Posts Tagged Toodoggone

EASTFIELD ANNOUNCES COMMENCEMENT OF EXPLORATION PROGRAM AT KILOMETRE 26 PROPERTY

Eastfield Resources Ltd. has commenced the fall exploration program at the Kilometre 26 gold-nickel project, located in central British Columbia, approximately 55 kilometres northwest of Fort St. James.

 The program, conducted by Oroandes Resource Corp., will attempt to define targets for a possible drill program in 2011. The current work includes a ground-based induced polarization (IP) and magnetometer survey, line cutting, soil sampling, prospecting, and rock sampling. Crews are on site and should complete the exploration over the next few weeks. The work program includes the completion of six line kilometres of new grid with soil sampling and geophysics to cover the full 30 kilometres of control grid.

Eastfield is also awaiting the results of microprobe work being undertaken to identify what sulphide minerals or alloys may be present in Kilometre 26 rocks where analytical results indicate that nickel contents vary between 0.15 per cent and 0.24 per cent (see Eastfield’s news release in Stockwatch of Oct. 14, 2010).

The current work will assist with examining the project ground for both the nickel target potential and epithermal hot springs gold potential along the regional Pinchi fault structure. First Point Minerals Corp. and Cliffs Natural Resources Inc. have made an important nickel discovery at the Decar property located approximately 30 kilometres to the west of the Kilometre 26 project. Both properties are located in similar geological settings of the Cache Creek terrane hosting serpentinized ultramafic rocks. The Kilometre 26 project is currently 5,645 hectares in size, has good access by a major industrial road, and recent logging has established a network of roads across the project.

Oroandes has the option to earn a 60-per-cent interest in Kilometre 26 from Eastfield by spending $1,575,000 on exploration, issuing 275,000 shares and making $107,500 in payments by Sept. 25, 2013.

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LORRAINE COPPER ANNOUNCES CREW MOBILIZED TO THE LORRAINE COPPER GOLD PROJECT

Lorraine Copper Corp. has commenced the 2010 exploration program at the Lorraine project, which is being managed by Teck Resources Ltd. under a participation agreement with Lorraine Copper. The Lorraine property is located in the Quesnel terrane approximately 250 kilometres northwest of Prince George, B.C.

Teck has informed the company that it will be conducting a target generation program entailing the establishment of new soil geochemical surveys that will employ new techniques for seeing through overburden cover similar to what has been used successfully at the Kwanika Creek deposit to the south. It will also conduct a re-examination of existing drill core to apply newly developed alteration study parameters that have proven successful in other similar deposits to assist vectoring towards undiscovered mineralization.

Mineralization on the Lorraine property is related to alkalic intrusions and belongs to a deposit style that includes the Galore Creek project owned by Teck and NovaGold Resources Inc., the Imperial Metals Corp.-owned Mount Polley mine and the New Gold Inc.-owned New Afton project.

The Lorraine property is well served by resource infrastructure, including all-season roads, the Kemess power corridor to the northeast and the Canadian National Railway line to the southwest. The Lorraine project is located approximately 100 kilometres northwest of Terrane Metals Corp.’s Mt. Milligan project. A highlight from Teck’s most recent drill program in 2008 at Lorraine is drill hole L08-120, which intersected 159.2 metres grading 0.64 per cent copper and 0.30 gram per tonne gold in the Lower Main zone. The property consists of 119 claims totalling 30,659 hectares (75,759 acres).

Teck may earn a 51-per-cent interest in the Lorraine project by spending a total of $9.0-million by Dec. 31, 2010, and may increase its interest to 60 per cent by completing a feasibility study and to 65 per cent by arranging production financing. It is anticipated that Teck will earn the initial 51-per-cent interest after the completion of this year’s program.

On Sept. 11 of this year, Lorraine Copper staked an additional seven mineral claims (3,029 hectares) contiguous to the western side of the property.

G.L. Garratt, PGeo, is the qualified person who has reviewed and takes responsibility for this news release.

