Brigus Gold and GLR
Resources Agree on Equipment Contract
Halifax, Nova
Scotia; and Kirkland Lake, Ontario � January 27, 2011� Brigus Gold Corp. (�Brigus�;
TSX: BRD; NYSE Amex: BRD) and GLR Resources Inc. (�GLR�; CNQX: GLE) jointly
announce that they have reached an agreement regarding the reimbursement by Brigus to GLR in connection with certain equipment
originally ordered by GLR. This equipment was related to Brigus� wholly owned Goldfields Project in Saskatchewan.
A predecessor company of Brigus had acquired the
Goldfields Project from GLR.
Pursuant to the agreement, Brigus will issue to GLR
1,396,134 common shares of Brigus valued at
CAN$2,443,235 based on a deemed price of CAN$1.75 per share and will make
cash payments aggregating US$60,000. The agreement is subject to
receipt of requisite regulatory approvals and discontinuance of the
outstanding legal action between Brigus and GLR.
Brigus intends to develop the Goldfields Project
into a producing gold mine within the current schedule as early as 2013,
pending a development decision by June 2011.
GLR is a Canadian-based junior mining and exploration company focused on
existing projects in Ontario and Quebec.
Brigus is a growing gold producer committed to
maximizing shareholder value through a strategy of efficient production,
targeted exploration and select acquisitions. The Company operates the
wholly owned Black Fox Mine in the Timmins gold district of Ontario,
Canada. The Black Fox Complex encompasses the Black Fox Mine and Mill,
and adjoining Grey Fox-Pike River property, all in the Township of Black
River-Matheson, Ontario, Canada. Brigus is also advancing the Goldfields Project located
near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In Mexico, Brigus
holds a 100% interest in the Ixhuatan Project
located in the state of Chiapas, and a 3% NSR interest in the Huizopa Project, an early stage, gold-silver
exploration project located in the state of Chihuahua. In the Dominican
Republic, Brigus Gold has a joint venture covering
three mineral exploration projects.
Contact
Information:
GLR Resources Inc.
Robert Kasner, President and Chief Executive
Officer
Phone: (705) 567-5351
Brigus Gold Corp.
Wendy Yang, Vice President of Investor Relations
Phone: 720-886-9656 Ext.
217
E-mail: ir@brigusgold.com
Website: www.brigusgold.com
Cautionary
and Forward-Looking Statements
This news release includes �Forward-Looking Statements� within
the meaning of certain securities legislation. All statements regarding
the timing and decision of development for the Goldfields Project are
forward-looking statements and estimates that involve various risks and
uncertainties. These statements are based on factors or assumptions
that were applied in drawing a conclusion or making a forecast, including
management�s best judgement based on current
conditions and expected future developments. 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 these forward-looking statements include environmental risks
and other factors disclosed under the heading �Risk Factors� in Brigus� and its predecessor companies� most recent annual
report on Form 10-K filed with the United States Securities and Exchange Commission
and elsewhere in Brigus� documents filed from time
to time with the Toronto Stock Exchange, the NYSE Amex, the United States
Securities and Exchange Commission, on SEDAR, and other regulatory
authorities. All forward-looking statements included in this news
release are based on information available to Brigus
on the date hereof. Brigus assumes no
obligation to update any forward-looking statements, except as required by
applicable securities laws.
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