GLR Makes Significant Progress at its Goldfields Project
Mon Jan 21, 8:32 AM
ca.news.finance.yahoo.com
Kirkland Lake Ont. , 1/21/2008 / FSC / - GLR Resources Inc (TSX: GRS.TO)is pleased to provide the following update on the status of its Goldfields Project.
EIS and Public Consultation
GLR recently met with officials at Saskatchewan Environmental Assessment who have advised GLR that the Environmental Impact Statement (EIS) review process is nearing completion. GLR is cooperating in a concerted effort to see the EIS completed and made available for the legislatively mandated public review period as soon as possible. This process will see copies of the EIS and provincial Technical Review Comments being made available at local communities and larger centres for public information and comment. GLR believes that the public consultation process will go smoothly as two of the nearby communities affected, namely Uranium City and the Fond du Lac First Nation, have previously sent letters of support for the project. Once the EIS has been compiled and released for the public review, a copy will also be posted on the GLR web site ( www.glrresources.com)."
Financing
GLR has now received and agreed to enter into a new mandate agreement from Investec Bank(UK) Limited ("Investec") pursuant to which Investec has offered to increase the debt facilities available for the Goldfields Project to US$45M comprising a US$40M term loan facility (increased from US$30M) and a US$5M convertible loan facility (reduced from US$10M). The premium on the convertible loan facility under the new mandate agreement has been increased to 30%. The revised facilities remain subject to completion of due diligence and documentation.
Commenting on the above, GLR President & CEO Robert Kasner noted " these recent developments are most encouraging indeed. I am particularly pleased to see Saskatchewan Environmental Assessment now moving the EIS quickly towards completion. The loan increase by Investec is greatly appreciated and I am very encouraged by Investec's continued commitment to the Goldfields Project".
About GLR Resources
GLR is a Canadian based junior mining and exploration company focusing on projects in North America and with existing projects in Ontario, Quebec and Saskatchewan. GLR's most advanced project is its Goldfields Project, located near Uranium City in northern Saskatchewan. The Goldfields project consists of two open-pitable Gold deposits - The Box and The Athona - containing a resource in excess of one million ounces Gold. GLR is focused on bringing the Goldfields project into production in early 2009. GLR trades on the TSX under the symbol GRS.
Forward Looking Statements: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond GLR's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although GLR believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements.
Contact Information
Robert Kasner, President & CEO T: 1.705.567.5351 E: kasner1@ntl.aibn.com
Malcolm Bucholtz, V.P. Investor Relations T:1.306.525.0852 E: saskmining@hotmail.com
John Orr, P.Eng., C.O.O. T:1.306.241.3403 E: john.orr@glrresources.com
GLR Resources P.O.Box 546, 4 Al Wende Avenue, Kirkland Lake, Ontario P2N 3J5 e-mail: kasner1@ntl.aibn.com
Source: GLR Resources Inc, TSX: GRS.TO, www.glrresources.com
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