oasis, but the level of activity on the marketing and interest fronts is higher than at any other time during the history of the company.
Last year Green Oasis set several objectives, all of which were completed in 2001:
1.
Securing contractors to manufacture the fully automated skid designed systems for installation and start-up by Green Oasis.
2.
Improving Green Oasis? operating capital in order to fund broader marketing and sales activities.
3.
Entering into contracts for the sale of one to four EnviroEconomics? System.
This year, Green Oasis will be pursuing the following objectives:
1.
Meeting the requirements for Green Oasis to return to the NASDAQ Bulletin Board.
2.
Delivering the five EnviroEconomics? Systems currently under contract.
3.
Securing six new sales contracts for delivery in late 2003 or early 2004.
4.
Recruiting and hiring additional management executives with expertise in investor relations, corporate development and marketing.
5.
Educating the trade, business and general media, as well as the broader investment community concerning the Green Oasis EnviroEconomics? System.
These goals and objectives will be accomplished through new strategies designed to maximize our operating efficiencies and increase shareholder value.
*
Focus: The Company will focus its marketing and sales activities in the United States, Western Europe, a subset of Asia Pacific (Japan, Korea, Australia) and a subset of Latin America (Brazil, Argentina, Mexico). These regions produce the majority of the world?s waste oil and disposable hydrocarbons.
*
Sales Models: The Company will sell its products directly and indirectly through sales agents to third parties with expertise in waste disposal and/or the petroleum industry in key markets.
*
Sound Financial Models: Green Oasis will create recurring revenue through its use of contracted royalties and maintenance fees set in relation to the production capacity of the systems sold.
*
Outsourcing of Manufacturing and Installation: In an effort to minimize overhead costs, the Company has identified manufacturers for the components of its EnviroEconomics? System.
*
Strategic Partners: Green Oasis will focus on joint ventures, mergers, and other partnering opportunities, which may provide Green Oasis with market advantages, and/or benefit its shareholders. Green Oasis will also entertain inquiries by major petroleum leaders and similar companies who may wish to purchase Green Oasis? patented technology.
I hope you found the foregoing snapshot of where our company is today as exciting as we do. Again, I want to express my appreciation to you for your continued interest in and support of Green Oasis Environmental. If you have questions or need more information, please do not hesitate to contact me. I also invite you to visit our web site at www.greenoasis.com. We have recently finished revising the site to include additional information that you may find interesting. May you all have a healthy, happy and prosperous New Year!
Very truly yours,
William D. Carraway
President and Chief Executive Officer
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Copyright© 1999-2002, Green Oasis Environmental, Inc.
Did anybody notice the new website of GRNO. Very impressive.
http://www.greenoasis.com/index.html
Gad