Mining’s old guard needs strong medicine
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VANCOUVER, BRITISH COLUMBIA–(Marketwire – Nov. 4, 2011) – Galore Resources Inc. (TSX VENTURE:GRI) announces a non-brokered private placement of up to 730,333 flow-through shares at $0.15 per share with an overallotment option of an additional 15%. Proceeds of the financing will be used to carry out an airborne survey on the Company’s Taseko property in southwestern British Columbia. The Company has contracted Geotech Ltd. of Aurora, Ontario to complete a 920-line-kilometre ZTEM airborne survey over key exploration targets on its Taseko property.
Geotech Ltd.’s ZTEM system relies upon the naturally occurring electromagnetic fields as the source electromagnetic field. The airborne sensor measures the low-frequency response to this source field and through data processing, maps the resistive highs and lows to depths greater than one kilometer.
No commissions or compensation options will be paid in respect to the offering and, if the entire offering is subscribed, the Company will raise approximately $110,000. The financing is subject to regulatory approval.
Galore Resources is a British Columbia-based exploration company that has assembled a leading group of industry professionals to acquire and explore for promising deposits with an emphasis on gold in Mexico and base metals in British Columbia.
Michael W. Byrne, President
For progress updates and queries on Galore Resources Inc. (TSX VENTURE:GRI) please contact: Erica C Bearss, MBA
“Explore. Drill. Discover”
Cautionary Note Regarding Forward-Looking Information: The Company expressly warns readers not to rely on the information herein for investment or other related purposes. Accordingly, any use of this information is at your own risk and without liability to the company. The information contained herein is not, and under no circumstances is to be construed as either a public or a private offer or solicitation to purchase securities in the capital stock of Galore Resources Inc. The reader is referred to his/her professional investment advisor regarding investment or related decisions respecting the securities of the company.
No securities commission or similar regulatory authority has passed on the merits of or reviewed the information contained herein. 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.
