VANCOUVER, BC, October 17, 2018 --Grande Portage Resources Ltd. (TSX-V: "GPG"); (OTCQB: "GPTRF"); (Frankfurt: "GPB"); ("Grande Portage" or the "Company") was made aware of and requested by OTC Markets Group Inc. ("OTC Markets") to comment on recent trading and promotional activity related to the Company's common shares.
Grande Portage's common shares trade on the TSX Venture Exchange in Canada, its principal trading market (the "TSXV"), and began quotation in the United States on the OTCQB on July 2, 2018. Grande Portage has complied with its reporting requirements in Canada and disclosure requirements of the OTCQB, including press releases and updates on the status of its business and operations at the Herbert Gold Property. In mid-September 2018, the Company engaged and announced via news release (October 4, 2018) that it had retained four independent media companies to assist with enhancing market awareness. These included Stockhouse Publishing Ltd., Howe Street Media, Rocks to Riches and Winning Media LLC. The Company did not engage any third-party investor relations firm.
In early to mid-October, various independent third-party editorial summaries were published which recommended Grande Portage and highlighted its summer work program in Alaska. The Company believes these summaries, in addition to Company's recent news releases, led to increased interest and trading activity. The Company believes that there is a correlation between the timing of the editorial articles and increased trading activity of Grande Portage's common shares on the OTCQB. Grande Portage became aware of the articles after being published in early to mid October. Each media company is an independent third-party and is not affiliated with Grande Portage beyond the previously disclosed awareness campaigns.
In early October 2018, the various media companies commenced online media campaigns that were developed from written materials containing information from Grande Portage's public filings. These activities include the creation of website landing pages, links to landing pages, audio commercials, internet radio, directed editorials, news blasts, news spotlights and banner ads. These were prepared using materials from Grande Portage's public filings including its 2018 NI 43-101 technical report and previous news releases. In addition, Grande Portage's Chief Executive Officer responded to interview requests in early October 2018, as part of ordinary course investor relations and to provide updates. Grande Portage's review of any editorial summaries was limited to confirmation of factual matters based upon its current and past drill programs.
After inquiry, Grande Portage has confirmed that its officers, directors and third-party service providers have not, directly or indirectly, authorized or been involved in any way (including payment to a third-party) with the creation or distribution of promotional materials regarding Grande Portage or its securities, outside of those produced by Stockhouse Publishing Ltd., Howe Street Media, Rocks to Riches and Winning Media LLC.
OTC Markets requested that Grande Portage disclose, after inquiry, whether the Company or any officer, director, controlling shareholder (defined as owning 10% or more of the outstanding stock), or any third-party service providers have sold or purchased Grande Portage's securities during the past 90 days.
As disclosed in the Company's press release dated September 25, 2018, the Company granted options exercisable into common shares of Grande Portage at C$0.22, above the closing price on the TSX Venture Exchange ("TSXV") September 25, 2018, which was also the date of grant.
The Company confirms, as was reported on SEDI, that one director sold common shares of the Company within the past 90 days (during August 2018) and one director purchased Company common shares and warrants in the Company's recent short-form prospectus offering in Canada. After inquiry, the Company is not aware of any other sale or purchase of Company securities by any director or officer or by a controlling shareholder.
After inquiry, to the best of Grande Portage's knowledge, none of Grande Portage's third-party service providers have sold or purchased Grande Portage's securities within the past 90 days.
In accordance with TSXV policies, Grande Portage has not issued shares or convertible instruments allowing conversion to equity securities at prices constituting a discount to the current market rate at the time of the issuance.
Grande Portage encourages those interested in the Company to rely solely on information included in its press releases combined with its filings and disclosures made with OTC Markets and with Canadian securities authorities on SEDAR (www.sedar.com).
Grande Portage routinely responds to inquiries from shareholders, potential investors and investment analysts and prepares its own investor relations materials. As such, the Company urges its shareholders and interested parties to review Grande Portage's website and its filings on SEDAR.
About Grande Portage:
Grande Portage Resources Ltd. is a Tier 2 publicly traded mineral exploration company principally focused on the Herbert Gold Property situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% leasehold interest in the Herbert Gold Property, subject to a 5% NSR in favour of the underlying property owners. The Herbert Gold Property has an amended and restated NI 43-101 technical report dated July 12, 2018, effective May 28, 2018, completed with an uncut Indicated Mineral Resource of 1,107,000 tonnes containing 257,950 oz of gold at 7.25 g/t and uncut Inferred Mineral Resources of 423,200 tonnes containing 82,200 oz of gold at 6.04g/t, each at a 2.5 gpt cut-off. 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. The results from the Company's drilling programs confirm the identification of major elements of a complex mesothermal gold-quartz system with numerous targets.
On Behalf of the Board
Ian M. Klassen
President & Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE