Brigus Gold and GLR Resources Agree on Equipment Contract
Brigus Gold Corp. ('Brigus?) (TSX: BRD) (NYSE Amex: BRD) and GLR
Resources Inc. ('GLR?) (CNQX: GLE) jointly announce that they have
reached an agreement regarding the reimbursement by Brigus to GLR in
connection with certain equipment originally ordered by GLR. This
equipment was related to Brigus′ wholly owned Goldfields Project in
Saskatchewan. A predecessor company of Brigus had acquired the
Goldfields Project from GLR.
Pursuant to the agreement, Brigus will issue to GLR 1,396,134 common
shares of Brigus valued at CAN$2,443,235 based on a deemed price of
CAN$1.75 per share and will make cash payments aggregating US$60,000.
The agreement is subject to receipt of requisite regulatory approvals
and discontinuance of the outstanding legal action between Brigus and
GLR.
Brigus intends to develop the Goldfields Project into a producing gold
mine within the current schedule as early as 2013, pending a development
decision by June 2011.
GLR is a Canadian?based junior mining and exploration company focused on
existing projects in Ontario and Quebec.
Brigus is a growing gold producer committed to maximizing shareholder
value through a strategy of efficient production, targeted exploration
and select acquisitions. The Company operates the wholly owned Black Fox
Mine in the Timmins gold district of Ontario, Canada. The Black Fox
Complex encompasses the Black Fox Mine and Mill, and adjoining Grey
Fox-Pike River property, all in the Township of Black River-Matheson,
Ontario, Canada. Brigus is also advancing the Goldfields Project located
near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona
gold deposits. In Mexico, Brigus holds a 100% interest in the Ixhuatan
Project located in the state of Chiapas, and a 3% NSR interest in the
Huizopa Project, an early stage, gold-silver exploration project located
in the state of Chihuahua. In the Dominican Republic, Brigus Gold has a
joint venture covering three mineral exploration projects.
Cautionary and Forward-Looking Statements
This news release includes 'Forward-Looking Statements? within the
meaning of certain securities legislation. All statements regarding the
timing and decision of development for the Goldfields Project are
forward-looking statements and estimates that involve various risks and
uncertainties. These statements are based on factors or assumptions that
were applied in drawing a conclusion or making a forecast, including
management′s best judgement based on current conditions and expected
future developments. 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. Important factors
that could cause actual results to differ materially from these
forward-looking statements include environmental risks and other factors
disclosed under the heading 'Risk Factors? in Brigus′ and its
predecessor companies′ most recent annual report on Form 10-K filed with
the United States Securities and Exchange Commission and elsewhere in
Brigus′ documents filed from time to time with the Toronto Stock
Exchange, the NYSE Amex, the United States Securities and Exchange
Commission, on SEDAR, and other regulatory authorities. All
forward-looking statements included in this news release are based on
information available to Brigus on the date hereof. Brigus assumes no
obligation to update any forward-looking statements, except as required
by applicable securities laws.
GLR Resources Inc.
Robert Kasner, President and Chief
Executive Officer
Phone: 705-567-5351
or
Brigus Gold
Corp.
Wendy Yang, Vice President of Investor Relations
Phone:
720-886-9656 Ext. 217
E-mail: ir@brigusgold.com
Website:
www.brigusgold.com