GVLGF (.56) Grenville Appoints Deloitte & Touche as Auditors and Provides Company Update
Friday, October 05 2007 9:17 AM, EST Market Wire "US Press Releases "
VANCOUVER, BC -- (MARKET WIRE) -- 10/05/07 -- Grenville Gold Corporation ("Grenville" or "the Company") (TSX-V: GVG) (PINKSHEETS: GVLGF) ( FRANKFURT : F9I) (WKN: A0KELU) has filed notice of a change of auditors on www.sedar.com. The company thanks past auditors Mackay & Associates for their assistance. The appointment of Deloitte & Touche, an internationally known firm with offices worldwide, including Peru , will assist Grenville in its efforts to establish viable, compliant and efficient mining operations.
Also, in order to properly structure Grenville properties for any future transactions or revenues, Grenville has created two Canadian holding companies which will contain Grenville's 90% interest in the Silveria Project and the Espanola Project. In Peru , the existing subsidiary will undergo a name change and become one of two Peruvian companies that will house the Silveria Project mineral titles and the Espanola Project mineral titles, respectively. At present, none of the above contemplated changes in anyway alters the ownership of the properties in question. The creation of a well-structured and multi-tiered company is essential to becoming a tax efficient, flexible organization able to react quickly to any developing opportunities.
Silveria Project Update
At present, Grenville is building up the camp at Silveria and continuing the stockpiling of mineralized rock. The stockpile is scheduled to increase by approximately 2000 tons per month. At present Grenville is also currently working on:
* A complete 3D Model of the Pacococha Mine and Millotingo Mine
* Completion of the Scoping Study by Knight Piesold on viable
* An updated and complete list of mineral titles owned
* Assaying samples from the face of some of the 44 veins recorded
on the project
* Negotiating further agreement with the area communities
* An offer to acquire and/or control a local mill
* Creation of a new access road
* A plan to transporting mineralized rock
* A plan to process mineralized rock
* A plan to assess the quantity and quality of tailing located on site
* An exploration plan for the Silveria Property
* Continued rehabilitation on mine portals
The Silveria project NI 43-101 Geological Report is available at: http://www.grenvillegoldcorp.com/Properties/Silveria/tabid/63/Default.aspx
Further information on the Silveria Project is located at: http://www.grenvillegoldcorp.com/Corporate/CorporatePresentations/tabid/74/Default.aspx
The focus of Grenville on near-term mining operations has led to the creation of Minera Mine Grenville S.A. in Ecuador and the option of the La Tigrera Gold Project. The project is currently awaiting a NI 43-101 to confirm the historic and non-compliant report of the Australian firm Climax Mining of 723,000 ounces of gold and 2.9 million ounces of silver. Grenville has reviewed its other Ecuador operations and has decided to abandon the grassroots Rio de Oro project and focus on projects closer to production. Exploration plans for this project have been terminated.
About Grenville Gold Corporation
Grenville Gold www.grenvillegoldcorp.com is a junior resource company seeking prospective properties in Peru and Ecuador . The Company has three operating subsidiaries: 90%-owned Inversiones Mineras Alexander S.A.C. in Peru which owns the Silveria Property, Espanola Property and the Chorobal Property, Minera MineGreville S.A. in Ecuador which owns 100% of the Rio de Oro Project and has an option to acquire the La Tigrera Project, and Parkman Diamond Corp. in Ontario, Canada which owns the Parkman Diamond Prospect. Grenville Gold plans to leverage the experience of its board and management in exploration and mining to develop its growth strategy in North and South America .
On behalf of the Board of Directors,
"A. Paul Gill"
President & CEO
We Seek Safe Harbour
The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission , the Ontario Securities Commission , and the Alberta Securities Commission .
Distributed by Filing Services Canada and retransmitted by Marketwire
A. Paul Gill
President & CEO