Grenville Increases Ownership of Silveria Project to 99.99%
Tuesday January 6, 9:15 am ET
biz.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 6, 2009) - Grenville Gold Corporation ("Grenville" or "the Company"), (TSX VENTURE:GVG - News; PINK SHEETS:GVLGF - News; FRANKFURT:F9I - News; WKN:A0KELU) announces that it has converted debt to shares of its Peruvian subsidiary to increase its ownership stake of the Silveria Property located 80 km east of Lima. The transaction was approved by shareholders and has been registered with the Superintendencia Nacional de los registros Publicos (SUNARP).
"The Silveria Project's attraction is that it has no Net Smelter Royalty payments", stated A. Paul Gill, President & CEO, "Also, the continued consolidation of ownership of the surrounding property bodes well for the attractiveness of the Silveria Project in the future."
Grenville has advanced $ 2,731,944 US to the Silveria Project through loans from Grenville to Minera Grenville S.A.C. Grenville's 100% owned Canadian subsidiary Grenville Silveria Ltd. has been issued 8,180,340 shares of Minera Grenville S.A.C, or the equivalent of $ 0.33 US per share to extinguish the debt. Grenville now controls 99.99% of a total of 8,180,440 total shares issued and outstanding of Minera Grenville S.A.C.
Grenville continues to make progress on its listing with the Peruvian Stock Exchange Bolsa de Valores (BVL). Recent developments such as the China-Peru Free Trade Agreement, announced during the recent 20th annual APEC (Asia-Pacific Economic Cooperation) forum held in Lima, Peru, have reinvigorated interest in the mineral assets of the region.
About Grenville Gold Corporation (www.grenvillegoldcorp.com)
Grenville's Silveria Silver-Zinc-Lead Copper Project covers a total of 6,187 Hectares and is located approximately 80 kilometers east of Lima, Peru near the town of San Mateo and 30 kilometers south-west of Peru Copper's Toromocho property and Pan American Silver's Morococha Mine. The Silveria claims encompass the high grade, past producing Pacococha, Millotingo, Silveria.
The 7,129 Hectare Espanola Copper-Gold Project is 100 kilometres southeast of Lima and hosts two high grade past producing mine and numerous underground workings. Results are consistent with the former producing Raul/Condestable Mines, located 15 kilometers west of Espanola.
On behalf of the Board of Directors,
Melvin Rokosh, CFO & Director
We Seek Safe Harbor.
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.
The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Toll Free: 1-866-264-0743
Macam Investor Relations
Website: www.macamgroup.com
Paul Gill
Grenville Gold Corporation
President & CEO
(604) 669-8842
Email: info@grenvillegold.com
Website: www.grenvillegoldcorp.com
Source: Grenville Gold Corporation |
