Glamis Resources Ltd.

Glamis Resources Ltd.

May 23, 2006 15:48 ET

Glamis Resources Ltd. Q1 Press Release

CALGARY, ALBERTA--(CCNMatthews - May 23, 2006) - Glamis Resources Ltd. ("Glamis") (TSX VENTURE:GLM.A) (TSX VENTURE:GLM.B) is pleased to announce that it has filed with applicable Canadian securities regulatory authorities its unaudited 1st quarter financial statements and related Management Discussion and Analysis for the period ended March 31. These filings are available for review at

Glamis is actively working to add shareholder value though a combination of full cycle exploration and strategic acquisitions. Our 8 sq. km 3D Hanna seismic program is currently being shot and is expected to be interpreted by mid June. It is anticipated that Glamis will drill a well on our Hanna prospect during Q3, 2006. In addition, Glamis is in the process of licensing its first two exploratory wells in Alberta. Both wells are targeting light oil, the first well on our Michichi prospect and the second well on our Whitecourt prospect.

On April 20, 2006, Glamis closed its initial public offering raising gross proceeds of $10,250,000. The agent for the financing, GMP Securities L.P., exercised an over-allotment option for an additional 250 units. A total of 10,250 units at a price of $1,000 per unit were sold, each unit consisting of 400 flow-through Class A Shares at a price of $0.25 per share and 90 flow-through Class B Shares at a price of $10 per share. Following the closing, Glamis has 8,500,000 Class A Shares and 922,500 Class B Shares outstanding.

Glamis was formed to participate in oil and gas exploration, development and production in western Canada. In particular, Glamis intends to generate and develop its own prospects, acquire oil and gas properties and participate with joint venturers and other industry partners in oil and gas exploration and development in the Western Canadian Sedimentary Basin.

This document contains statements about future events that are forward looking in nature and, as a result, are subject to certain risks and uncertainties such as changes in plans or the occurrence of unexpected events. Actual results may differ from the estimates provided by management.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Glamis Resources Ltd.
    Brent McKercher
    President & CEO
    (403) 265-7200 ext. 222
    Glamis Resources Ltd.
    Darwin Little
    VP Finance & CFO
    (403) 265-7200 ext. 225