Grande Portage Resources Ltd. (the "Company") (TSXV: GPG) is pleased to announce that it has closed its previously announced non-brokered private placement financing. The Company raised gross proceeds of $250,250 through the sale of 5,005,000 Units. Each Unit will consist of one common share in the capital of the Company (each a "Common Share") and one share purchase warrant (a "Warrant"). Each whole Warrant will be exercisable at $0.075 to purchase an additional common share (each a "Warrant Share") for a period of 24 months following the Closing Date.
The Company paid a total of $4,550 in finder's fees and has issued 91,000 broker warrants associated with the closing. Proceeds from the Offering will be used for general working capital purposes. All securities issued in conjunction with the Offering are subject to a four-month statutory hold period in Canada, and completion of the Offering is subject to approval of the TSX Venture Exchange.
About Grande Portage Resources Ltd.
Grande Portage Resources Ltd. is a publicly traded mineral exploration company, principally focused on the Herbert Gold discovery situated approximately 25 km north of Juneau, Alaska. The Company holds a 65% equity interest in the property while its joint venture partner, Quaterra Resources Inc. (TSX-V: "QTA") holds the remaining 35% interest. Each party is responsible for its proportionate costs.
The Herbert Gold property has a NI#43-101 Report completed with an Indicated resource of 821,100 tonnes containing 182,400 oz of gold at 6.91 g/t. Inferred resource of 51,600 tonnes containing 12,800 oz of gold at 7.73 g/t. The system is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced nearly seven million ounces of gold through a total depth range of thousands of feet. Grande Portage conducted an initial drill program in the fall of 2010. The results from the drilling program confirm the identification of major elements of a complex mesothermal gold-quartz system with numerous targets. Subsequently, the Company has conducted follow up drill programs of with a total of 108 diamond drill holes from ten different platforms. The results have been most favorable with numerous multi-ounce gold assays returned.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
For further information please contact:
Mr. Ian Klassen
Phone: (604) 899-0106
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