We have done very well with MGRLooking forward to the news. GAM the parent co has moved up quite nicely.
For those of us that think highly of the MGR property take a look at the GID announcement today.
I believe they completly surround our property!!! It is only at 33c and has under 10M shs o/s. Another MGR in the making???
Why were we not able to option this property?
GUADALUPE PROJECT OPTIONED FROM ALMADEN MINERALS LTD.
Vancouver, British Columbia, February 12, 2004 - Grid Capital Corporation (Grid) (TSXV: GID) is pleased to announce that the Guadalupe gold/silver project in Mexico has been optioned from Almaden Minerals Ltd. (Almaden), a TSX listed company. Under the terms of the agreement, Grid must issue to Almaden 400,000 shares and complete exploration expenditures of US$1,000,000 by June 30, 2007, to earn a 50% interest in the project. Grid is committed to issue 100,000 shares to Almaden upon TSX Venture Exchange approval of the agreement and to complete US$50,000 in exploration expenditures by June 30, 2004. Grid may earn an additional 10% interest in the property by issuing a further 100,000 shares and spending a further US$1,000,000 in exploration expenditures by December 31, 2008.
The Guadalupe project surrounds the town of Guadalupe y Calvo in Chihuahua State, Mexico.
Gold was discovered at Guadalupe y Calvo in October 1835. Production was sufficiently large that the Mexican Government built a mint at Guadalupe y Calvo in 1844. L.J. Buchanan (1981) estimated historic production at 2,000,000 ounces gold and 28,000,000 ounces silver. Estimated production grade was 37 g/t gold and 870 g/t silver.
Grid plans to carry out an exploration project on this new property in the next two months.
Grid is very pleased to be associated with Almaden, a company with a history of acquiring high quality properties in Mexico, and looks forward to cooperation with Almaden in the development of the Guadalupe project. Grid views the Guadalupe project as an exceptional high-grade gold/silver target and the combined talents of Grid and Almaden will be focused on exploring this property.
ON BEHALF OF THE BOARD OF DIRECTORS
J.E. (Ted) Charlesworth
President
The TSX Venture Exchange has neither approved nor disapproved of this press release.
For further information please contact John Watson 604.272.4352 / 1.877.872.4352, by cell at 604.765.5422 or by email at gridcapital@shaw.ca