Galore Resources Inc.

Galore Resources Inc.

March 28, 2007 14:05 ET

Galore Adds $2 Million to Treasury

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 28, 2007) - Galore Resources Inc. (TSX VENTURE:GRI) announced today that it has arranged a non-brokered private placement with the MineralFields Group of $2 million (CDN) consisting of 4,210,526 flow-through units priced at $0.475. Subject to regulatory approval, each unit will be comprised of one flow-through share and one-half of a non-flow-through warrant. Each whole warrant will be exercisable into one common share at a price of $0.75 in the first year after closing, and at a price of $1.25 in the second year after closing. All securities issued in conjunction with this financing will be subject to a four month hold period.

In conjunction with the financing, Limited Market Dealer Inc. will be paid a cash finders fee of 5% of the subscription proceeds and broker's compensation options for non-flow-through units equal to 10% of the units sold. The options will be exercisable at a price of $0.475 per unit for a period of 24 months from date of closing. Each unit will be comprised of one non-flow-through share and one-half of a non-flow-through warrant. The warrant will be on the same terms as the subscribers' warrants.

"This is another important milestone in our early history," said Michael Byrne, Galore's president. We look forward to working with MineralFields Group as we continue to develop our Taseko Lake holdings in southwestern BC and proceed with our planned acquisition program."

Galore recently completed its Initial Public Offering in mid-March of this year, raising $2.7 million. To find out more about Galore Resources Inc. (TSX VENTURE:GRI), visit our website at

The newly announced financing is subject to TSX acceptance.

About MineralFields and Pathway

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about the MineralFields Group is available at


Ray D. Torresan

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information