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Serengeti Completes Exploration Access Agreement for Kwanika Project with Takla Lake First Nation

Serengeti Resources Inc. and the Takla Lake First Nation today announced signing of an Exploration Access Agreement for Serengeti’s Kwanika property, located 120 km north of Fort St. James in north central British Columbia. The Agreement covers all exploration and related activities on the Kwanika property until such time as a decision is made to enter into the mining permit application process.

Since Serengeti began exploration on the Kwanika property, it has consistently sought input from the nearby Takla Lake First Nation and hired many of its members to work at the site. The Agreement ensures that Serengeti will continue to provide Takla with opportunities to provide meaningful input into such aspects as environmental monitoring, protection of habitat for cultural important species, and protection of sites of important cultural or spiritual significance. It also provides training, employment, and business opportunities for members of the Takla Lake First Nation. In return, Serengeti has greater confidence in the continued access to the Kwanika property and the support of the local community as the project advances, as well as access to a local labour supply.

“We are very pleased to have reached this point in our relationship with Takla Lake,” said David Moore, President & CEO, Serengeti Resources Inc. “It has been very important to us from the outset of exploration on the property, that local communities support our endeavors.”

Chief Dolly Abraham of the Takla Lake First Nation, stated, “Takla has a policy of requiring all companies operating in our Territory to sit down with us and work out respectful agreements. Serengeti from the very beginning has been very proactive in seeking out a relationship with us, which is very important. That area is important to our Nation and members and we appreciate that Serengeti has been sensitive to our concerns about where they go, what they pay attention to in the environment, and how they do their sampling. It also means a lot to our people to be able to work close to home.”

Approximately 75% of staff on site during the 2010 exploration program are from the Takla community.

About Serengeti

Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is currently advancing its Kwanika copper-gold project and exploring its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia and has initiated exploration for gold-silver deposits in Mexico. Additional information on Serengeti’s projects can be found on the Company’s website at www.serengetiresources.com. Serengeti is well funded to advance its projects with a current working capital position of approximately $7.7 million which includes $2.9 million receivable from the B.C. government’s METC program. Serengeti has 46.2 million shares issued and outstanding and 51.5 million shares on a fully diluted basis.

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Tad samples up to 0.14 m of 52.48 g/t Au at Hazelton

TAD Capital Corp. has completed the 2009 program on the north zone of the Hazelton prospect. Work consisting of geological, geochemical and geophysical surveys has resulted in several new high-grade gold discoveries and increased the area of known gold mineralization on the property to 1,400 metres by 800 metres.

The program focused on evaluating the extent of mineralization near the margins of a granitic stock. Numerous gold-bearing veins are present in three areas situated along the perimeter of a Cretaceous stock, which measures 600 metres in diameter. Indications are that the stock is part of a larger intrusive body mapped digitally by the Geological Survey of Canada in 2008. The composition of the concealed intrusion is unknown but judging from surface exposures it ranges from granite to granodiorite and includes monzonite phases and rhyolite dikes.

Gold mineralization on the property conforms to a broadly defined intrusion-related class of deposits with gold mineralization hosted within a thermal aureole. The distinctive features of this class of gold deposits are sheeted arrays of parallel, single-stage quartz veins which are found over tens to hundreds of metres and preferentially located in the pluton’s cupola. These types of veins are also described as reduced intrusion-related gold systems represented by the Fort Knox, Pogo, Donlin Creek and Dublin Gulch deposits in Alaska and the Yukon.

Past work had recognized that the sulphide mineralogy of individual veins varies along strike and possibly along the dip direction. Sulphide content ranges from 2 to 45 per cent, and consists mainly of arsenopyrite (up to 30 per cent) and pyrite (up to 30 per cent).

The mineralization observed to date has two mineralogical characteristics that impact the precious-metal grades: mineralization dominated by arsenopyrite-pyrite-banded intergrowths; and mineralization dominated by banded arsenopyrite with minor pyrite-galena-sphalerite-tetrahedrite at the vein margins.

