GGL Resources Corp.: Rio Tinto Plans 2011 Diamond Exploration
February 07 2011 - 4:00AM
Marketwired
GGL Resources Corp. (TSX VENTURE: GGL) ("GGL") is pleased to report
that Rio Tinto Exploration Canada Inc. ("RIO") (formerly, Kennecott
Canada Exploration Inc.) has notified GGL that it is planning to
budget approximately $650,000 for diamond exploration on the CH
Project claims. The CH Project Area ("Property") is located some
250 kilometers north of Yellowknife in the Northwest Territories
(NT) of Canada. The Property lies within an area measuring 60 km
east-west by 80 km north-south, and begins 30 km west of the Diavik
Diamond Mine.
The 2011 programme will focus on geophysical targets located by
ground gravity surveys that were conducted last year and will
consist primarily of drilling of a number of these targets.
Kimberlite indicator mineral trains helped to focus the areas for
the 2010 ground gravity surveys. The drilling is expected to begin
this March/April.
In February 2009, GGL and RIO signed an Exploration and Option
Agreement which gave RIO the sole and exclusive right and option to
acquire, subject to Royalties, a 100% interest in the Property, by
incurring expenditures of $10,000,000 on or before December 31,
2016, of which $900,000 is a commitment to be spent on or before
December 31, 2011. This commitment will be exceeded with the
completion of the planned 2011 program. In order to exercise the
option RIO must provide GGL additional yearly payments beginning in
2013, to total $1,000,000 on or before December 31, 2016.
ABOUT GGL RESOURCES CORP.
GGL is a Canadian mineral exploration company that owns a large
land position covering a greenstone belt in the NT upon which GGL
has made new discoveries of gold, VMS, and nickel. Also in the NT
and in addition to the RIO Option, GGL has a diamond exploration
joint venture with De Beers Canada Inc. ("De Beers") adjoining the
Gahcho Kue diamond discovery owned by De Beers and Mountain
Province Diamonds Inc., and GGL has a 100% interest in other
diamond exploration claims and leases.
In British Columbia GGL owns the McConnell Creek Gold Property
located 20 km southeast of the Kemess South producing gold-copper
mine.
GGL RESOURCES CORP.
Raymond A. Hrkac, President & CEO
Forward-Looking Information: This news release contains
"forward-looking statements" and the cautions regarding such
statements apply.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: GGL Resources Corp. Raymond A. Hrkac President &
CEO 604.688.0546 or Toll Free 1.866.688.0546 604.608.9887 (FAX)
info@gglresourcescorp.com www.gglresourcescorp.com
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