GLR Offer of Debt Financing
Market Wire, July, 2007
GLR Resources Inc. (TSX: GRS) (GLR) is pleased to announce that it has received a revised term sheet from Investec Bank of UK for debt financing of its Goldfields project in Northern Saskatchewan.
The revised term sheet provided pursuant to the mandate to arrange financing for the Goldfields project signed in 2006 consists of debt financing of up to 40MUS$ consisting of term and convertible loans to finance project construction and potential cost overruns. The financing is subject to documentation and due diligence review by Investec of the recently completed feasibility study (see press release of June 25, 2007) and acceptance by the board of GLR.
Commenting on the above, Bob Kasner, President and CEO, stated: "We are pleased by Investec's continuing commitment to the Goldfields project. Besides the debt-financing proposal they are also large shareholders of GLR. We look forward to working with Investec on the Goldfields Project." Commenting further, Bob said: "Under the direction of John Orr, COO, we have been progressing with the completion of the office bunkhouse and cafeteria. The cutting of the right of way along the old power line is also nearing completion. We expect to be ready for all out construction once the senior financing is in place."
About GLR
GLR is a Canadian-based junior mining and exploration company focusing on projects in North America and with existing projects in Ontario, Quebec and Saskatchewan. The most advanced project is the Goldfields Project, located near Uranium City in Northern Saskatchewan. The Goldfields project consists of two open-pitable Gold deposits -- The Box and The Athona -- containing a resource in excess of one million ounces Gold. GLR is focused on bringing the Goldfields project into production in late 2008. GLR trades on the TSX under the symbol GRS. More information is available online at: www.glrresources.com
John D. Orr, P.Eng. is the qualified person responsible for reviewing the contents of this press release.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contacts: Robert Kasner President & CEO T: 1 (705) 567-5351 E: Email Contact John Orr, P.Eng. C.O.O. T: 1 (416) 987-7188 E: Email Contact Malcolm Bucholtz V.P. Investor Relations T: 1 (306) 525-0852 E: Email Contact GLR RESOURCES INC. P.O. Box 546, 4 Al Wende Avenue Kirkland Lake, Ontario P2N 3J5 Tel: (705) 567-5351 Fax: (705) 567-5557 Email: Email Contact www.glrresources.com
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