Great Atlantic Resources to Acquire the Golden Promise Gold Property located in Central Newfoundland, Canada

Vancouver, British Columbia (FSCwire) - GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has entered into a letter of intent (the “LOI”) to acquire a 100% interest in the Golden Promise Gold Property, located in central Newfoundland through an option agreement (the “Transaction”).

The property hosts multiple gold-bearing quartz vein zones and zones of gold-bearing float boulders, some with reported high grade gold including up to 327.97 g/t Au over 0.40 meters in drill core and float samples of 335.9 g/t Au and 353.4 g/t Au. A National Instrument (NI) 43-101 compliant inferred resource of 921,000 tonnes at an average grade of 3.02 g/t Au (89,500 ounces contained gold) was reported in 2008 for the Jaclyn Main Zone. Gold recovery from a 2,241 tonne bulk sample collected in 2010 at the Jaclyn Main Zone was reported to average 4.47 g/t Au. The 2008 NI 43-101 Technical Report states the style of veining, mineralization, alteration, host rock and tectonism most closely resembles other turbidite-hosted (or slate belt) gold deposits throughout the world. The Property has been recently expanded to the current 300 mineral claims (7500 hectares) to cover geologically prospective ground including an area of reported high-grade gold-bearing float.

Gold-bearing quartz float boulders were first discovered during 2002 by local prospector, William Mercer in the central region of the property, during which a composite sample from 10 boulders was reported to assay approximately 30 g/t Au. Subsequent 2002 prospecting by Rubicon Mineral Corp. confirmed gold-bearing boulders in this central area with boulder samples reported to assay up to 353.4 g/t Au. This region is referred to as the Jaclyn Zone or Jaclyn Area and contains 6 zones containing gold bearing quartz veins (including the Jaclyn Main Zone). Visible gold was reported.

Exploration on the property since 2002 has involved Rubicon Minerals Corp., Placer-Dome (CLA) Ltd., Paragon Minerals Corp. and Crosshair Exploration & Mining Corp. including over 22,000 meters of diamond drilling (136 holes) and a bulk sample. Much of this work was conducted at the Jaclyn Main Zone, including trenching, 87 diamond drill holes and the bulk sample. The Jaclyn Main Zone has been traced for a strike length of approximately 800 meters (northeast to east striking) and locally to approximately 420 meters vertical depth. Reported drill hole intersections (core length) included:

• GP02-01:         16.57 g/t Au / 2.55m (interval includes 0.55m of lost core)

• GP02-05:         11.41 g/t Au / 2.20m

• GP02-09:         50.10 g/t Au / 0.60m

• GP02-12:         18.00 g/t Au / 0.85m

• GP02-13:         17.68 g/t Au / 2.30m

• GP02-14:         23.14 g/t Au / 0.90m

• GP02-21:         68.95 g/t Au / 0.40m

• GP06-52:         327.97 g/t Au / 0.40m (reported 5m from Main Zone in hanging wall)

• GP06-56:         39.56 g/t Au / 0.50m

• GP06-65:         55.03 g/t Au / 0.60m

• GP06-66:         21.87 g/t Au / 0.55m

• GP07-91:         43.83 g/t Au / 1.45m

• GP07-92:         10.41 g/t Au / 4.70m

• GP07-93:         20.89 g/t Au / 1.90m

• GP10-114:       69.06 g/t Au / 0.60m

A 2008 NI 43-101 Technical Report prepared for Crosshair Exploration & Mining Corp. included a resource estimate for the Jaclyn Main Zone. This estimate included drill holes prior to 2008 that penetrated the zone (68 holes). At a 1 g/t Au cutoff, an inferred resource of 921,000 tonnes averaging 3.02 g/t Au (89,500 contained ounces of gold) was reported. A bulk sample was collected in 2010 by Crosshair from a trench at the Jaclyn Main Zone. The trench was reported to be 170 meters long. The sample, reported to be 2,241 wet tonnes, was milled at the Nugget Pond Mill of Rambler Metals and Mining in Baie Verte. The average recovered gold grade for the bulk sample was reported to be 4.47 g/t Au. The average tails grade for the sample was reported to be 1.12 g/t Au. Crosshair reported a “back-calculated head grade of 5.59 g/t Au” for the bulk sample.  

The Jaclyn North Zone is reported approximately 250 meters north of the Jaclyn Main Zone. The northeast striking Jaclyn North Zone has been reportedly traced for approximately 450 meters and locally to a vertical depth of 175 meters (13 diamond drill holes).  The zone is reported to contain 3 quartz veined sub-zones.  Reported drill hole intersections include:

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• GP03-32:                               12.13 g/t Au / 0.35m & 12.30 g/t Au / 0.30m

• GP07-76 (Upper Sub-zone):  11.28 g/t Au / 0.30m

• GP06-51 (Middle Sub-zone): 5.24 g/t Au / 1.70

• GP06-47 (Lower Sub-zone):  15.23 g/t Au / 0.30m

The Jaclyn South Zone is reported approximately 300 meters south of the Jaclyn Main Zone. This zone is reported to strike slightly northeast, being tested by 4 diamond drill holes. The best reported drill hole intersection was in hole GP03-31 (44.59 g/t Au / 0.30 m).

The Jaclyn East Zone is located approximately 500 meters east of the Jaclyn Main Zone. At the Jaclyn East area, quartz float samples were reported to assay up to 45.5 g/t Au. A total of 18 diamond drill holes were completed at this zone. The best reported drill hole intersections included are:

• GP10-121:      19.92 g/t Au / 1.60m

• GP10-131:      8.90 g/t Au / 0.50m

The Jaclyn West Zone (or Christopher Zone) is reported to be approximately 400 m west-southwest of the Jaclyn South Zone. The Christopher Zone is reported to have a known strike length of 35 meters, being intersected during diamond drilling at a vertical depth of 28 metres. It is reported to be a 2 meter wide composite quartz vein zone. A grab sample of a vein subcrop was reported to assay 3.8 g/t Au. A grab sample of vein outcrop from a trench was reported to assay 1.96 g/t Au. Two diamond drill holes were completed in this zone intersecting the quartz veining but with insignificant amounts of gold.

