GWR Update: Corporate Developments, Lac La Hache progress
LAC LA HACHE, BRITISH COLUMBIA - GWR Resources Inc. (the “Company” or “GWR”) (TSX Venture: GWQ) reports progress under a new, strategic corporate development plan. As reported May 30, 2011 (www.gwrresources.com/s/NewsReleases.asp) the plan incorporates broad changes to improve share value through enhanced operational control, transparency, accountability, and technical results. At GWR, our Management Plan entails timelines for our projects, setting out objectives, interim goals and systems to monitor progress. Our plan includes frequent publishing of updates detailing our activities and the exploration results.
Corporate Development Update
Building on several previously announced corporate changes, GWR is pleased to welcome two additions to our Corporate team. We are pleased that our exploration success and future potential have attracted these two highly skilled and experienced professionals.
Gregory McKelvey: Director and Technical Advisor
Mr. McKelvey (M.Sc. Geology) has more than forty-five years of international exploration experience in Latin America, Africa, and Europe for major mining companies including Kennecott, Cominco, Homestake, and Phelps Dodge. He currently is an Adjunct Faculty member at the University of Arizona in the International Center for Mining Health, Safety, and Environment and has worked for the US Geological Survey in Latin America. He has consulted for Lundin, Codelco, Phelps Dodge, Newmont Mining, Gerald Metals, and Quadra Mining. He serves on the Board of Directors for Rare Element Resources, Avrupa Minerals, Animas Resources and Redhawk Resources.
Greg has successfully led numerous innovative exploration efforts which have contributed to the discovery and identification of several major ore deposits: Sossego (Cu/Au) in Brazil; Sheep Creek (Zn, Cu, Co) in Montana; Spar Lake—Cabinet Mts. (Cu, Ag) in Montana; Sechura, (P2O5) in Peru; extensions of the Punta de Cobre (Cu/Au) deposits in Chile; extensions of ore at Chino (Cu) in New Mexico; the Codelco IOCG discovery in Brazil, and the recent new porphyry copper center at Sierra Gorda in Chile. As President and CEO of Animus Resources he is responsible for its strategic and tactical exploration plans.
Jag Sandhu: Manager, Corporate Development
Mr. Sandhu has extensive experience, providing Corporate Finance and Development services to publicly traded resource exploration and development Companies. He has been involved in raising multi-millions of dollars for resource exploration and development Companies. He will work closely with the management of GWR and introduce GWR to mining analysts, fund managers, senior investment managers, corporate finance agents and brokers throughout North America and Europe. Mr. Sandhu has held various senior level executive positions in number of Public Companies.
43-101 Compliant Interim Spout Resource Report
Our original expectation was to have a completed preliminary resource estimate (based on the winter 2010-2011 drilling) in our hands this summer. The unusually wet weather restricted access to the Spout zones, delaying the work of our consultants. We are now pleased to report that we have received a draft version of the report, describing portions of the Spout North and South Zones. GWR is pleased with the preliminary conclusions and is working with consultants at SRK to verify methods, assumptions and to confirm results, before releasing the information. We recognize the importance of timely release of the information and plan to do so as soon as possible. The results also provide guidance for our current in-fill and extension drilling of the Spout Zones, underway.
Spout high-grade copper-magnetite-gold-silver zones
The current Spout Zones drilling program commenced end of July and to date, 21 holes have been completed, testing mineralization lying beyond the limits of our winter 2010-2011 program, at shallow, open-pitable depths. Following recommendations of our consultants and advisors, the approach includes large step-outs, targeting lower amplitude ground magnetic values. We are pleased to report that targeting on the basis of our geophysics and geological model is producing predictable results, defining the boundaries of the near surface South Zone. We expected to report drill core assays for the first few holes in the program by now, but the recent acquisition of our assayers Ecotech Labs, by ALS Laboratory Group of Australia, has delayed the results. ALS has assured GWR that some of our assays are nearing completion and results will be ready sometime next week. We will release the new assays as soon as they have been compiled and verified by our technical team, supported with revised drill plans on our website.
“New” Peach Anomaly Exploration
The Peach magnetic anomaly located east of the Spout Zones appears similar in amplitude, but is much larger in areal extent, and has never been tested. GWR’s technical team anticipates proving additional and significant high-grade magnetite-related mineralization within the anomaly. Our geophysics and experience on the Spout Zones leads us to expect a strike exceeding 1600 meters. To pursue our comprehensive exploration/drilling plan in the Peach, we submitted an application for the required work permit several months ago, but have yet to receive approval from the Province to proceed. However, the related work permit is expected very soon, allowing us to proceed aggressively with a second drill rig in that area.
Equipment Purchases and Site Work
The Company has purchased new heavy equipment, operated by GWR staff, to support efficient exploration. These are used to provide access to drill sites, construction of the many drill pads required this year, for moving drill equipment, and important test-pitting/bedrock sampling which supports improved deposit evaluation and drill targeting. The equipment is also used for important, ongoing reclamation work.
Saint Sabine, Quebec Project
As explained during the recent Annual General Meeting held in 100 Mile, BC, the exploration plan for the Sainte Sabine Project was to analyze our data during the fall, then drill in the New Year. Since that time, we have analyzed the fully compiled results of all historical fieldwork, geophysical and geochemical data and have identified more than a dozen high probability drill targets. GWR now plans to start drilling late fall, ahead of schedule.
This news release may contain “forward-looking statements”. Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these “forward looking statements”.
GWR is an active mineral exploration company currently exploring for gold and base metals on two properties within Canada. The Lac La Hache copper-gold porphyry project hosts multiple zones containing commercial grades of gold, copper, silver and magnetite. The project is located in British Columbia’s prolific Quesnel Trough between producing mines at Imperial Metals’ Mt. Polley Copper-Gold Mine and New Gold Inc.’s New Afton Copper-Gold project (Teck-Cominco’s legendary Afton mine). The Lac La Hache project is well-served by rail, road and power infrastructure. The Sainte Sabine gold (+Ag, Zn, Cu) property is located within the Bellechasse Mineral Belt in southeastern Quebec, adjacent to known zones on Golden Hope Mines’ Bellechasse Project.
For further information, please contact:
John van Driesum, President/CEO
Telephone Number: 778-440-4472
Rob Shives, VP Exploration
Telephone Number: office 250-396-4978 / cell 613-882-1755
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.