Galore Resources Provides an Update ON Exploitation at the Duraznillo MINE
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 September 22, 2022
GALORE RESOURCES PROVIDES AN UPDATE ON EXPLOITATION AT THE
DURAZNILLO MINE
Vancouver, B.C., Galore Resources Inc. (TSX-V: GRI) (OTCQB: GALOF) (“Galore”) is
pleased to provide an update on the activities of the 100% Galore owned Duraznillo Mine and
mining contractor, Oztoc Metals Corporation (“Oztoc”).
Immediately following the execution of the Exploitation Agreement with Oztoc and the successful
removal of the former tenant, Oztoc’s team has been evaluating and remediating the Duraznillo
Mine site. Oztoc has gone through every piece of mechanical equipment that remained on location
and has invested significant capital in repairs and purchasing replacement equipment. After
conducting several processing trials, Oztoc determined that in order to achieve better production
levels, a new and much improved processing system needed to be installed. Oztoc has purchased
this equipment and is awaiting its arrival to begin operations, which should take place within the
next two to three months.
Jorge Alarcon, CEO of Oztoc, comments: “My goal as CEO is to make a real difference in a
business that has centuries of working with the same principals. Some people do not like change,
but you need to embrace change if the alternative is a disaster. Together with Galore Resources,
we have fou nd a new technology to improve efficiency , save water and prevent diesel
contamination. I am proud to announce that we have made an agreement to purchase high end
technological equipment that will make us better stewards of the environment and surpass the
current process of refining precious metals.”
President and CEO, Mike McMillan comments: “We are pleased to see Oztoc taking the time and
necessary steps needed to make this project a success. The rising price of diesel, its harmful effects
to the environment and the antiquated processing demand on water resources, led us to look for
other technologies to improve upon. We expect that this new equipment , which according to the
manufacture has a 92% recovery rate, will facilitate a sustainable future by substantially reducing
the costs of labor, electricity, and hydrocarbon fuels, while simultan eously increasing our ability
to process, extract, and bring to market more of the minerals that we find.”
During this waiting period for the new equipment Oztoc will be conducting additional tests on the
immediate area of interest, as well as expanding this testing to the new areas of interest that
previous geological data have shown to offer excellent potential.
Full production is also awaiting the finalization of the outstanding governmental permits. Oztoc is
responsible for maintaining all applicable permits and fees in accordance to the Exploitation
Agreement. The Company cautions readers that any production decision made by the Company
will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates
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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
economic and technical viability and as such, there may be involved increased uncertainty and
various technological and economic risks outlined in the “forward looking statement” below.
Duraznillo Mine site
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
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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
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,
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 Oztoc’s ability to finalization of the outstanding governmental permits , resume refining precious metals,
install updated equipment and bring the Duranzillo mine to full production, as well as 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. There are no
assurances that the Company will obtain the necessary permits for and successfully complete the proposed technical and feasibility
study of the Duraznillo mine site.
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 unk nown 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, labor issues,
and other risks in the mining industry as well as general business, economic, competitive, political and social uncertainties ,
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, ability to access
mineral properties, conduct due dilige nce 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. 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.