GTA and Constance Lake First Nation Sign an Exploration Agreement to Explore the Auden Graphite Property
BURLINGTON, ONTARIO--(Marketwired - Oct 30, 2013) - GTA Resources and Mining Inc. (TSX VENTURE:GTA) is pleased to report that it has signed an exploration agreement with Constance Lake First Nation (CLFN) for the continued exploration on GTA's Auden Property in Northern Ontario. The Auden Property is located within CLFN traditional territory and the community of Constance Lake is located proximal to the 280 square kilometer claim block.
The exploration agreement allows for compensation to CLFN for cultural and environmental impacts and includes the issuance of 100,000 GTA common shares on signing and the issuance of 200,000 common share purchase warrants on the first to the third anniversary dates (subject to regulatory approval). The agreement also allows for local work opportunities and business ventures, and for continued consultation on land use issues.
Commented Constance Lake First Nation, "We are pleased to move forward with GTA Resources on developing the Auden Property, which is located in the Heartland of Constance Lake First Nation's Ancestral Land. GTA has shown a commitment to work with our community while demonstrating respect of our people, lands and way of life. We expect this to become the start of a new and much more mutually beneficial relationship with GTA in the coming months."
The 100% owned Auden Property is located adjacent to Zenyatta Ventures Ltd.'s Albany graphite project in Northern Ontario. GTA is the largest land holder in this emerging graphite district with a total of 1748 contiguous claim units (approximately 28,000 hectares). GTA has owned the Auden Property since 2010, prior to the Zenyatta graphite discovery. The Property was originally acquired for its gold, base metal and PGM potential; however, other than the airborne geophysics described below, there has been no field work carried out since acquisition.
Two airborne surveys have been flown on the Auden Property. GTA's interpretation of the 2008 central claim block (EM and Magnetic) survey has identified 12 priority targets for follow-up. All of these targets are highly conductive and could be due to the presence of graphite (graphite has highly conductive properties). None of these conductive targets have been previously drill tested. In 2013 GTA completed airborne geophysics (electro-magnetics and magnetics) on the remaining Auden claims (east and west blocks) and additional conductive zone targets have been identified for follow-up (GTA press release of October 2, 2013). This follow-up is scheduled to begin in early November and drill testing of priority targets to be initiated before year-end.
Robert Duess, P. Geo, VP Exploration for GTA and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervised the preparation of the information forming the basis for this release.
About GTA
GTA is a well funded publicly traded mineral exploration company. It is led by an experienced and successful management team with its primary focus on gold exploration in Canada. GTA currently has three exploration projects in its portfolio. Its flagship project, the Northshore Property, located near Schreiber, Ontario, is subject to an option agreement with Balmoral Resources Ltd. ("TSXV:BAR") whereby GTA can earn up to a 70% interest. Secondly, GTA recently completed an option agreement with Metals Creek Resources Corp. ("MEK") to earn up to a 70% interest in the Squid East Property in the White Gold District, Yukon. The third project, the 100% owned Auden Property, is located near Hearst, Ontario and consists of 1748 claim units covering virtually an entire greenstone belt and hosting a number of graphite, gold, base metal and PGE targets.
GTA has 26,731,855 shares outstanding of which insiders control approximately 30% of the outstanding shares. The Company's shares trade on the TSX Venture Exchange under the symbol "GTA."
On behalf of the board of directors
GTA Resources and Mining Inc.
Wayne Reid, President and CEO
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 press release.
This press release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, 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. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company's expectations include those related to weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of the Company's projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company's ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company's ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company's ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company's mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.