Goldfields Project
Saskatchewan has a colorful history of mining that goes all the way back to the 1930's. In 1939 Cominco (now Teck Cominco) established a presence in the Goldfields area of northern Saskatchewan when it commenced operations at its Box Mine located near Uranium City, Saskatchewan. Around about the same time, Athona Mines Ltd. had started development on its gold project some 2 kms away. With the onset of World War 2, attracting and retaining manpower became an issue and Cominco ceased operations at the Box Mine. Athona Mines Ltd. ceased operations shortly after as well. Following World War 2, Uranium was identified as a strategic commodity and the entire focus in northern Saskatchewan shifted from precious metal exploration/production to Uranium exploration/production. This remained the case right up until 1982 when low Uranium prices resulted in a halt to mining activities in the Uranium City District. In the late-1980's, Robert Kasner recognized the enormous potential of the Goldfields area for precious metals exploration/production and acquired the Box Mine property and the Athona property. Fast forward to the present where GLR Resources has now identified a proven and probable Gold reserve of 601,000 ounces, a measured & indicated resource of 151,000 ounces and an inferred resource of 111,000 ounces just on the Box deposit alone. Drilling continues to show that the Gold mineralization is open at depth. A final bankable feasibility study has been completed and project financing has been arranged through Investec Bank (U.K. Investec will be providing US$45 Million in project financing. The feasibility study was done at $525 Gold and shows extremely robust economics. At current Gold prices, the economics are very lucrative indeed. A 43-101 Resource calculation on the nearby Athona deposit property has shown a measured and indicated resource of 289,000 ounces Gold. A pre-feasibility study for this deposit is underway right now which will outline a proven and probable reserve. An Environmental Impact Study has been submitted to the Saskatchewan government and full permitting is anticipated very soon. The area around these two deposits also hosts numerous geological indications similar to what is evident at the Box and Athona deposits. GLR Resources is confident that this entire area has the potential to one day become recognized as a gold mining district. GLR Resources anticipates being in a position to commence Gold production on the Box deposit by early to mid 2009 thus making it Canada’s next producing Gold mining company.
Kirkland Lake Properties
The Kirkland Lake, Ontario region is Canada's second most prolific historical gold mining district with historical production of over 40 million ounces. GLR Resources is the 2nd largest land holder in the region. GLR's property claims consist of the Hurd McCauley property, the Kirkland West property and the former producing Omega Mine property. The Omega Mine property is situated 4 kms west of the former producing Kerr Addison Mine which produced 10 million ounces Gold in its lifetime. The Omega Mine itself produced 250,000 ounces Gold in its lifetime.
Thunder Bay District
GLR has a 50% interest in two properties in the Hemlo-Shebandowan greenstone belt located west of Thunder Bay, Ontario. Two drilling programs on the Goldie property have now identified a potential new non-outcropping deposit of gold mineralization. 2008 will see further drill testing on this property. The Stares-Calvert property hosts a considerable amount of glacial boulder debris exhibiting over 20% Zinc. 2008 could see a continuation of efforts to identify the in-situ base metal deposit that is the host of this glacial debris.
Casa Berardi, Quebec Proeprty
GLR holds a 100% ownership in 1040 acres of highly prospective property in north-west Quebec, east of the now producing Aurizon Mine (TSX:ARZ). Historic drilling on this property has returned some attractive results.