Tickers: XTSX:GRI, PINX:GPKMF
Vancouver, BC / TheNewswire / Galore Resources Inc. (TSX-V: GRI) (the "Company") is pleased to announce that mining for gold at Los Gemelos has begun. All necessary permits have been received and approved. Galore entered into a 5-year contract with URBYASA to mine and extract available gold at Galore’s 100% owned Duraznillo Ranch, which includes the Los Gemelos and Duende 7 claims in the prolific Conception Del Oro district. URBYASA’s independent decision to proceed with mining was not based on a feasibility study of mineral reserves demonstrating the economic or technical feasibility of the project. URBYASA had reviewed the available data on the Los Gemelos site, which includes historic artisanal mines, and had taken independent sampling. URBYASA has been mining in Mexico for over 15 years including mining experience in the Conception Del Oro mining district.
URBYASA has completed the installation of a gold processing plant with an initial capacity of 90 tons per week. URBYASA will carry out the extraction of mineralized material and sale of any concentrated gold on a monthly basis with any proceeds, net of costs, as reported by URBYASA, being allocated forty percent (40%) to Galore and sixty percent (60%) to URBYASA. Galore will retain the rights on all other minerals extracted at the Galore claims and there is a 100-meter depth limitation on production.
The contract with URBYSA, Urbanizaciones Y Acabados S.A. De CV, is with the Company’s wholly owned subsidiary, Minerales Galore S.A. De CV.
ON BEHALF OF THE BOARD
President and CEO
To find out more about Galore Resources (TSX.V:GRI) please contact:
Mike McMillan at (210) 860-9212 (USA)
Cautionary Statement: This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations as well as a comprehensive list of risk factors are disclosed in the Company’s documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates change, other than as required by law and readers are further advised not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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