Galore Resources Inc.

Galore Resources Inc.

January 23, 2008 09:30 ET

Galore Acquires Key Prospect in Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 23, 2008) - Galore Resources Inc. (TSX VENTURE:GRI) announces that its wholly owned Mexico subsidiary, Galore Resources Mexico, S.A. de C.V., has signed an option agreement to purchase 100% of Dos Santos gold and base-metal property in Zacatecas State, Mexico. The Dos Santos property is the first of Galore's planned series of Mexico acquisitions.

The Dos Santos property comprises three parcels covering 1650 acres and is located in the historic gold-rich Concepcion del Oro mining district. The district has a mining history dating back to 1530 and it continues to produce world-class deposits such as Goldcorp's nearby Penasquito gold, silver and base-metal project, (40 kilometres southeast of Galore's Dos Santos) slated for start-up late 2008.

Galore acquired its option to purchase the Dos Santos property from a private vendor. The agreement calls for a full purchase price of $250,000USD payable in increments over a four-year period with no retained royalties.

Galore's Mexico-based manager and vice president, Octavio Gonzales points to the numerous small mines and prospects with gold-bearing jasperoid occurrences. These discoveries were made during a preliminary property examination and used as support for potentially high-grade and disseminated gold mineralization. Galore's exploration targets are distal gold deposits of the Carlin type, precious-metals skarn deposits, silver/base-metal manto and chimney-replacement deposits, which are all common targets in the district.

"The targets we are looking for on the Dos Santos project have the potential for both open-pit and underground development and may be amenable to heap-leaching. The property is located close to a highway and power line, providing excellent infrastructure and minimal exploration costs" Gonzales states. Octavio Gonzales has held senior positions with international exploration projects including Placer Ltd. He is a former geology professor of the University of Mexico with 20-plus years of mining exploration experience.

Galore's President Michael Byrne says "the recent establishment of a Mexico base with the opening of an office and the acquisition of full-time services of Mr. Gonzales has already proved to be beneficial in securing our first key property". We are looking forward to additional acquisitions and a growing presence in Mexico."

To find out more about Galore Resources Inc. (TSX VENTURE:GRI), visit our website at


Ray D. Torresan, CEO

Cautionary Note Regarding Forward-Looking Information

Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the risks associated with outstanding litigation, if any; risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in gold, copper and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution and the volatility of our common share price and volumes. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the content of this News Release.

Contact Information