GOLDFIELDS RESOURCE 976,000 OUNCES
GOLD
February 27,
2007
GKF:Frankfurt/TSX:GLR
For
immediate release
In a press
release dated May 26, 2006 GLR Resources Inc. (GLR) released mineral resource
figures as received from Wardrop Engineering Inc for the Box Gold deposit
portion of its Goldfields Project. GLR is now pleased to announce that National
Instrument (NI) 43-101 compliant Mineral Resource data for the Athona deposit
within the Goldfields Project has been received from Wardrop Engineering Inc.
Athona is approximately 2km from the Box deposit.
The
combined Measured and Indicated resource of the Box and Athona pit areas at a
0.5g/t cut off is 976,000 ounces. The Inferred resource is 141,800 ounces. The
Measured and Indicated resource is contained in 19,239,400 tonnes of
mineralization and the Inferred resource is contained in 3,482,400 tonnes of
mineralization.
|
|
Au |
Tonnage |
Au |
Contained
Metal (Gold) |
DEPOSIT |
CATEGORY |
Cut-off |
000's
tonnes |
g/t |
kg |
000's
oz |
Box |
Measured |
>
0.5 |
1,584 |
2.15 |
3405.6 |
110 |
|
Indicated |
>
0.5 |
10,619 |
1.69 |
17,946.1 |
577 |
|
Inferred |
>
0.5 |
2,076 |
1.38 |
2864.9 |
92 |
(Box: May 26,
2006
press release) |
|
|
|
|
|
Athona |
Indicated |
>
3.0 |
371.4 |
4.08 |
1514.2 |
48.7 |
|
|
>
2.5 |
1033.2 |
3.00 |
3104.4 |
99.8 |
|
|
>
2.0 |
1870.7 |
2.43 |
4549.1 |
146.3 |
|
|
>
1.0 |
3399.8 |
1.89 |
6417.3 |
206.3 |
|
|
>
0.5 |
7036.4 |
1.28 |
8994.5 |
289.2 |
|
|
|
|
|
|
|
Athona |
Inferred |
>
3.0 |
50.3 |
4.45 |
223.8 |
7.2 |
|
|
>
2.5 |
88.8 |
3.46 |
307.8 |
9.9 |
|
|
>
2.0 |
213.7 |
2.44 |
522.5 |
16.8 |
|
|
>
1.0 |
558.6 |
1.69 |
943.9 |
30.3 |
|
|
>
0.5 |
1406.4 |
1.10 |
1548.8 |
49.8 |
(Athona: this press
release) |
The
resource estimate for Athona was prepared using Gemcom Software GEMS 6.04 while
the resource estimate for Box was prepared using MineSight 3.50-00. Tim Maunula P.Geo. of Wardrop is the
Qualified Person responsible for its preparation.
Commenting
on this announcement Bob Kasner President and CEO of GLR noted �I am pleased
that we have finally completed all the work to bring the Box and Athona resource
to NI 43-101 standards. We can now move this project forward with confidence.
Both deposits are open at depth and I feel that with more drilling, these
resources could be significantly increased�.
John Orr,
P. Eng., is the qualified person responsible for reviewing the contents of this
news release.
Forward looking statements:
This news release contains certain forward-looking
statements. These forward-looking statements are subject to a variety of risks
and uncertainties beyond GLR's ability to control or predict, which could cause
actual events or results to differ materially from those anticipated in such
forward-looking statements. Although GLR believes that the assumptions inherent
in the forward- looking statements are reasonable, undue reliance should not be
placed on these forward-looking statements.
About
GLR Resources:
GLR is a Canadian based junior mining and exploration company with projects in Ontario, Quebec and Saskatchewan.
The most advanced asset is the Goldfields Project, which is located near Uranium City in Northern Saskatchewan. The Goldfields Project consists of two open pittable gold deposits, the Box and the Athona. The Box and Athona Gold deposits are past producing mines and are currently moving towards production status. An existing feasibility study is being updated to NI43-101 compliance.
�GLR�
is a Canadian Based Exploration Company with several gold, base metal and
Platinum group metal properties within its portfolio with the most advanced
being the 100% owned Goldfields Project consisting of two open pittable gold
deposits. Please visit our
website for details on all the Company�s properties and
activities
*Disclaimer. certain matters discussed in
this document may contain forward looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995
For
further information please contact:
______________________________________________________________________________________
Robert
J. Kasner,
President & CEO
Malcom Bucholtz, Investor Relations
GLR
Resources Inc.
GLR Resources Inc.
Phone:
(705) 567-5351
Phone: (306) 539-2921
Fax: (705) 567-5557
E-Mail:
saskmining@hotmail.com
E-Mail: kasner1@ntl.aibn.com
Website:
www.glrresources.com
John
Orr, Chief Operating
Officer
Cell
416-725-6812