Grayd Resource Corporation

Grayd Resource Corporation

September 24, 2009 09:15 ET

Grayd Appoints Richard Hall as Chairman

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2009) - Grayd Resource Corporation (TSX VENTURE:GYD) is pleased to announce that Richard J. Hall has agreed to assume the position of non-executive Chairman of the Board of Directors. The Company is very pleased to have Mr. Hall as Chairman as it continues to move the La India Gold project forward and evaluate the potential to develop an open pit mine and heap leach extraction facility.

Mr. Hall, who has served on Grayd's board of directors for one year, brings 35 years of mining exploration and development experience to the Board. Mr. Hall served as President and Chief Executive Officer of Metallica Resources Inc., a company listed for trading on Amex and the TSX. He oversaw the financing, construction and commissioning of the Cerro San Pedro mine in Mexico. The Cerro San Pedro mine produced 85,000 and 1.1 million ounces of gold and silver, respectively in 2008. It currently has a scheduled 10-year mine life. Also while at Metallica, the La Fortuna deposit in Chile (487 million tones at 0.56% Cu and 0.44 g/t Au) was discovered and brought through to a final feasibility study. This work was done in conjunction with Metallica's operating partner on the project, Xstrata Copper. In August 2008, Metallica was part of a $1.6 billion merger with Peak Gold Ltd. and New Gold Inc. Previous to Metallica, Mr. Hall held senior management positions with Dayton Mining Corporation and Pegasus Gold Corporation. Mr. Hall holds a Bachelor and a Masters Degree in Geology and an MBA from Eastern Washington University.

Grayd has granted Mr. Hall options to purchase up to a total of 150,000 common shares at a price of $0.40 per share. The options are exercisable for a five year period, and are subject to certain vesting provisions.

Grayd Resource is a growth-oriented junior natural resource company focused primarily on exploring and developing a large land position in Mexico which is highly prospective for gold and silver mineralization. The Company's Officers and Directors are experienced in all aspects of mineral exploration, development and production and have been involved with several successful mining projects during the past 20 years.

The information in this news release may contain forward-looking statements. When used in this release, words such as "estimate", "expect", "anticipate" and "believe" as well as similar expression are intended to identify forward-looking statements. Such statements are used to describe management's future plans, objects, and goals for the Company and therefore involve inherent risks and uncertainties. The reader is cautioned that actual results, performance or achievements may be materially different from those implied or expressed in such statements, which speak only as of the date the statements were made. The Company does not update forward-looking statements continually as conditions change.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Grayd Resource Corporation
    Marc A. Prefontaine
    President and CEO
    604-684-9877 (FAX)