GLR Resources Inc. Launches New Uranium Exploration Venture.KIRKLAND LAKE, Ontario Kirkland Lake is a town located in Timiskaming District in northeastern Ontario, Canada. The 2006 population, according to Statistics Canada, was 8,248. The lake nearby was named after Winnifred Kirkland, a secretary of the Ontario Department of Mines in Toronto. -- GLR GLR Great Lakes Region GLR Global Learning Resources, Inc (Fremont, CA) GLR Greater London Radio GLR Generalized Likelihood Ratio GLR Glare GLR Gaylord, Michigan (Airport Code) Resources Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :GLR) is pleased to announce the creation of a new uranium exploration subsidiary, Uranium City Uranium City, town, NW Sask., Canada, on Lake Athabasca near the Northwest Territories line. A large uranium-mining area from the 1950s, the closure of its mines in 1982 has led to economic collapse. Resources Inc. ("Uranium City") which will acquire GLR's uranium assets within its Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. property, that are believed to have positive uranium exploration potential. In exchange for the uranium assets, GLR will receive common shares of Uranium City. The completion of the transfer of these uranium projects by GLR to Uranium City is subject to Uranium City obtaining private placement financing. GLR may distribute all or part of its shareholdings in Uranium City to its shareholders in the future. The mining district of Uranium City, Saskatchewan Uranium City is a settlement in northwestern Saskatchewan, Canada. It is on the northern shores of Lake Athabasca near the border of the Northwest Territories. It is located at and 230 m above sea level. produced uranium for 32 years (1950-1982) from over 35 open pit and underground mining operations. GLR's uranium portfolio contains a number of past-producing uranium mines Uranium mining is presently carried out in more than 25 countries around the world. An estimated 100 or more uranium mines in different stages of development are reported. Major uranium mines are located in Canada, Australia and Kazakhstan that contribute more than half of world's uranium and advanced exploration targets. The suspension of mining operations in 1982 left a number of uranium projects discovered in the early 1980s largely untested and underexplored. Since 1998, GLR performed a combination of airborne geophysics, surficial sur·fi·cial adj. Of, relating to, or occurring on or near the surface of the earth. [surf(ace) + (superf)icial.] Adj. 1. geochemistry and sampling on its uranium properties. The compilation of these exploration results have been used to finalise drilling targets. GLR's NI 43-101 Technical Report on the Goldfields Property dated December 12, 2003 (the "Technical Report") (available at www.sedar.com) compiles the historical results for a number of the uranium properties to be acquired by Uranium City. The following are excerpts of relevant analytical results and reserves/resources taken from the Technical Report. GLR stresses that the following information is historical in nature and is not NI 43-101 compliant. It should be noted that the following reserves are not categorized in accordance with the requirements of NI 43-101. Fish Hook Bay Property (see pages 44 and 45 of the Technical Report for more detail) The 1957 historical reserves for the B-Zone was 100,000 tons of ore grading 0.22% U3O8 to the 73.152 metre (240 foot) level and was done at Black Bay Uranium Ltd. Below are some of the significant values from the following drill holes and trenches as indicated in the table below: Trench U (%) 46-JO-16 1.880 46-JO-53 0.200 46-JO-9 0.650 46-JO-43 0.950 45-LE-15 0.040 Nicholson Bay Uranium Mine (see pages p. 47 and 49 of the Technical Report for more detail) Chip sampling from trenches at the Nicholson Zone No. 2 during 1950 returned an average assay of 0.52% U 3O8 for an average width of 1.83 feet for a combined length of 1800 feet. The table below summarizes some of the results from the sampling program conducted by Saskatchewan Mining and Development Corporation at the Nicholson Property and compiled by Mason (1986): Sample U3O8 (%) 81 0.0590 51 0.0002 53 0.0030 54 0.1100 57 2.1300 67 0.1200 122 1.8000 Following the proposed sale of its uranium assets to Uranium City, GLR will remain a near term gold producer with its efforts continuing primarily on the Box/Athona gold mines. Mr. John Cook, P.Eng., a director of GLR, is the qualified person responsible for reviewing the contents of this news release and has verified the data using the available historical data contained in the Technical Report. Uranium City has engaged Northern Securities Inc. to act as its exclusive financial advisor in connection with the contemplated acquisition by Uranium City of GLR's uranium assets and as its exclusive agent in connection with subsequent financings. "GLR" is a Canadian Based Exploration Company with several gold, base metal and Platinum group The platinum group (alternatively, the platinum group metals or platinum metals) is a collective name sometimes used for six metallic elements clustered together in the periodic table. metal properties within its portfolio with the most advanced being the 100% owned Goldfields Project consisting of two open pittable gold deposits. The Company currently has 22.1 million shares issued and outstanding. (i)Disclaimer. certain matters discussed in this document may contain forward looking statements within the meaning of the Private Securities Litigation reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 GLR Resources Inc. (TSX:GRS GRS Graduate School (universities) GRS Great Red Spot (feature of Jupiter) GRS Gender Reassignment Surgery GRS Gamma Ray Spectrometer GRS Graduation Rate Survey GRS General Records Schedules ) |
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