Goat Vein drill hole contains 79.41 grams per tonne gold over 2.05 metres

VANCOUVER, Oct. 31, 2012 /CNW/ - Grande Portage Resources Ltd. (TSXV: GPG) ("Grande Portage" or "the Company") is pleased to report assay results for thirteen summer 2012 diamond drill holes from its Herbert Gold project located 30 km north of Juneau, Alaska.  Assays from the last three holes are pending.

Highlights of the latest drill results include:

• Hole 12J-3: 79.41 gpt gold over 2.05m;
  including 192.5 gpt gold, 227 gpt silver, 1.0% lead and 0.7% zinc over 0.8m
• Hole 12J-4: 12.66 gpt gold over 1.10m
• Hole 315C: 4.04 gpt gold over 13.23m
• Hole 315E: 48.12 gpt gold over 1.13m
• Hole 12O-8: 11.72 gpt gold over 2.12m ?

"We are delighted that the Goat Creek vein, like the neighbouring Main and Deep Trench veins to the south, has intersected strong gold mineralization," says Grande Portage President and CEO Ian Klassen. "Every one of the 108 drill holes completed to date at the Herbert Glacier project has hit vein mineralization, confirming our belief that this is a large system with good continuity along strike and down dip as deep as we have drilled."

Hole 12J-3, drilled on the Goat Creek vein, intersected visible gold in a sheared quartz vein with a 2.05 metre intercept of 79.41 g/t gold (2.319 ounces per ton) which includes 0.8 metres of 192.5 g/t gold. The Goat Creek vein was discovered in 2011 by a single wildcat hole collared on a strong topographic linear feature which paralleled other well-mineralized east-west veins (Main, Deep Trench, Floyd and North). Seven holes were drilled from drill pad J in 2012. Assays from the first five holes are listed in the table below with assays pending for the other two.

The Goat Creek vein, based on results to date, has as much gold potential as each of the Main vein and the Deep Trench vein. The topographic expression of this structure is more strongly developed than either the Main or Deep Trench veins and can be traced on surface for nearly 1,000 meters.  Additionally, drilling from the J Pad has intersected other gold-bearing structures both above and below the main Goat shear zone which also carry strong gold values, such as 1.10 metres with 12.66 g/t gold near the top of hole 12J-4.

Further results from the O Platform (Main vein), located approximately 100 metres east of Pad A and 70 metres west of Pad D, include holes 12O-7 through 12O-11.  Results from these holes are shown in the table below and include 12O-8 which returned a 2.12 metre intercept of 11.72 gpt gold.  In addition to the Main vein a semi-parallel vein system called the Ridge vein encountered gold values up to 17.1 gpt over 0.33 metres in 12O-2.

The remainder of the 2012 drilling was on the Deep Trench vein from Pads 315 and H. Hole 315C hit a zone of strongly sheared, fractured and mineralized rock with an intercept length of 13.23 meters with a weighted average of 4.04 g/t gold. Holes 315D, E and F intersected a NE-trending vein which is separate from the Deep Trench vein with an intercept in 315E of 1.13 meters containing 48.12 g/t gold.

Hole 12H-1 was drilled as a 150 meter step-out eastward on the Deep Trench vein from Pad G. Visual inspection of the initial hole shows abundant quartz and arsenopyrite, which are commonly associated with gold mineralization at Herbert Glacier. A mineralized structure was also intersected much deeper in the hole in the area of the projection to depth of the Floyd vein, a parallel vein structure to the south of Deep Trench vein. Assays are pending for this hole.

The following table summarizes the new results which have been received since the last news release dated October 9, 2012:

Metallic screen assays for several of the above intercepts are pending.  Typically if coarse gold is a component of the sample, the assay values for that sample are upgraded substantially by using the metallic screening process because no gold is lost during sample preparation.  For an example, since the previous news release, metallic screened results were received for Hole 326C which raised the gold value for the 4.24 metre interval 73.03-77.27m from 4.50gpt to 4.99gpt.

The 2012 drill program has now concluded after completing 8900 metres of core drilling in 62 holes. An updated resource calculation will begin immediately, with results expected in the first quarter of 2013.

The Herbert Gold project is in the historic Juneau Gold Belt, formerly a world class district with producers such the A-J and Treadwell mines and literally dozens of smaller gold mines and prospects.  The district has been reactivated by the reopening of Coeur Alaska's Kensington gold mine located northwest of the Herbert Gold property.  Strong community support has also been demonstrated for the Green's Creek Mine, a rich massive sulfide deposit containing silver, gold and zinc located in a parallel trend 20 kilometers to the west.

Core logging, processing, sampling and storage is conducted at a secure location in Juneau.  Analytical testing of the core samples has been conducted by ALS Canada Ltd., with the sample preparation being done in Anchorage, AK, and analysis of the samples by the Vancouver, B.C. laboratory.  Methods include metallic screening for coarse gold, fire assays, and multi-element ICP analysis.

Grande Portage and Quaterra Resources, Inc. (TSX-V: "QTA", NYSE Amex: "QMM") have formed a 65%/35% joint venture for the further exploration and development of the property with each party bearing their proportionate costs.

This news release has been prepared and approved by Carl Hale, CPG, a geologist with more than 40 years' experience and a Qualified Person as defined under NI #43-101. Mr. Hale is supported by C.C. Hawley, Ph.D., CPG of Hawley Resource Group, Inc. and Alaska Earth Sciences, Inc. of Anchorage, Alaska.

ON BEHALF OF THE BOARD OF DIRECTORS

________________________________________
Ian Klassen, President

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

SOURCE: Grande Portage Resources Ltd.