God's Lake Resources Inc.
CNSX : GLR

God's Lake Resources Inc.

August 10, 2009 08:00 ET

God's Lake Resources Inc. Announces Commencement of Stock Trading

TORONTO, ONTARIO--(Marketwire - Aug. 10, 2009) - God's Lake Resources Inc. ("God's Lake") (previously known as GGD Resources Inc.) is pleased to announce that its common shares will commence trading on the Canadian National Stock Exchange ("CNSX") on August 10, 2009 under the trading symbol, "GLR".

Mark B. Cairns, President and Chief Executive Officer of God's Lake commented, "This is an important day for God's Lake. We are pleased to offer a liquid market to our investors. We look forward to increased investor awareness of God's Lake and its exciting project."

God's Lake entered into an arm's length agreement to acquire a 100% interest in the Sherman Lake Gold Project (the "Project") in June 2009 and completed a non-brokered arm's length private placement financing for total proceeds of $511,000. The proceeds of this private placement are being used to fund exploration activities on the Project.

The Sherman Lake area is located 410 km north of Red Lake, Ontario. The Project consists of one block of 16 leased claims. Prospecting in 1935 led to the discovery of the Project. Follow-up trenching and drilling in 1936 identified two separate high-grade gold bearing quartz veins. The Project went into production in 1938 and produced 52,560 oz. of gold from 46,457 tons of ore (average grade 1.13 oz/ton) over its 4-year lifetime. Due to difficulties in identifying new ore zones, the mine was closed in 1941. Intermittent exploration efforts over the years by various groups in the immediate and surrounding area of the Project generated erratic results. However, work in the late 1990's identified several top priority exploration targets near the old mine workings. These targets remain untested to this day. It is the plan of God's Lake to investigate these targets and develop new targets through a systematic review and re-interpretation of historical data with the employment of modern exploration techniques.

God's Lake has 8,232,888 common shares issued and outstanding and 5,110,000 shares subject to issuance. The qualified person under National Instrument 43-101 responsible for all technical data reported in this news release is Mr. Warren Hawkins, P.Eng.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of God's Lake, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from God's Lake's expectations are exploration risks detailed herein and from time to time in the filings made by God's Lake with securities regulators.


Contact Information

  • God's Lake Resources Inc.
    Mark B. Cairns
    President & Chief Executive Officer
    416-364-2240 x221
    mcairns@edevinc.com