VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 10, 2013) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX:BAR)(OTCQX:BALMF) has filed an early warning report, as required by National Instrument 62-103 - "The Early Warning System and Related Takeover Bid and Insider Reporting Issues" in relation to its holdings in TSXV-listed GTA Resources & Mining Inc. ("GTA"). The Early Warning Report was filed following the Company's receipt of an additional 1,000,000 GTA common shares pursuant to the terms of the Northshore Property Option Agreement (the "Option Agreement") between the parties (see NR11-17; July 27, 2011).
Balmoral now holds 3,055,555 common shares of GTA representing approximately 11.4% of the issued and outstanding common shares of GTA.
The Company acquired the securities of GTA for investment purposes only, and not for the purpose of influencing control or direction over GTA. The Company will continue to review its holdings in GTA from time to time, and may increase or decrease its position as future circumstances dictate.
A copy of the Early Warning Report has been filed with the applicable securities commissions and is available on the SEDAR website at www.sedar.com. For further information, or to obtain a copy of the Early Warning Report please contact the undersigned.
In addition to the 1,000,000 share payment Balmoral also received $25,000 in cash as per the terms of the Option Agreement. The Option Agreement remains in good standing. GTA may complete its First Option earn-in obligations, and earn an initial 51% interest in the Northshore Property, by completing $2,500,000 in eligible exploration expenditures on the Northshore Property prior to the third anniversary of the Option Agreement (September 27, 2014).
The Northshore Property hosts the Afric Gold Zone, a broad at/near surface gold zone which has, to date, been outlined over an area of 500 x 350 metres and intersected to a vertical depth of 350 metres. Several high-grade vein structures have been identified within the broader Afric Zone and recent drilling has identified high-grade gold bearing vein structures proximal to the former producing Northshore Mine located on the Property.
In addition to the Northshore Property GTA holds a 100% interest in the 280 square kilometre Auden Property which covers the eastern extension of the prolific Beardmore-Geraldton greenstone belt and which is strategically located near recent high-grade graphite discoveries in north-western Ontario. GTA also holds an option on the Squid East gold-silver property located in the Yukon.
Mr. Darin Wagner (P.Geo) is the non-independent qualified person for the technical information contained within this release. Mr. Wagner has visited the Northshore Property on several occasions and has reviewed the relevant technical information contained herein.
About Balmoral Resources Ltd. - www.balmoralresources.com
Balmoral is a Canadian-based precious metal exploration and development company focused on high-grade gold discoveries along the Detour Gold Trend in Quebec, Canada. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold assets.
On behalf of the board of directors of BALMORAL RESOURCES LTD.
Darin Wagner, President and CEO
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
Trading in the securities of the Company should be considered highly speculative. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company's mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.