News Column

Galore Announces Up to $750,000 Financing and Plans for Further Exploration at Dos Santos

Jun 12 2013 12:00AM

Marketwire

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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/12/13 -- Galore Resources Inc. (TSX VENTURE: GRI) announces a non-brokered private placement of up to 15 Million units at a price of $0.05 per unit to raise gross proceeds of up to $750,000. Each unit (a "Unit") will consist of one common share and one share purchase warrant. Each warrant will be exercisable into one additional common share at a price of $0.10 per share for a period of two years from the date of closing of the financing.

The private placement shall be subject to acceptance by the TSX Venture Exchange.

The proceeds of the financing will be used to further explore the La Palma target on the Company's Dos Santos project in northern Zacatecas State, Mexico. This program will include an airborne geophysical survey over approximately 10,000 hectares of the property underlain by rocks, which host the nearby Penasquito mine and the Camino Rojo deposit. Both are gold-silver-zinc-lead deposits owned by Goldcorp. Penasquito is a world-class gold-silver producer and Mexico's largest mine. Galore's previous drill program at La Palma intersected encouraging geology and mineralization in three holes, which have metal ratios similar to these deposits. The airborne survey is designed to detect Penasquito-style deposits and cover areas of the property, which are largely unexplored.

In the past months, the Company is pleased to report that it has undergone a number of fundamental changes in overall management of its day to day operations, cutting back nearly 70% of its monthly overhead, including management fees and wages in order to better focus its funds and efforts on exploration. Management is anticipating exciting news to report to its shareholders in conjunction with this survey.

Galore Resources is a British Columbia-based exploration company with promising exploration properties in Mexico and British Columbia.

Galore Resources Inc.

Uwe Schmidt, President and Director

Cautionary Note Regarding Forward-Looking Information: The Company expressly warns readers not to rely on the information herein for investment or other related purposes. Accordingly, any use of this information is at your own risk and without liability to the company. The information contained herein is not, and under no circumstances is to be construed as either a public or a private offer or solicitation to purchase securities in the capital stock of Galore Resources Inc. The reader is referred to his/her professional investment advisor regarding investment or related decisions respecting the securities of the company. No securities commission or similar regulatory authority has passed on the merits of or reviewed the information contained herein.

Neither the 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.



Contacts:
Galore Resources Inc.
Mike McMillan
(210) 860-9212 (USA)

Galore Resources Inc.
Uwe Schmidt
(604) 647-2298 (CAN) or Toll Free: 1 (877) 647-2298
uschmidt@galoreresources.com
www.galoreresources.com





Source: Marketwire