Grande Portage Significantly Enhances Land Position
Tuesday April 10, 6:58 pm ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 10, 2007) - Grande Portage Resources Ltd. (TSX VENTURE:GPG - News; "Grande Portage" or "the Company") is pleased to announce that it has substantially increased its claim ownership on Vancouver Island by acquiring the 36 Cherry Claims covering an area of approximately 18,000 hectares. These claims are located approximately 20 kilometers SE of the Company's aggressive drill exploration programme at the Merry Widow project.
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These new claims cover a similar sequence of Quatsino Limestone centered between two geophysical MAG highs with coincident copper, gold, cobalt, and iron geochemical signatures. From Tahsis, B.C. to the south to Wass Lake, B.C., an inferred fault runs through the center of the claim block and the Company believes may be responsible for any mineralization or the location of where another massive sulphide skarn horizon may exist. Within weeks, the Company plans to initially complete an airborne geophysical MAG and EM survey as well as prospecting.
In consideration of the transaction to acquire a 100% interest on the property, the Company will pay the vendor $15,000 and issue 250,000 shares as well as 250,000 share purchase warrants exercisable at $0.60 per share for one year. The Company then has six months from date of the agreement to complete its investigations of prospecting and airborne survey and not less than $200,000 in expenditures to earn a 50% interest. Following a review of the results, should the Company elect to acquire the balance of 50%, it must pay an additional $15,000 and issue a further 250,000 shares and 250,000 share purchase warrants exercisable for one year at a price to be determined. The vendor has also retained a 2.5% net smelter returns royalty after the commencement of commercial production, which is subject to the Company's buy-back option as to 60% (i.e. 1.5%) for $1.5 million.
The agreement is subject to acceptance by the Board, and approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
Alistair MacLennan, 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.
Contact:
Mr. Ian Klassen
Grande Portage Resources Ltd.
(604) 290-5762
Website: www.grandeportage.com
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Source: Grande Portage Resources Ltd.
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