Galore Regains Control of Los Gemelos MINE and Duranzillo Ranch Property
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 March 14, 2022
GALORE REGAINS CONTROL OF LOS GEMELOS MINE AND DURANZILLO
RANCH PROPERTY
Vancouver, B.C., Galore Resources Inc. (TSX-V: GRI) (OTCQB: GALOF) is excited to
announce that the Company has legally and safely regained possession and control of the
Duraznillo Ranch mining operation.
As previously announced in January, 2018, the Company had entered into a mining exploitation
agreement with Urbanizaciones y Acabados, S.A. de C.V., “URBYASA”, to implement a gold
mining operation on Galore’s 100% owned Duraznillo Ranch, which include d the mining
concessions named Los Gemelos I and Duende 7 (the “Mining Properties”) (the “Agreement”).
Mining activities commenced in October, 2018 with the installation of a gold processing plant
having an initial capacity of 90 tons per week.
(DURAZNILLO RANCH MINE SITE)
Due to a breach of the Agreement, in May, 2019 Galore formally requested that URBYASA vacate
the property and terminate the Agreement. URBYASA refused to abide by the Company’s request
and remained using the Duraznillo Ranch and operating the Mining Properties.
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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
The Company filed a demand with the Mexican Courts against URBYASA terminating the
Agreement and demanding the return of the Duraznillo Ranch and the Mining Properties.
On December 8, 2021, t he Mexican Courts officially granted Minerales Galore the judicial
resolution ordering URBYASA to return the possession of the Duraznillo Ranch and Mining
Properties. On March 8, 2022, i n conjunction with Minerales Galore’s attorneys and a
representative team, using the judicial resolution and joined by the Zacatecas State´s Public Force,
the Duraznillo Ranch and the Mining Properties were legally repossessed. The repossession was
peaceful and smooth. Mike McMillan, President and CEO of Galore, was on location and a part
of the team overseeing the repossession of the Duraznillo Ranch and Mining Properties.
Management is relieved to have this stressful process come to a close with such a positive and
peaceful conclusion. The Company’s geological team and representatives will immediately begin
assessing the mining operation to give Management strategy ideas for plans on moving forward.
Galore would like to thank all of its stockholders for their patience and understanding during this
long process. We recognize that little news was provided during this sensitive situation, but this
was done to protect our personnel in Mexico, to maintain a separation with URBYASA and act in
the best interest of Galore stockholders. We encourage you to watch for upcoming News Releases
as Galore has been in discussions with some quality mining company candidates regarding the
potential to continue mining operations at the Duraznillo Ranch and Mining Properties.
On Behalf of the Board, I am respectfully yours,
Michael McMillan
President and Chief Executive Office
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 Mexi co. 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,
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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
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, pr ojections and forecasts and are often, but not always, identified by the use of words such as "anticipate",
"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 expectations of
management regarding the Company’s ability to conduct a drill program at its Mexican mineral properties and the timing thereof,
the prospective deposits, targets and mineralization at the properties 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 explorat ion activities, unanticipated geologic formations,
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, ec onomic, competitive, political and social uncertainties,
uncertain and volatile equity and capital markets and lack of available capital. There are no assurances that the Company will obtain
the necessary permits for and successfully complete the proposed technical and drill program at San Jose and El Alamo as currently
contemplated or at all. 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, abili ty to access mineral properties, conduct due diligence or procure
equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All forward -looking
information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings
available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward -looking information.
The Company disclaims any intention or obligation to update or r evise any forward -looking information, whether as a result of
new information, future events or otherwise, except as required by law.