Locally, the veins carry small amounts of copper sulphides that include tetrahedrite. This mineral association is of particular significance and has returned a high-grade gold of up to 52.48 grams per tonne gold in one sample.

Camp area

In the Camp area, there are a minimum of 13 quartz-sulphide veins present over an area measuring 150 by 200 metres. The area is situated between two deeply incised creeks named West Creek and East Creek. Work completed in 2009 resulted in the exposure of six new veins.

The majority of the veins strike northwesterly and have gentle dips to the northeast with true widths ranging from six to 47 centimetres. One of the newly found mineralized zones consists of two 25-centimetre-thick veins separated by a 30-centimetre zone of altered monzonite host rock. The veins were exposed in a 0.8-metre-by-one-metre trench and sampled across a 0.8-metre width. This site returned 1.91 grams per tonne gold and 8.0 grams per tonne silver (sample 723372).

Two veins in close proximity to each other have been exposed by shallow trenches (samples 723351 and 723352). The vein dipping gently to the north (723351) contained 20 per cent sulphides with arsenopyrite being the dominant sulphide. The vein dipping gently to the northeast contained relatively high pyrite and lesser arsenopyrite (723352). The latter vein returned 52.48 grams per tonne gold and greater than 100 grams per tonne silver.

Re-exposure of a 1988 trench has resulted in the documentation of a 127-metre-long quartz-sulphide vein striking 346 degrees. Several locations along this trench were re-excavated using hand tools and then sampled. The vein is dipping to the east-northeast at a 44-degree angle and ranges in width from 15 to 35 centimetres. Four channel samples returned an average weighted content of 3.74 grams per tonne gold and 9.13 grams per tonne silver. One sample from a silica-sulphide cemented fault fracture returned 3.62 grams per tonne gold and 6.4 grams per tonne silver across six centimetres.

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Northgate Reports Third Quarter Cash Flow of $50.5 million

Northgate Minerals Corporation  today announced its financial and operating results for the fiscal quarter ended September 30, 2009.  

                            Third Quarter 2009 Highlights

    -   Generated excellent cash flow from operations of $50.5 million or
        $0.20 per share, for a year-to-date total of $145.7 million

    -   Reported adjusted net earnings of $7.7 million or $0.03 per share

    -   Produced 80,791 ounces of gold and 11.9 million pounds of copper at
        an average net cash cost of $539 per ounce of gold

    -   Sold 85,397 ounces of gold at a realized price of $982 per ounce and
        12.8 million pounds of copper at a realized price of $3.39 per pound

    -   Successfully completed an equity offering for net proceeds of $88.5
        million to fund the development of the Young-Davidson mine

    -   Northgate's cash balance at the end of the third quarter 2009 was
        $235.9 million

    -   Successful organic growth at Northgate's operations:

        -  Discovered a significant extension of mineralization at
           Fosterville, confirming that the Phoenix fault system continues
           down plunge

        -  Discovered a new gold zone located 300 metres (m) east of current
           reserves at Young-Davidson. The new zone is completely open down
           dip. In addition to this discovery, Northgate also reported drill
           results for 29 shallow diamond drill holes located in and around
           historic mine workings immediately east of current reserves, which
           have the potential to add to the 2.8 million ounces of reserves
           already on the property

        -  Identified approximately 870,000 tonnes of additional mineral
           reserves containing 93,000 ounces at Stawell, extending the mine-
           life until Q2-2012

Financial Performance

 Northgate recorded consolidated revenue of $120.2 million in the third quarter of 2009, compared with $99.3 million in the same period last year. Revenues were higher due to a 25% increase in gold production over the same period last year combined with higher realized metal prices for gold and copper in the most recent quarter. Revenues for the nine month period ending September 30, 2009 were $374.3 million.

