Grayd Resource Corporation

Grayd Resource Corporation

March 22, 2010 09:00 ET

Grayd Raises $4 Million Through Exercised Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2010) - Grayd Resource Corporation (TSX VENTURE:GYD) announces that it has received $3,987,000 from the exercise of share purchase warrants over the past 60 days, and has $5.8 million cash in treasury.

Marc Prefontaine, President and CEO of Grayd stated, "With almost $6 million cash in the bank, Grayd is well positioned to continue with our aggressive 2010 exploration plans for the La India project. Currently, we have drills working on the Tarachie target and on the new La India zone discovery. Drilling will commence on the new Tubos target, which is near the main resource area, this week. A new resource calculation is in progress and should be completed early next month."

Grayd has issued 6,645,000 shares at a price of $0.60 per share from the exercise the above-noted warrants and as a result has 80,593,325 shares issued and outstanding.

The La India gold project is located in the prolific Mulatos gold belt of Mexico's Sonora state. The project has a NI43-101 compliant gold resource of 559,000 ounces grading 1.01 g/t in the indicated category and 318,000 ounces grading 1.05 g/t in the inferred category, all at a 0.5 g/t cut-off grade. The resource consists of 17.2 and 9.4 million tonnes of indicated and inferred material, respectively. This same district hosts Alamos Gold's Mulatos mine, which produced 178,500 ounces of gold in 2009 and had a reported a resource of 4.75 million ounces of gold at the end of 2008.

Grayd Resource is a growth-oriented junior natural resource company focused primarily on identifying, exploring and developing precious metal deposits. Its officers and directors are well experienced in all aspects of mineral exploration, development and production and have been involved in a number of successful mining projects around the world over the past 20 years.

The information in this news release may contain forward-looking statements. When used in this release, words such as "estimate", "expect", "anticipate" and "believe" as well as similar expressions are intended to identify forward-looking statements. Such statements are used to describe management's future plans, objects, and goals for the Company and therefore involve inherent risks and uncertainties. The reader is cautioned that actual results, performance or achievements may be materially different from those implied or expressed in such statements, which speak only as of the date the statements were made. The Company does not update forward-looking statements continually as conditions change.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Grayd Resource Corporation
    Marc A. Prefontaine
    President and CEO
    (604) 681-7446
    (604) 684-9877 (FAX)