Gleichen Resources Ltd.

Gleichen Resources Ltd.

March 01, 2010 19:13 ET

Gleichen Reactivates Two Key Land Access Agreements at Morelos Gold Project Drilling Expected to Start Early April This Year

TORONTO, ONTARIO--(Marketwire - March 1, 2010) - Gleichen Resources Ltd. ("Gleichen" or the "Company") (TSX:GRL) has reactivated access agreements with Rio Balsas Ejido and Puente Sur Balsas Ejido. This will allow immediate access to the highly prospective lands that are the focus of the exploration program that will create additional value on the Morelos Gold Project located in Southwest Mexico.

"The reactivation of the agreements is an excellent first symbol of the desire of the Company and Ejidos to work together to make this project a success," said Fred Stanford, President and CEO of Gleichen. "With this agreement in place, preparatory work on drill sites will commence immediately, drill contractors will be mobilized, and exploration drilling is expected to commence in early April," he stated.

The reactivated agreements are effective until May 2010, and July 2010 respectively. Negotiations for the follow-up access agreements will commence a month prior to expiry.

Gleichen Resources Ltd., is a well funded, growth oriented Canadian mining company engaged in the exploration and development of precious metal resources with a focus on gold. It owns 100% of the Morelos Gold Project, an advanced stage gold exploration property, located 180km southwest of Mexico City. The Company's Board of Directors has approved a change of the Company's name to Torex Gold Resources Inc., pending approval at its next annual and special meeting of shareholders. 


This news release contains or incorporates by reference "forward-looking statements" within the meaning of applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking statements, including any information as to the Company's strategy, plans or future financial or operating performance. Forward-looking statements are characterized by words such as "plan," "expect", "budget", "target", "project", "intend," "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the Company's expectations in connection with the Morelos Project being met, the successful reactivation of land access agreements between the Company and applicable Ejidos, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates, possible variations in ore grade, the accuracy of the Company's resource estimates and geological, operational and price assumptions on which these are based, changes in accounting policies, changes in the Company's corporate resources, changes in project parameters as plans continue to be refined, changes in project development and anticipated time frames, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs, and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unanticipated results of future studies, seasonality and unanticipated weather changes, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, title disputes or claims, limitations on insurance coverage and timing and possible outcome of pending litigation and labour disputes, as well as those risk factors discussed or referred to in the Company's Management's Discussion and Analysis for the year ended October 31, 2009 filed with the securities regulatory authorities in all provinces of Canada and available at Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company's expected financial and operational performance and results as of the dates presented as well as the Company's plans and objectives, and may not be appropriate for other purposes.

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