The net loss for the quarter was $8.6 million or $0.03 per share compared with a net loss of $29.4 million or $0.12 per share in the corresponding quarter of 2008. Adjusted net earnings were $7.7 million or $0.03 per share in the third quarter of 2009, which was significantly higher than the adjusted net loss of $28.4 million or $0.11 per share in the same period last year. Adjusted net earnings do not include certain non-cash items from its calculation of net earnings prepared in accordance with Canadian generally accepted accounting principles. Northgate has prepared this figure as it may be a useful indicator to investors. Non-cash items in the third quarter of 2009 include a $10.4 million write-down of investments in auction rate securities and a $5.8 million (net of tax) mark-to-market loss on Northgate’s copper forward sales contracts.

During the third quarter of 2009, Northgate generated excellent cash flow from operations of $50.5 million or $0.20 per share, which was a dramatic improvement over the $0.6 million or $0.00 per share generated in the corresponding quarter of 2008. In the first three quarters of 2009, Northgate has generated cash flow from operations of $145.7 million.

In the third quarter of 2009, Northgate’s cash and cash equivalents increased by $115.2 million following the completion of a bought deal financing with net proceeds of $88.5 million and strong free cash flow from operations. Northgate’s balance sheet now boasts cash and cash equivalents of $235.9 million and each operation is expected to generate strong operating cash flow for the balance of the year.

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Mt. Milligan Receives Mines Act Permit From British Columbia Government

Robert Pease, President and CEO of Terrane Metals is pleased to announce that the Company has received a Mines Act Permit (the “Permit”) from the Province of British Columbia for its Mt. Milligan Copper-Gold Project (the “Project”). Receipt of the Permit followed a comprehensive and detailed review led by the Mining and Minerals Division of the BC Ministry of Energy, Mines and Petroleum Resources.

Robert Pease, President and CEO of Terrane stated: “Receipt of the Permit is another key milestone for Mt. Milligan. This Permit, together with other approvals that are now under review, including the Canadian Environmental Assessment Act approval anticipated in Q4 2009, will allow us to proceed with the Project and create sustainable value for the region.”

The Permit is the key approval for construction and operations activities on the mine site, and allows mine site construction activities to commence upon receipt of timber cutting and fisheries approvals.

About Terrane Metals Corp.

Terrane Metals Corp. is an exploration and mine development company focused on the development of the Mt. Milligan copper-gold and Berg copper-molybdenum-silver projects in British Columbia, Canada. Goldcorp Inc. (GG: NYSE; G: TSX) owns a 59% equity interest in Terrane on a fully diluted basis.

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Terrane Defines New Copper-Gold Porphyry Targets At Mt. Milligan

Robert Pease, President and CEO of Terrane Metals is pleased to report results for an Induced Polarity “IP” ground geophysical survey at its 100%-owned Mt. Milligan Copper-Gold Project, British Columbia, Canada.

The survey was designed to prioritize 12 airborne geophysical anomalies identified in a June 2008 1,452 line-km HeliGEOTEM magnetic-electromagnetic survey. The IP surveys were carried out on two large exploration grids peripheral to the main mineralized zones at Mt. Milligan. Reported IP survey results demonstrate that five of the HeliGEOTEM anomalies have coincident chargeability anomalies and display signatures similar to those found at the MBX and Southern Star Zones at Mt. Milligan.

Mt. Milligan exploration and associated sampling and quality control protocols are directed and supervised by Darren O’Brien, P.Geo., Vice President — Exploration, Terrane Metals Corp., who is a Qualified Person as defined under National Instrument 43-101.

SOUTH GRID

Three of the five targets were identified on the 33.6 line-km South Grid and are within 2 km of the Southern Star Zone. The priority “D3” chargeability anomaly is +200 metres wide and dips moderately to the southwest for +1,000 metres. It encircles a magnetic high and sits within a well-defined 2 km long by 1 km wide copper and gold-in-soils geochemical anomaly. In spite of historic drilling in the area and intersections of low grade porphyry-style copper-gold mineralization, the D3 anomaly remains untested as it sits some 150 metres below these holes. In addition, it is projected to subcrop in an area that was not drill tested.

NORTH GRID

The two remaining targets — Snell and Mitzi – were identified on the 20.0 line-km North Grid some 4 km northwest of the MBX Zone. The North Grid area has seen limited historic exploration with some prospecting in the 1930’s and a wide-spaced soil sampling grid in 1983.

