VANCOUVER, April 19, 2013 /CNW/ - Grande Portage Resources Ltd. (TSXV: GPG) ("Grande Portage" or "the Company") and its joint venture partner Quaterra Resources Inc. (TSXV: QTA) (NYSE Amex: QMM) today announce they have filed with SEDAR an amended Canadian National Instrument 43-101-compliant technical report on the Herbert Gold Project located near Juneau, Alaska.
The amended report was prepared by D.G. DuPre & Associates of Delta, British Columbia. It follows the updated independent resource estimate for the Herbert Gold project announced in a news release on February 28, 2013, and prepared by D.G. DuPre & Associates. The technical report includes a description of the project history, geology, mineralization, drilling, sampling procedures and laboratory Quality Assurance/Quality Control procedures, as well as recommendations. There are no material differences between the technical report filed on April 12, 2013 and the amended report filed today. The change relates to typographical errors, minor omissions in Data Verification (Item 11) as well as minor errors in drilling metreages in the Interpretations and Conclusions (Item 17) portion of the report. There are no changes to the mineral resource estimates or geostatistical analysis in the report and the conclusions and recommendations remain unchanged.
The qualified persons for the DuPre technical report are David DuPre and Dr. David Webb. Mr. DuPre and Dr. Webb are independent of Grande Portage Resources Ltd. and Quaterra Resources Inc. and are Qualified Persons as defined by NI 43-101, and are responsible for the technical content of this press release.
The complete amended NI43-101-compliant technical report is available at www.sedar.com and on the companies' respective websites.
CAUTIONARY NOTES
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied. The mineral resource estimates referenced in this press release use the terms "Indicated Mineral Resources" and "Inferred Mineral Resources". While these terms are defined in and required by Canadian regulations (under NI 43-101), these terms are not recognized by the U.S. Securities and Exchange Commission ("SEC"). "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant "reserves" as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. Grande Portage Resources Ltd. is not an SEC registered company.
ON BEHALF OF THE BOARD OF DIRECTORS
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Ian Klassen, President
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements.
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SOURCE: Grande Portage Resources Ltd.