Clarification to: Galore Enters Agreement to Begin Mining Los Gemelos
FOR IMMEDIATE RELEASE January 19, 2018
CLARIFICATION TO:
GALORE ENTERS AGREEMENT TO BEGIN MINING LOS GEMELOS
Vancouver, BC: Galore Resources Inc. (TSX -V: GRI) (the “Company”) At the request of the
Investment Industry Regulatory Organization of Canada (IIROC), the Company wishes to clarify certain
disclosures in its’ January 17, 2018 News Release. With respect to the announcement that it has entered
into a 5-year contract with URBYASA” to extract available gold at Galore’s 100% owned Duraznillo
Ranch, which includes the Los Ge melos and Duende 7 claims. This decision to proceed with
URBYASA is not based on a feasib ility study of mineral reserves demonstrating the economic or
technical feasibility of the project. There are known risks to such projects but the risk s lie with
URBYASA. URBYASA has reviewed the available data on Los Gemelos and has taken ind ependent
sampling. URBYASA has been independently mining for over 15 years in Mexico and has experience
mining in the Conception Del Oro mining district . URBYASA has other active mines that are located
in Nuevo Leon and Colima Mexico.
URBYASA will install a gold processing plant with an initial capacity of 90 tons per week. They will
also install a new water well, improve utilities to the property, improve road access and install a new
entrance to the property. URBYASA will carry all necessary insurance needed for damages or loss of
any kind and will be responsible for all permits, fees, duties, taxes and insurance associated with the
Mining Law and other federal, state and local l aws. They will carry out the extraction of mineralized
material and sale of any concentrated gold on a monthly basis, with any proceeds, net of costs , as
reported by URBYASA, being allocated forty percent (40%) to Galore and six ty percent (60%) to
URBYASA. This arrangement applies to any material that is processed at the Duraznillo plant that is
mined from other properties owned by URBYASA. Galore will retain the rights on all other minerals
extracted at the Galore claims and the re is a 100 -meter depth limitation on production. Full plant
operation is to be commenced within the next 90 days. The contract will terminate if URBYASA fails
to commence production in 90 days.
The contract with URBYSA, Urbanizaciones Y Acabados S.A. De CV, is with the Company’s wholly
owned subsidiary, Minerales Galore S.A. De CV.
ON BEHALF OF THE BOARD
“Michael McMillan”
President and CEO
To find out more about Galore Resources (TSX.V:GRI) please contact:
Mike McMillan at (210) 860-9212 (USA)
Please visit our website at www.galoreresources.com or contact us at [email protected].
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Tel: (210) 860-921| Fax: (604) 648-8894 / www.galoreresources.com
Cautionary Statement
This document contains “forward -looking stateme nts” within the meaning of applicable Canadian securities
regulations. All statements other than statements of historical fact herein, including, without limitation,
statements regarding exploration plans and other future plans and objectives, are forward -looking statements that
involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate
and future events and actual results could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from our expectations as well as a comprehensive list
of risk factors are disclosed in the Company’s documents filed from time to time via SEDAR with the Canadian
regulatory agencies to whose poli cies we are bound. Forward-looking statements are based on the estimates and
opinions of management on the date the statements are made, and we do not undertake any obligation to update
forward-looking statements should conditions or our estimates change, other than as required by law and readers
are further advised not to place undue reliance on forward-looking statements.
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.