The Snell chargeability anomaly sits along the western edge of the North Grid. It is 600 metres wide and 2,000 metres long and is coincident with a 500 metre wide and 1,000 metre long magnetic high. The chargeability anomaly is near surface and remains open to the south.

The Mitzi chargeability anomaly is located near the centre of the North Grid and displays a ring-shaped geophysical signature similar to the MBX Zone with a 300 metre wide chargeability halo flanking a +600 metre diameter magnetic high. The anomaly is some 150 to 300 metres below the surface.

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Serengeti Intersects 0.78% Copper Equivalent over 150 meters in South Zone at Kwanika

Serengeti Resources is pleased to announce the results from the initial five holes drilled in the course of this summer’s exploration program at the Company’s Kwanika property in BC.

The results include a near surface intercept grading 0.51% copper, 0.14 g/t gold, 2.7 g/t silver and 0.024% molybdenum (0.78% copper equivalent) over 150.3 meters in hole K-126. This is the best hole drilled to date on the South Zone which is located approximately two kilometers south of the Central copper-gold Zone at Kwanika, that was the subject of a NI 43-101 mineral resource estimate in March 2009.

Drill Holes K-09-124 to K-09-128 Significant Analytical Results

Hole

From
(m)

To
(m)

Interval
(m)

Copper
%

Gold
g/t

Silver
g/t

Moly
%

Copper
Equiv. %

Gold
Equiv. g/t

Orientation
(dip/az)

K-124

126.6

228.0

101.4

0.05

0.03

0.2

0.033

0.30

0.51

Vertical

Incl. 189.9

196.0

6.2

0.05

0.32

0.0

0.372

2.79

4.78

259.5

502.0

242.5

0.41

0.05

2.1

0.018

0.58

1.00

Incl. 290.3

502.0

211.7

0.44

0.05

2.3

0.019

0.63

1.07

Incl. 423.5

463.0

39.6

0.65

0.07

3.1

0.028

0.92

1.57

K-125

71.8

122.2

50.4

0.23

0.05

1.3

0.005

0.31

0.53

-80º / 90º

Incl. 103.3

122.2

18.9

0.39

0.08

2.6

0.010

0.53

0.91

165.3

186.8

21.5

0.21

0.14

2.0

0.003

0.33

0.57

306.3

363.5

57.2

0.13

0.21

1.7

0.002

0.28

0.49

K-126

77.0

227.3

150.3

0.51

0.14

2.7

0.024

0.78

1.35

-70º / 90º

Incl. 86.2

101.3

15.1

0.78

0.25

1.9

0.025

1.12

1.92

And 121.4

146.1

24.7

0.58

0.25

2.7

0.044

1.06

1.81

And 189.8

197.2

7.5

1.42

0.12

9.0

0.009

1.65

2.82

K-127

64.7

121.3

56.6

0.33

0.09

2.2

0.030

0.61

1.07

-65º / 90º

Incl. 98.9

121.3

22.4

0.45

0.13

3.2

0.061

0.98

1.68

158.7

173.1

14.4

0.19

0.06

1.6

0.002

0.26

0.44

272.7

283.0

10.4

0.72

0.00

3.4

0.021

0.90

1.54

K-128

No significant values

Vertical

*Copper and Gold Equivalent calculations use metal prices of US$1.75/lb for copper, US$12/lb for molybdenum, US$700/oz for gold and US$12.50/oz for silver and both assume metallurgical recoveries and net smelter returns of 100%. Copper (Cu) EQ = Cu% + (Mo% x 12/1.75) + (Au g/t x 12.86/22.06) + (Ag g/t x 0.23/22.06). Gold (Au) EQ = Au g/t + (Cu % x 38.60/22.5) + (Mo% x 264.72/22.5) + (Ag g/t x 12.50/700).

