GWR Closes Second Tranche of Private Placement Drill Program Progressing
Vancouver, British Columbia--(Newsfile Corp. - August 21, 2015) - David H. Brett, President & CEO, GWR Resources Inc. (TSXV: GWQ) (the "Company") is pleased to announce that the Company has completed the second tranche (the "Second Tranche") of the non-brokered private placement (the "Private Placement") announced on June 24, 2015, raising gross proceeds of $100,000 as part of the $400,000 total aggregate gross proceeds raised to date under the Private Placement with the aggregate issuance of 8,000,000 units (the "Units") of the Company at a price of $0.05 per Unit. Each Unit is comprised of one flow-through common share (a "Share") and one common share purchase warrant (a "Warrant"), and each Warrant is exercisable at a price of $0.10 per Share for a period of 2 years from the date of issuance. The first tranche of the Private Placement closed on July 23, 2015. Proceeds of the Private Placement are expected to be used toward exploration on the Company's 100% owned Lac La Hache Property in central British Columbia.
The drill program at the Lac La Hache property is progressing on schedule. Four holes totaling 1200 metres of the planned 2,000 metre 2015 program have now been completed. All 4 of the holes have successfully intersected the Aurizon Zone South mineralized structure at predicted core depths. The zone is characterized by strongly altered hydrothermal breccia containing pyrite and chalcopyrite. Assays are pending. Previous drilling along this structure has shown identical rocks contain multi-gram gold, percent-range copper and more than one ounce of silver within 2-meter core assays.
In connection with the closing of the Second Tranche of the Private Placement, the Company paid an aggregate amount of $8,000 in cash finder's fees and issued 160,000 non-transferable finder's warrants (the "Finder's Warrants") to an eligible arm's length finder. Each Finder's Warrant is exercisable into a common share at a price of $0.10 per share until August 21, 2017.
All securities issued under the Second Tranche of the Private Placement are subject to a 4-month hold period expiring on December 22, 2015.
About GWR Resources Inc.
GWR Resources Inc. is a mineral exploration company exploring for gold and base metals in British Columbia's prolific Quesnel Trough. The Lac La Hache copper-gold porphyry/skarn magnetite-copper project hosts multiple zones of gold, copper, silver and magnetite. The project is located between producing mines at Imperial Metals' Mt. Polley Copper-Gold Mine and New Gold Inc.'s New Afton Copper-Gold project, adjacent to Woodjam Consolidated Copper, Gold Fields' Woodjam Project, and is well-served by rail, road and power infrastructure.
The technical contents of the news release have been reviewed and approved by Rob Shives, P.Geo., VP Exploration to the company and a qualified person as defined in National Instrument 43-101.
GWR Resources Inc.
Per/
David Brett
President & CEO
For further information, please contact:
David Brett, Telephone: 604-682-2421
This news release may contain "forward-looking statements". All statements in this release, other than statements of historical facts that address exploration drilling, exploitation activities and other related events or developments are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and exploitation successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these "forward looking statements."
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.
