Grayd Resource Corporation

Grayd Resource Corporation

November 17, 2009 07:30 ET

Grayd Strengthens Development Team

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2009) - Grayd Resource Corporation (TSX VENTURE:GYD) is pleased to announce that it has entered into an exclusive consulting agreement with Fred Lightner, P.E. for 2010. This agreement significantly strengthens Grayd's evaluation and development capabilities on its La India gold project in Mexico.

Mr. Lightner is a metallurgical engineer who has over 40 years of experience in the mining industry, with the past 30 years focused on precious metal and heap leach extraction gold mines. He has held a variety of senior management positions including President and Chief Executive Officer of Wharf Resources, which operates a heap leach gold mine in South Dakota. Most recently, he was Executive Vice President and Chief Operating Officer of Metallica Resources, where he managed the development of the Cerro San Pedro heap leach gold mine in Mexico from its initial metallurgical testing through feasibility studies and engineering design into construction. In addition to his work on the Cerro San Pedro project, Mr. Lightner has conducted numerous economic and technical evaluations on precious metal mines around the world.

Grayd Resources President and Chief Executive Officer Marc Prefontaine said, "Grayd's management and Board are delighted to have somebody of Fred's experience and reputation as part of Grayd's team. I believe Fred's willingness to enter into an exclusive consulting agreement with Grayd speaks to his confidence in the potential of the La India project. His involvement will undoubtedly add to Grayd's ability to advance the project."

During the past year Mr. Lightner consulted with Grayd on the La India project, principally in the areas of metallurgical testing, mineral processing and economic analysis. He was appointed to Grayd's Advisory Committee in June 2009. (See Grayd Resources June 3, 2009, press release).

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 151,000 ounces of gold in 2008 and had a reported a resource of 4.75 million ounce 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. The Company's Officers and Directors are very 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 expression 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)