Galore Announces Shareholder Loan and an Update ON the Duraznillo Project
GRI: TSX-V
GALOF: OTCQB
Mailing Address: 2701 Little Elm Parkway, Suite 100 #512 | Little Elm, Texas, USA | 75068
Tel: (210) 860-9212 | Fax: (604) 648-8894 | www.galoreresources.com
FOR IMMEDIATE RELEASE April 23, 2024
GALORE ANNOUNCES SHAREHOLDER LOAN
AND AN UPDATE ON THE DURAZNILLO PROJECT
Vancouver, BC: Galore Resources Inc. (TSX-V: GRI) (“Galore” or the “Company”) announces
that it has entered into loan agreements with two dedicated arm’s length shareholders of Galore
(the “Lenders”). The Lenders have provided the Company with a n aggregate cash loan of USD
$47,000 (the “Loans”). The Loans shall bear an interest rate of 10% per annum, due for repayment
on April 12 , 202 5. The funds will be used to advance exploration efforts at the Company’s
Duraznillo Project and for operating expenses.
As consideration for providing the Loans, the Company has agreed to issue to the Lenders a bonus
of an aggregate 258,989 common shar es (“Bonus Shares”), with a deemed value of $0.05 per
share, subject to TSX Venture Exchange acceptance. The Bonus Shares to be issued will be subject
to a hold period under applicable securities laws, which hold period will expire four months plus
one day from the date of issuance.
On April 11, 2022, Galore announced that it had entered into an Exploitation Agreement with
Oztoc Metal Corporation S. de R.L. de C.V. (“Oztoc”), through it’s wholly owned subsidiary ,
Minerales Galore S.A. De CV. (“Minerales Galore”) on the Duraznillo project. As disclosed in
the Company’s July 14, 2023 news release, Galore and Oztoc had been in discussions regarding
termination of the Agreement due to Oztoc’s inability to live up to its responsibilities set out under
the Agreement. Galore has now sent a notarized Termination Not ice to Oztoc and will
immediately proceed with the abandonment of the Exploitation Agreement’s registration
procedure with the Public Registry of Mines in Mexico. Galore will manage all mining activities
going forward at the Duraznillo project.
The Company further announces that in order to conserve funds and reduce Company debt, the
interest rate payable on all personal loans from the Company’s CEO and loans from arm’s length
lendors will be reduced from 10% to 8% per annum , except for t he Loans recently received, as
announced above.
Continue to watch for upcoming news on our progress as we seek partners and financing to begin
an active and extensive drill program in the very near future on Galore’s identified mineral targets.
ON BEHALF OF THE BOARD
“Michael McMillan”
President & CEO
P a g e | 2
Mailing Address: 2701 Little Elm Parkway, Suite 100 #512 | Little Elm, Texas, USA | 75068
Tel: (210) 860-9212 | Fax: (604) 648-8894 | www.galoreresources.com
For Further Information about Galore Resources,
Please visit the Company's website at www.galoreresources.com or contact the Company's Chief
Financial Officer and Vice -President of Corporate Communications, Drew McMillan, by
telephone (210-325-7971) or e-mail ([email protected]).
About Galore Resources
Galore Resources is a mineral exploration and development company whose focus is to make and
develop significant mineral discoveries, which are supported by a sustainable business model. Our
goal is to discover a world -class gold deposit in Mexico. Our flagship project is located in the
heart of the Concepcion del Oro Mining District, the Dos Santos Project, which covers two known
historic gold zones , is on trend with Newmont’s Penasquito Mine, and based on past drilling,
trenching, and an airborne geophysical survey, has the potential to host several bulk tonnage gold
deposits.
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 .
CAUTIONARY STATEMENT REGARDING FORWARD -LOOKING INFORMATION: This news release includes “forward -
looking statements” and “forward -looking information” within the meaning of Canadian securities legislation. All statements
included in this news release, other than statements of historical fact, are forward-looking statements. Forward-looking statements
include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticip ate",
"believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may",
"will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements in this news release include, but are not limited to, statements with respect to the receipt of TSX
Venture Exchange acceptance of the Loan and issuance of the Bonus Shares, the Company’s receipt of the assays and quality of
results from those assays,. In addition, the Company’s ability to raise funds necessary to continue to conduct further drill programs
at its Mexican mineral properties and the timing thereof, the prospective deposits, targets and mineralization at the propert ies and
the anticipated receipt and timing of necessary governmental or third-party approvals and permits.
Such forward-looking information reflects management’s current beliefs and is based on a number of estimates and assumptions
made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed
or implied by such forward-looking information. Readers are cautioned that such forward-looking information is neither a promise
nor guarantee, and is subject to known and unknown risks and uncertainties including, but not limited to, delays in obtaining
governmental or third party approvals and permits, actual results of exploration activities, unanticipated geologic formation s,
structures and characteristics, environmental risks, future prices of base and other metals, operating risks, accidents, labo r issues,
and other risks in the mining industry as well as general business, economic, competitive, political and social uncerta inties,
uncertain and volatile equity and capital markets and lack of available capital. In addition, there is uncertainty about the spread of
COVID-19 and variants of concern and the impact they will have on the Company’s operations, supply chains, abilit y to access
mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all a nd
economic activity in general. All forward -looking information contained in this news release is qualified by these c autionary
statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. For OTCQB quotes and filings,
please visit www.otcmarkets.com. Accordingly, readers should not place undue reliance on forward -looking information. The
Company disclaims any intention or obligation to update or revise any forward -looking information, whether as a result of new
information, future events or otherwise, except as required by law.