Press Release – April 12 2012 – Re-Commencement of Drilling and Operational Update
GTA Resources and Mining Inc. announces re-commencement of drilling on Northshore and provides corporate update.
(Burlington, Ontario: April 12, 2012)
GTA Resources and Mining Inc. (“GTA”; TSXV: GTA) provides an operational update on its exploration activities at its Northshore Property and on its corporate activities.
Northshore Property, east of Thunder Bay, Ontario
GTA previously reported on March 12, 2012 that diamond drilling had re-commenced on the Northshore Property. Since that time, GTA was able to complete two drill holes in the Afric Zone in March, 2012 before drilling was suspended for spring break-up. With the property drying out, drilling has re-commenced on Northshore. Assay results from the first part of this exploration program should be available in the next two to three weeks.
It is anticipated that this phase of drilling will continue through mid to late May, 2012. Drilling is being targeted to further evaluate gold mineralization associated with the Audney, Caly and other vein systems which comprise the broader Afric Zone. This phase of exploration is fully funded.
Warrant Acceleration Update
GTA announced on March 15, 2012 that the “acceleration clause” in all outstanding warrants issued in 2010 and 2011 (the “Accelerated Warrants”) had been triggered. The Expiry Date for all outstanding Accelerated Warrants was fixed at 5:00 p.m. Ottawa time, on Friday, April 13, 2012 (the “Accelerated Warrant Expiry Date”). Should any Accelerated Warrants remain unexercised as of the Accelerated Warrant Expiry Date, such unexercised Accelerated Warrants shall then immediately expire. To date, all of the Accelerated Warrants save for roughly 230,000 have been exercised. As of today’s date there are 24,482,255 GTA common shares issued and outstanding.
Shareholder Rights Plan
GTA board of directors has approved a shareholder rights plan (“SRP”), to be placed before the shareholders for their consideration, and if thought appropriate, approval, at the next shareholder meeting. The SRP will enable the board to efficiently act in the best interests of GTA’s shareholders in the event of an unexpected third party corporate action. The adoption of the SRP will allow the board sufficient time to properly respond to such action, and would allow each
shareholder time to fully consider such event.
GTA is a publicly traded mineral exploration company focused on gold exploration in Canada, governed by an experienced and successful team consisting of management, directors, and technical advisors.
GTA currently has two gold projects, the Northshore Project, near Schreiber, Ontario, and the Auden Project near Hearst, Ontario. GTA has an option agreement with Balmoral Resources Ltd. (“BAR”) whereby GTA can earn up to a 70% interest in the Northshore Project. GTA owns a 100% interest in the Auden Project, which consists of 1,596 claim units, and covers virtually an entire greenstone belt.
For information relating to this Release, please contact:
Peter M. Clausi, CEO
This press release contains forward-looking statements and forward-looking information (collectively, “forward looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the timing of the receipt of assay and other lab results, the discovery and delineation of mineral deposits/resources/reserves, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are those which, by their nature, refer to future events. Although GTA believes such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that actual results may differ materially from those in forward-looking statements. All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company’s mineral properties. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States. 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 press release.