VANCOUVER, May 29, 2012 /CNW/ - Grande Portage Resources Ltd. (TSXV: GPG) ("Grande Portage" or "the Company") and its joint venture partner Quaterra Resources Inc. (TSX-V: QTA, NYSE Amex: QMM) are pleased to announce that they have filed with SEDAR a Canadian National Instrument 43-101 compliant technical report on the Herbert Glacier Gold Project located near Juneau, Alaska.
The Report was prepared by Yukuskokon Professional Services, LLC ("Yukuskokon") of Wasilla, Alaska. It follows the first independent resource estimate for the Herbert Glacier announced in a news release on April 16, 2012, and prepared by Yukuskokon. The technical report also 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 mineral resource estimates in the technical report and the April news release.
The qualified persons for the Yukuskokon technical report are Mr. William Burnett, P.Geo., and Dr. Nicholas Van Wyck, P.Geo. Mr. Burnett and Dr. Van Wyck are independent of Grande Portage Resources Ltd. and Quaterra Respources Inc. and are Qualified Persons as defined by NI 43-101, and are responsible for the content of this press release.
The complete 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE