SOURCE: Grenville Gold Corporation

March 22, 2007 13:20 ET

Grenville Gold Exercises Option on Purchase of Subsidiary Inversiones Mineras Alexander S.A.C.

VANCOUVER, BC -- (MARKET WIRE) -- March 22, 2007 -- Grenville Gold Corporation (TSX-V: GVG) (PINKSHEETS: GVLGF) ("Grenville" or "the Company") is pleased to report that pursuant to the Share Purchase Agreement with Mr. Len De Melt and Mr. Alexander Vidaurre Otayza, the vendors of Inversiones Mineras Alexander S.A.C. ("IMA"), the Company has elected to exercise its option to acquire an additional 20% of IMA for US $138,000. No additional shares will be paid to the vendors of IMA, pursuant to the exercise of this option; however, as a result of the exercise of the option, Grenville will now own and control 90% of IMA, including all underlying assets which include the Chorobal Property, The Silveria Property and the Rosa Maria Espanola Property.

With the exercise of the purchase option, this brings the total cash purchase price of the acquisition of IMA to US $163,000, plus 2,000,000 Grenville common shares to be equally apportioned between Mr. De Melt and Mr. Viduarre Otayza, as previously referred to in the March 13, 2007 news release.

The closing of the IMA transaction together with the exercise of the option is subject to TSX Venture Exchange approval.

Further updates will be provided when they become available.

About Grenville Gold Corporation

Grenville www.grenvillegold.com is a junior resource company seeking prospective properties in Peru and Ecuador. The Company has three subsidiaries: Inversiones Mineras Alexander S.A.C. in Peru, Minera MineGreville S.A. in Ecuador and Parkman Diamond Corp. in Ontario, Canada. Grenville plans to leverage the experience of its Board and Management in exploration and mining to develop its growth strategy in North and South America. For further information contact 604-669-8842 or info@grenvillegold.com.

On behalf of the Board of Directors,

"A. Paul Gill"
 President & CEO
The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission, the Ontario Securities Commission, and the Alberta Securities Commission. We seek safe harbour.

Contact Information

  • Contact:
    A. Paul Gill
    President & CEO
    Ph. 604-669-8842
    Email Contact