GRAYD OPTIONS DELTA PROPERTY TO RHYOLITE RESOURCES
Press Release - GRAYD RESOURCE CORPORATION Quotes:( GYD )
Wednesday, April 26, 2006 2:30:00 PM EST
Vancouver, BC, April 26, 2006 . . . Grayd Resource Corporation (TSX-V: GYD) announces that it has optioned its Delta base–precious metal property in Alaska to Rhyolite Resources Ltd., a private mineral exploration and development company incorporated under the laws of the Province of Alberta.
To earn a 100% interest, Rhyolite must incur $2.5 million in exploration expenditures by December 31, 2010 ($125,000 firm commitment by December 31, 2006) and make escalating stock payments totaling 5 million shares or at its election, a number of shares with a deemed value at the time of issuance not to exceed $5 million, between 2008 and 2010. Grayd will retain a 2% NSR if Rhyolite vests. Terms of the agreement are subject to regulatory acceptance.
“This transaction allows us to potentially unlock hidden value from the Delta zinc-lead-silver-gold property, now that all our exploration focus and efforts are on gold exploration in Mexico,” states Grayd’s President, Marc Prefontaine.
A technical report, including the updating of Delta’s historic resource to compliance with NI 43-101, is underway. Upon completion of the report, Rhyolite will review the extensive exploration data available from the property before defining a summer work program.
Grayd Resource Corporation is a natural resource company engaged in the acquisition, exploration and development of mineral resource properties. For further information, please contact:
Marc A. Prefontaine, M.Sc., P.Geo. – President and CEO (604-681-7446) or
Freeform Communications Inc. (604-288-7222)
www.grayd.com
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
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