Diamond drill hole GP04-41 intersected a quartz vein approximately 450 meters west-southwest of the Jaclyn North Zone. The vein was reported to be 1 meter wide. A 0.4 meter drill core sample was reported to assay 3.42 g/t Au. This is referred to as the GP04-41 Zone. A later hole (GP10-107) tested the down-dip extension of this vein and intersected quartz veins (best reported intersection being 2.40 g/t Au / 0.53m).

Gold-bearing quartz float are reported approximately 3.5 km northeast of the Jaclyn Area at the Justin’s Hope Float Occurrence. Float samples from this occurrence were reported to assay up to 335.9 g/t Au. Subsequent diamond drilling (2 holes) at this float occurrence intersected thick overburden and did not intersect mineralized veins.    

Gold-bearing quartz float are also reported further northeast in the northeast region of the property approximately 8.5 km northeast of the Jaclyn Main Zone. This zone of gold-bearing float is referred to as the Branden Float Occurrence. Reported float samples assays included 20.5, 22.6, 62.6, 72.1 and 80.0 g/t Au. Three subsequent trenches in this area did not reveal the source of the gold-bearing float. The Golden Promise Property was recently expanded to cover this area of float and adjacent ground.

The Shawn’s Shot vein is reported in the southwest region of the property, approximately 7.5 km southwest of the Jaclyn Main Zone. This quartz vein is reported to be 0.35 metres wide, striking slightly southeast in an outcrop along a river. Grab samples were reported to assay 14.0 - 100.5 g/t Au. Two diamond drill holes intersected quartz veins (up to 0.60 g/t Au / 0.30m). The Golden Promise Property was recently expanded to cover the ground between this occurrence and the Jaclyn Area and the area west of and east – southeast of this vein occurrence.

The Otter Brook vein is located in the southern region of the property, approximately 7.5 km south-southwest of the Jaclyn Area. The vein, described as quartz breccia vein is reported to be 5-20 cm wide, striking northeast. Grab samples from the vein were reported up to assay up to 3.2 g/t Au. The Golden Promise Property was recently expanded to include this vein occurrence.

Access is excellent with a paved provincial highway transecting the property. The property is near the town of Badger.

Christopher R. Anderson, President and CEO for Great Atlantic Resources, stated 

“ The previous 43-101 resource completed in 2008 does not include the new drilling completed in 2010 nor does it reflect the 2010 bulk sample that bumped the head grade to 5.5 g/ton Gold, (2200 Tons returned 313 oz Gold.) The blue sky potential on the several other gold bearing quartz veins in the district yet to be drilled and the Gold boulder trains yet to be followed up that are now included in the 7500 hectors that make up this land package, lead us to believe that this project the Golden Promise is the right project to add to Great Atlantics portfolio as we move forward into what we believe in a major Gold bull market. ” 

The Option will be exercisable by Great Atlantic making certain staged cash option payments and share option payments of common shares in the capital of Great Atlantic over a four year period equal to a total of CAD$500,000 cash and such number of common shares equal to CAD$500,000, the number of each such issuance to be determined in accordance with applicable corporate and securities laws and the policies of the TSX Venture Exchange (the “TSXV”). Great Atlantic will also be required to have completed approved exploration expenditures of CAD$500,000 on the Property by the fourth anniversary of the Option Agreement.

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Great Atlantic resources, has granted nine hundred thousand (900,000) stock options at an exercise price of five cents. The options are exercisable for five years and will be cancelled 30 days after cessation of acting as director, officer, employee or consultant of the Company.

Readers are warned that historical records referred to in this News Release have been examined but not verified by a qualified person. Further work is required to verify that historical assays referred to in this News Release are accurate.

The Transaction is subject to, among other things, the completion of due diligence, the executive of a mutually satisfactory definitive agreement and obtaining all necessary regulatory approvals. Further details about the Transaction will be provided in a comprehensive press release when the parties enter into a definitive agreement. 

David Martin, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the technical information contained in this News Release.

About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in Atlantic Canada. Great Atlantic is currently building the company utilizing a project generation model, with a focus on antimony, tungsten and gold.

On Behalf of the board of directors

“Lorne Mann”

This News Release may contain forward-looking statements including but not limited to the Transaction, comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, execution of the Option Agreement, the making of cash payments and share payments, obtaining TSX-V approval, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations.  Actual results may differ materially from those currently anticipated in such statements and Great Atlantic undertakes no obligation to update such statements, except as required by law. The reader is cautioned not to place undue reliance on any forward-looking information. There can be no assurance that the proposed Transaction will be completed or, if completed, will be successful.

Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including that: the current price of and demand for minerals being targeted by the Company will be sustained or will improve; the Company’s current exploration programs and objectives can be achieved; the Company will be able to obtain required exploration licences and other permits; general business and economic conditions will not change in a material adverse manner; financing will be available if and when needed on reasonable terms; the Company will not experience any material accident; and the Company will be able to identify and acquire additional mineral interests on reasonable terms or at all. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that resource exploration and development is a speculative business; that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; potential defects in title to the Company’s properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; potential inability to find suitable acquisition opportunities and/or complete the same; and other risks and uncertainties listed in the Company’s public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

Neither 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.

Great Atlantic Resource Corp

888 Dunsmuir Street - Suite 888,  Vancouver, B.C., V6C 3K4

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