Grande Portage Resources Ltd.
TSX VENTURE : GPG

Grande Portage Resources Ltd.

November 09, 2006 14:20 ET

Grande Portage Resources Announces Expanded Drill Program; Creation of Financial Advisory Committee

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to announce that it has awarded two concurrent drilling contracts to Westcore Drilling Ltd. of Hope, B.C. The first contract, for 5000 metres, will be to expand the known mineralization in the area of the Merry Widow open pit and the focus of the previously announced first 23 diamond drillholes which all encountered significant widths and copper-gold-silver values in massive sulphide skarn mineralization.

This next phase will focus on expanding mineralization to depth and along strike, specifically targeting the Marten, Road, Adit and Raven showings. These all occur along strike of the Merry Widow massive sulphides and will test a strike length over 500 metres. This 500 metres is part of the 3.5 km long Merry Widow trend of skarn mineralization over which several mineral occurrences are located. A recent re-interpretation of the mineralization by the Company's geological team suggest that massive sulphide mineralization occurs along the contact of the gabbro and limestone and spatially related with the magnetite as a partial segregation. While the history of mine production at the Merry Widow pit focused primarily on extraction of magnetite, the persistence of related massive sulphide mineralization throughout suggests a more straightforward exploration approach of following the magnetite for massive sulphides.

The second drill contract, for 15,000 metres, will utilize a larger diamond drill rig capable of deeper drilling up to 1000 metres. The target is to expand the Old Sport Horizon mineralization which has been the concentration of previous mining by Cominco. Airborne geophysics and geological mapping have traced the Old Sport Horizon for 8 kilometers. Previous mining extraction used a 2% copper cutoff for ore, discounting recovered values of gold, silver, cobalt and iron.

The Company believes there is exceptional potential to develop tonnage along this trend and will grid drill. Drill hole selection and permitting is ongoing. During the drilling along the Merry Widow and Old Sport trends, Mr. Ignacije (Rocky) Borovic, P.Eng., senior geological consultant to the Company, will establish protocol for metallurgical testwork which will be part of the ongoing program. Mr. Borovic has had a long and esteemed career in mineral exploration and is credited with the co-discovery and development of several mines and deposits during his decade long service with Placer Dome Ltd.

The Company also wishes to announce the formation of a Financial Advisory Committee. This committee is designed to complement the board and perform the important function of advising the company on strategic initiatives. This newly established Committee will report to the Board and will meet (largely via teleconference) throughout the year and provide advice and recommendations as warranted. The Company is pleased to confirm that, initially, the Committee will be comprised of Dr. Michael Berry and Mr. Harrison (The Chief) Nesbit, II.

Dr. Michael Berry has been a portfolio manager for both Heartland Advisors and Kemper Scudder where he successfully managed small and mid cap value portfolios. Dr. Berry has specialized in the study of behavioral strategies for investing and has been published in a number of academic and practitioner journals. His definitive work on earnings surprise, with David Dreman, was published in 1995 in the Financial Analysts Journal.

Previously, Dr. Berry was a professor of investments at the Colgate Darden Graduate School of Business Administration at the University of Virginia and has also held the Wheat First Endowed Chair at James Madison University.

Dr. Berry is a respected and dynamic speaker. He regularly presents around the world on topics such as value investing, the role of Austrian Economics in investment management, behavioral investing strategies and is a specialist in developing case studies to teach investors how to invest. While a professor, he published a case book, Managing Investments: A Case Approach.

He has recently focused on the role of precious metals in the asset allocation of the individual investor.

Dr. Berry publishes Morning Notes by Michael Berry, Ph.D. daily. This publication is distributed to clients worldwide to identify current market opportunities and behavioral anomalies.

Harrison (The Chief) Nesbit, II, is a business graduate of the University of Virginia. Mr. Nesbit brings 40 years of business distinction to the Committee. Mr. Nesbit was founder and former director of Jefferson National Bank and National Bank of Lynchburg. For many years he served as a member of the Board of Directors of Figgie International, and has been a key advisor to many resource companies including Western Silver Corporation.

In addition, the Company announces that is has granted incentive stock options to consultants to purchase up to 420,000 common shares at an exercise price of $0.74 per share for a period of 5 years from date of grant.

ON BEHALF OF THE BOARD OF DIRECTORS

Alistair MacLennan, President/CEO

About Grande Portage Resources Ltd.

Grande Portage Resources Ltd. is a mineral exploration and development company focused on massive sulphide exploration in British Columbia. Grande Portage is operated by experienced managers and professionals who have been effective in discovery, mine development, and mining operations throughout North and South America, Africa, Europe, and Central Asia.

Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.

This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


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