Gallery Resources Limited

Gallery Resources Limited

May 30, 2006 12:08 ET

Gallery Lists on CNQ Exchange

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 30, 2006) - Gallery Resources Limited (the "Company") (TSX VENTURE:GYR) is pleased to announce that its common shares will be listed on the CNQ on May 31, 2006 and trade under the symbol GYRR. In connection with the listing on CNQ the Company wishes to announce the following material changes.

1. Mr. Bruce Costerd, the President, CEO and a director of the Company, and Mr. Richard Haderer, the Secretary and a director of the Company have both resigned as directors and officers of the Company effective February 15, 2006 as required by the CNQ, pending the outcome of a BCSC investigation. Over the past few months Mr. Costerd and Mr. Haderer have worked diligently to achieve the CNQ listing and will continue to act as consultants of the Company.

2. Mr. Robin Chandler has been appointed as Chief Executive Officer, Chief Financial Officer and a director of the Company. Mr Chandler has been a self-employed entrepreneur from 2001 to present. The Board of Directors of the Company now consists of Mr. Chandler, Mr. Art Den Duyf and Dr. Byron Novosad. Mr. Den Duyf has been President of Sabre Equipment Corp. since 1964. Dr. Novosad has been active in venture capital investing in small startup companies involved in biodiesel refining and power generation, antimony mining, software patents, and drug testing.

3. The Company issued a $110,000 Convertible Debenture to Aeroquest Limited relating to an existing accounts payable. The Convertible Debenture has a term of 12 months from the closing of Company's next financing and is convertible into common shares at $0.05 per share. Aeroquest Limited was also issued warrants to purchase 2,200,000 common shares at a price of $0.07 per share on or before May 11, 2007.

4. The Company has entered into debt settlement agreements with creditors for $32,203.35 to be satisfied by the issuance of 644,067 units of the Company. Each unit consists of one common share and a warrant to purchase an additional common share at $0.07 per share for a period of 12 months.

The Company is a Vancouver based mineral exploration company which has focused its exploration efforts for the past 11 years in Newfoundland and Labrador following the discovery of the Voisey's Bay nickel-copper-cobalt deposits. The Company's principal resource property is the Shabogamo Project located in Western Labrador.

Exploration programs on the Company's Shabogamo Project in Labrador have identified significant surface showings enriched in nickel-copper-cobalt mineralization. The Company has incurred exploration expenditures totalling over $1,000,000 dollars (Can.) on the Shabogamo Project and has earned a 50% interest in the property pursuant to a Property Option Agreement with BHP Billiton Diamonds Inc.

On behalf of the Board

Robin Chandler, CEO

Contact Information

  • Gallery Resources Limited
    Robin Chandler
    (604) 662-8119 or 1-800-565-7350