Drill sections and a 3D model can be viewed at www.corebox.net or by following a link on the Company’s website at www.serengetiresources.com

“These new intercepts greatly increase the potential of the South Zone at Kwanika” stated Serengeti’s President & CEO, David Moore. “This drilling indicates that a near surface copper-molybdenum-gold-silver upper zone appears to increase in grade towards a west-bounding fault and is underlain, at least locally, by a significant lower copper-molybdenum-silver zone that remains open to depth. Follow-up drilling is planned in the current program to further test the significance of these zones” amplified Moore.

All of the holes reported on here were drilled testing extensions of the South Zone where prior drilling by Serengeti and by previous explorers has intersected mineralization along 1,800 meters of strike length. The average composite intercept of the fourteen holes drilled previously in the South Zone by Serengeti is 0.36% copper, 0.13 g/t gold, and 0.013% molybdenum over 82 meters. Four of the holes reported here were drilled along 375 meters of strike length on the west side of the South Zone; three of these intersected significant mineralization, with the fourth hole intersecting weaker mineralization. A fifth hole, K-128 was drilled off the north end of the zone and was not mineralized.

K-126: Intersected a 150.3 meter near surface interval grading 0.51% copper, 0.14 g/t gold, 2.7 g/t silver, 0.024% molybdenum (0.78% copper equivalent). This hole was drilled 200 meters west of prior hole K116 which intersected 0.39% copper, 0.10 g/t gold, 2.7 g/t silver, 0.013% molybdenum over 113.7 meters indicating continuity to the mineralized zone.

K-124: Collared 125 meters north of K-126 intersected what is interpreted to be a lower mineralized zone grading 0.44% copper, 0.05 g/t gold, 2.3 g/t silver, 0.019% molybdenum (0.63% copper equivalent) over 211.7 meter. This lower zone remains open at the bottom of the hole at 502 meters depth and is interpreted to be truncated to the west by a steep west-dipping fault. K-124 was subsequently deepened to a final depth of 642 meters and additional mineralization was observed in the hole to a depth of approximately 620 meters. Assays for this portion of the hole will be reported when available. An upper mineralized zone on this same section was intersected in previously reported hole K-110 and grades 0.27% copper, 0.26 g/t gold, 1.7 g/t silver and 0.007% molybdenum over 239.8 meters.

K-127, K-125: K-127 collared 125 meters north of K-124, intersected a 56.6 meter near surface interval grading 0.33% copper, 0.09 g/t gold, 2.2 g/t silver and 0.030% molybdenum (0.61% copper equivalent) including a 22.4 meter interval grading 0.45% copper, 0.13 g/t gold, 3.2 g/t silver and 0.061% molybdenum (0.98% copper equivalent) and indicates that the better grade zone remains open to the north. K-125 collared 110 m to the south of K-126, intersected several intervals of weaker mineralization and indicates that at least locally, the better grades encountered in K-126 diminish towards the south.

Elsewhere, drilling continues, testing regional targets at the south end of the Kwanika claim block after a break due to elevated forest fire risk. From here the drill will be moved to the Osilinka property, located 35 kilometers north of Kwanika. The planned drill program at Serengeti’s Croy Bloom project, funded by Newcrest Mining, has been deferred for this year due to First Nations’ access issues and the joint venture partner, Newcrest, has been granted an extension to allow time to resolve these issues.

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GGL Diamond Approves Name Change to GGL Resources Corp.

GGL Diamond Corp. (GGL) is pleased to announce the appointment of Mr. Wayne Spilsbury to the board of directors. Mr. Spilsbury received his B.Sc. (Honors Geology) in 1973 from the University of British Columbia and his M. Sc. (Honors Geology) in 1982 from Queens University in Ontario. He brings over 35 years experience in mineral exploration and management, including 28 years with Teck Cominco Limited and was their former General Manager, Exploration – Asia Pacific. Wayne has worked throughout Western Canada, the United States, Asia and Australia; he is a Member of the Association of Professional Engineers and Geoscientists of British Columbia and a Fellow of Australasian Institute of Mining and Metallurgy.

