GGL Resources Corp.

GGL Resources Corp.

December 09, 2014 08:00 ET

Termination of the De Beers/GGL Doyle JV

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 9, 2014) - GGL Resources Corp. (TSX VENTURE:GGL) ("GGL") is pleased to announce that an agreement has been signed with De Beers Canada Inc. ("De Beers") to the mutual satisfaction and benefit of both parties whereby the 1995 Doyle Joint Venture and subsequent amendments ("Agreement") has been terminated.

Under the terms of the Agreement, De Beers will transfer its 60% share held via the JV, in claims LA5, LA6, LA8 and LA9 (respectively now, the leases 4734, 4735, 4737, and 4738) to GGL, in return for GGL releasing its 40% share in LA7 and its share in the Extra 2, Extra 3 and Extra 4 claims (respectively now, the leases 4736, 4730, 4731, and 4732) to De Beers. In addition, De Beers will pay a total of $300,000 to GGL.


Raymond A. Hrkac, Chairman & CEO

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