|February 24, 2010|
Gleichen Completes Acquisition To Own 100% Interest In Morelos Gold Project
|Toronto, February 24, 2010, Gleichen Resources Ltd. (TSX-GRL) ("Gleichen" or the "Company") has completed its previously announced acquisition of all of the shares in the capital of Minera Media Luna, S.A. de C.V. ("MML") held by Desarrollos Mineros San Luis, S.A. de C.V., a wholly-owned subsidiary of Goldcorp Inc. ("DMSL"), representing 21.2% of the issued and outstanding shares of MML, for CDN$52,000,000 payable in cash, pursuant to a share purchase agreement dated February 9, 2010 with DMSL. Gleichen now holds 100% of the issued and outstanding shares of MML through its subsidiary TGRXM S.A. de C.V. MML is the registered holder of a 100% interest in the Morelos gold project in Mexico (the "Morelos Project").|
"This consolidation concludes a natural step for the Company and provides us with a clean ownership structure from which to anchor our exploration efforts on the Morelos Project", said Fred Stanford, President and CEO of Gleichen. "We believe we have a Project with great potential to grow, we are well financed and we are pleased to be listed on the Toronto Stock Exchange and look forward to keeping the market appraised of our progress." he added.
Gleichen Resources Ltd., is a well funded, growth oriented Canadian mining company engaged in the exploration and development of precious metal resources with a focus on gold. It owns 100% of the Morelos Project, an advanced stage gold exploration property, located 180km southwest of Mexico City. The Company trades on the Toronto Stock Exchange under the symbol GRL. The Company's Board of Directors has approved a change of the Company's name to Torex Gold Resources Inc., pending approval at its next annual and special meeting of shareholders.
For further information, please contact:
GLEICHEN RESOURCES LTD.
President and CEO
Tel. (647) 260-1502
Gabriela M. Sanchez
Vice President Investor Relations
Tel. (647) 260-1503
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.