Returning directors are Graham Eacott, Nick DeMare, Raymond A. Hrkac and William Meyer. William Boden has stepped down from the board of directors to enable him to concentrate on other companies of which he is a founder. The Company thanks him for his most valuable contributions and we wish him well.

Based on the recommendation of the Board’s Compensation Committee, the directors approved the granting of 4,475,000 options at an exercise price of $0.10 per share exercisable until August 19, 2014. The options were granted to directors, officers, consultants and employees of the Company.

Shareholders voted in favor of the name change to GGL Resources Corp., the appointment of D+H Group LLP as auditors of the Company for the ensuing year, and approved the annual ratification of the Company’s 10% rolling stock option plan.

Private Placement

GGL has had an initial closing of its non-brokered private placement originally announced on July 17, 2009. A combination of flow-through units at a price of $0.06, (changed from $0.08), per unit and non-flow-through units at a price of $0.06 per unit will be sold. Each flow-through unit will consist of one flow-through common share and one half of one non-transferable non flow-through warrant. Each whole warrant will entitle the holder to purchase one non flow-through common share for one year from the closing date at $0.10 per share.

In the initial closing 1,776,000 non flow-through units at $0.06 per unit were placed for gross proceeds of $106,560. Each non flow-through unit consists of one non flow-through common share and one half of one non-transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one non flow-through common share until August 20, 2012 at $0.10 per share in the first year, $0.20 per share in the second year and $0.30 per share in the third year. The securities have a hold period until December 21, 2009.

If GGL’s common shares trade on the TSX Venture Exchange at a closing price greater than $0.50 per share for twenty consecutive trading days at any time after four months and one day from the closing date, GGL may accelerate the expiry of the warrants by giving notice to the holders thereof, and in such case the warrants will expire on the 30th day after the date on which such notice is given. GGL may pay a finder’s fee to eligible finders of purchasers of units. Such fees will be paid in non flow-through common shares.

The proceeds from the sale of the units will be used for exploration work on the PGB gold areas and the McConnell property, and for general corporate purposes. The proceeds from the sale of the flow-through shares will be used to incur Canadian Exploration Expense (“CEE”), as defined in the Income Tax Act (Canada). GGL will renounce such CEE to the subscribers effective for the 2009 tax year. Future closings of the private placement are subject to acceptance for filing by the TSX Venture Exchange. The private placement is open until September 9, 2009.

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GGL Resources – Extension and Change to Non-Brokered Private Placement to raise up to $1,400,000

GGL intends to extend by thirty days the financing to raise up to $1,400,000 by way of a non-brokered private placement. To date 1,776,000 non-flow-through units have been sold. A combination of flow-through units at a price of $0.06, (changed from $0.08), per unit and non-flowthrough units at a price of $0.06 per unit will be sold. Each flow-through unit will consist of one flow-through common share and one half of one non-transferable non flow-through warrant. Each whole warrant will entitle the holder to purchase one non flow-through common share for one year from the closing date at $0.10 per share.

Each non flow-through unit will consist of one non flow-through common share and one half of one nontransferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one non flow-through common share for three years from the closing date at $0.10 per share in the first year, $0.20 per share in the second year and $0.30 per share in the third year.

If GGL’s common shares trade on the TSX Venture Exchange at a closing price greater than $0.50 per share for twenty consecutive trading days at any time after four months and one day from the closing date, GGL may accelerate the expiry of the warrants by giving notice to the holders thereof, and in such case the warrants will expire on the 30th day after the date on which such notice is given. GGL may pay a finder’s fee to eligible finders of purchasers of units. Such fees will be paid in non flow-through common shares.

The proceeds from the sale of the units will be used for trenching, sampling and drilling of the PGB gold areas, exploration on the McConnell property, and for general corporate purposes. The proceeds from the sale of the flow-through shares will be used to incur Canadian Exploration Expense (“CEE”), as defined in the Income Tax Act (Canada). GGL will renounce such CEE to the subscribers effective for the 2009 tax year. The private placement is subject to acceptance for filing by the TSX Venture Exchange.

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