Gleichen Resources Limited
TSX VENTURE : GRL

December 03, 2009 09:00 ET

Gleichen Comments on Goldcorp Agreement to Sell Minority Interest in Morelos Project

TORONTO, ONTARIO--(Marketwire - Dec. 3, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Gleichen Resources Ltd. (TSX VENTURE:GRL) ("Gleichen" or the "Company") announced today that it has been advised of the proposed sale by Goldcorp Inc. of its indirectly held 21.2% interest in the Morelos project in Mexico to Newstrike Capital Inc. Gleichen holds a 90 day right of first refusal to acquire the interest in the Morelos project being sold. Gleichen is assessing its alternatives in light of the agreement that Goldcorp has entered into and expects to make a determination regarding its exercise of the right of first refusal early in 2010.

Gleichen indirectly owns a 78.8% interest in the Morelos project. Gleichen is engaged in the acquisition, exploration, and development of mineral properties. The Company's shares are traded on the TSX Venture Exchange under the symbol "GRL".

ON BEHALF OF THE BOARD OF DIRECTORS OF GLEICHEN RESOURCES LTD.

Fred Stanford, President and CEO

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and United Stated federal securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Gleichen Resources Ltd.
    Mr. Fred Stanford
    President and CEO
    705-618-5826