Business & Finance
Business and Finance
Business and Finance
Wed, September 12, 2012
Tue, September 11, 2012 GTA Resources and Mining Inc. Reports on Annual and Special Meeting and Reports on Completion of Mandatory Payments Under Optio
September 11, 2012 14:28 ET
GTA Resources and Mining Inc. Reports on Annual and Special Meeting and Reports on Completion of Mandatory Payments Under Option Agreement
BURLINGTON, ONTARIO--(Marketwire - Sept. 11, 2012) - GTA Resources and Mining Inc. ("GTA") (TSX VENTURE:GTA) reports that pursuant to the Annual and Special Shareholder Meeting, which was held at the Company's corporate office in Burlington ON, on September 7, 2012, shareholders have voted in favour of management resolutions proposed in the Management Information Circular including the approval of the Company's Stock Option Plan, the election of directors and the approval of Grant Thornton LLP as the Company's auditors. The five members re-elected to the Board of Directors include: Peter Clausi, CEO, Brian Crawford, CFO, James Macintosh, Stephen Stares and Clinton Barr. Birks Bovaird was also elected to the Board of Directors as a new director. Birks holds a Bachelor of Arts degree from Concordia University and has extensive experience as a senior executive and corporate director. Management resolutions with respect to amendment of a by-law and the shareholder rights plan were withdrawn at the meeting pursuant to shareholder concerns.
A Phase 3 diamond drilling program continues on the Northshore Property. The property is located in the Hemlo - Schreiber greenstone belt of northwestern Ontario, approximately 200 km east of Thunder Bay, and 70 km west of Hemlo. The drilling program will consist of approximately 20 holes totaling a minimum of 5000 metres.
Exploration conducted by GTA to date suggests that gold mineralization associated with the Afric Intrusive Complex covers an area of at least 275 metres in an east-west direction and extends to a depth of at least 300 metres vertically below surface. Phase 3 drilling will focus on further evaluating the potential size and grade of gold mineralization
GTA is well financed, and fully funded for this phase of exploration.
GTA is also pleased to report that it has completed its Mandatory Payments pursuant to its option agreement with Balmoral Resources Ltd. ("Balmoral"). GTA's firm commitments under the option agreement include the completion of not less than $350,000 in expenditures on the Northshore Property and the provision to Balmoral of a NI 43-101 compliant technical report on the Northshore Property prior to the first anniversary date of the option agreement. GTA has also made a cash payment of $15,000 and issued 500,000 common shares to Balmoral as contemplated on or before the first anniversary date of the option agreement.
About GTA Resources and Mining Inc.
GTA Resources and Mining Inc. is a Canadian mineral exploration company focussed on gold projects in Canada. It has two projects - the Northshore Property-optioned to acquire a 70% interest, located near Schreiber, Ontario and the 100% owned Auden Property, located near Hearst, Ontario.
On Behalf of the Board of Directors
GTA RESOURCES AND MINING INC.
Peter M. Clausi, President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
