GGL Resources Corp. Announces Private Placement and Amendment of Option Terms at Gold Point Project, Nevada
GGL Resources Corp. Announces Private Placement and Amendment of Option Terms at Gold
Point Project, Nevada
Vancouver, BC – July 27, 2023 – GGL Resources Corp. (TSX-V: GGL) (“GGL” or the “Company”)
announces a non -brokered private placement offering ( the “Offering”) to consist of the sale of up to
18,000,000 common shares at a price of $0.05 per share, to raise gross proceeds of up to $900,000.
Insiders may participate in the private placement and finders’ fees or brokers’ commissions may be paid in
accordance with TSX Venture Exchange policies.
All securities issued as part of the Offering will be subject to a hold period in Canada of four months plus
one day from closing. The proceeds from the Offering, which is subject to TSX Venture Exchange
acceptance, will be used for exploration and development activities on the Company’s Nevada based
properties and for general working capital purposes.
The Company also announces that it has successfully negotiated amended terms for the agreement
concerning the LBD claims, the only portion of the Gold Point Project that is still subject to earn-in. Under
the original terms, GGL would have been required to make a $500,000 US cash payment t o the optionor
on or before July 31, 2024, to complete earn-in on these claims. The amendment extends the option period
by 3 years so that the total of $500,000 US can be paid incrementally with $100,000 due on or before July
31, 2024, another $100,000 on or before July 31, 2025, another $100,000 on or before July 31, 2026, and
the final $200,000 on or before July 31, 2027.
“Renegotiating the option terms for the LBD claims is important because it will allow GGL more time to
explore and develop mineraliza tion on two of the four past -producing mines at the Gold Point Project”,
states Doug Eaton, CEO of GGL. “Underground exploration and drilling from surface have produced
encouraging results within and along strike of the Orleans and Great Western mines, an d under the
renegotiated terms this work is planned to continue. The Company feels the Gold Point Project has
exceptional potential and plans to continue exploration along the extensive system of gold -rich veins and
at the newly discovered Le Champ porphyry target.”
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About GGL Resources Corp.
GGL is a seasoned, Canadian -based junior exploration company, focused on the exploration and
advancement of under evaluated mineral assets in politically stable, mining friendly jurisdictions. The
Company has optioned and wholly owned claims in the Gold Point district of the prolific Walker Lane
Trend, Nevada. The Gold Point claims cover several gold -silver veins, four of which host past producing
high-grade mines. The Company also owns promising diamond expl oration projects in Nunavut and the
Lac de Gras diamond district of the Northwest Territories. Lac de Gras is home to Canada’s first two
diamond mines, the world class Diavik and Ekati mines discovered in the 1990s. GGL also holds diamond
royalties on mineral leases near the Gahcho Kué diamond mine in the Northwest Territories and a 2% NSR
royalty on mineral production from the McConnell gold -copper property in the Kemess District of central
British Columbia.
ON BEHALF OF THE BOARD
“David Kelsch”
David Kelsch
President, COO and Director
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For further information concerning GGL Resources Corp. or its various exploration projects please visit
our website at www.gglresourcescorp.com or contact:
Investor Inquiries
Richard Drechsler
Corporate Communications
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
Corporate Information
Linda Knight
Corporate Secretary
Tel: (604) 688-0546
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
release.
Information contained in this news release contains forward -looking statements. These statements reflect
management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future
performance. Forward-looking statements are statements that are not historical facts and are generally,
but not always, identified by the words “evaluate”, “potential”, “likely”, “possible”, “cut-off grades” and
similar expressions, or that events or conditions “may”, “could” or “will” occur. GGL cautions that all
forward-looking statements are inherently uncertain, and that actual performance may be affected by a
number of material factors, many of which are beyond the control of GGL. Such factors include, among
other things: risks and uncertainties relating to exploration and development and the results thereof,
including the results of the recently completed drill program, the impact on future mineral resource
estimates, the potential for new discoveries, and the results of future metallurgical programs, as well as the
ability of GGL to obtain additional financing, the need to comply with environmental and governmental
regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other
risks and uncertainties, including those described in GGL’s financial statements available under the GGL
profile at www.sedar.com. Accordingly, actual and future events, conditions and results may differ
materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward -
looking information. Except as required unde r applicable securities legislation, GGL undertakes no
obligation to publicly update or revise forward-looking information.