GMR Global Mineral Resources Corp.

March 21, 2011 01:00 ET

GMR Global Mineral Resources Acquires 100% Red Elephant With Indicated Resources of 35,000 Ounces Gold

TORONTO, ONTARIO--(Marketwire - March 21, 2011) - GMR Global Mineral Resources Corp. (FRANKFURT:GLLN) announces the 100% acquisition of the Red Elephant gold property in the Slocan mining division of British Columbia, Canada. 

The Red Elephant gold property consists of three BC Mineral Tenures; #501053, #502526 and #502537. The property is a (approximate) 350 hectare confirmed gold deposit located in the Badshot Range of the Selkirk Mountains, 6.5 kilometres west of the Duncan River, on the North side of Hall Creek.

Historical exploration including diamond drill core samples taken in the late 1980's confirm indicated resources of approximately 35,000 ounces of gold; from 26,463 tonnes grading 40.8 grams per tonne gold. To date, the 100 year-old Red Elephant gold property remains greatly underexplored.

Due to the low price of gold in 1990, further exploration and development on the Red Elephant gold property was discontinued ($420 USD/ounce 1990 annual average; NYSE)

Currently, the price of gold has surpassed $1,400 USD and continues to outperform the Dow, NASDAQ, and S&P 500, as it has for the past decade. GMR Global Mineral Resources Corp. confirms this is an ideal time to develop the Red Elephant, increase the gold mineral reserves and bring the gold property into production.

"The encouraging gold values present warrant a detailed exploration program in the area. The extent and depth of the mineralized oxide zone and quartz vein should be the prime focus of exploration"

-Geological Report (#12873)

B. H. Meyer, P.Geol.

About GMR Global Mineral Resources

GMR Global Mineral Resources Corp is in the business of commercializing gold and silver bearing properties that had been active mines in the past but were not fully exploited. The properties are located in the Slocan Valley Mining District of British Columbia. The properties are grouped into two contiguous areas giving GMR Global Mineral Resources significant claims over lands that the provincial mining authority has identified the area as an area that can be expected to meet previous production records. 

Safe Harbor

Certain statements above constitute forward-looking statements with respect to GMR Global Mineral Resources Corp. and affiliated companies. Such forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the companies to be materially different from any further results, performance or achievements expressed or implied by such forward-looking statements.

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