TORONTO, Ontario, April 26, 2010 — Gleichen Resources Ltd. (the “Company”) (TSX:GRL) announced that drilling is underway at its 100% owned Morelos Gold Project in Mexico, with its first exploration hole nearing completion. The Company intends to ramp up its program through the addition of one rig every two months to reach a total of up to four drill rigs actively working on the property this year. Initial results are expected to become available by mid-summer.
“We are very excited to begin drilling at Morelos. This is the start of an extensive exploration program that will determine if this deposit can be expanded to become of world class size”, said Fred Stanford, President & CEO of Gleichen Resources Ltd.
The Company will be hosting a technical session on Thursday April 29, 2010 at 2:00 p.m. at the TSX Gallery in Toronto to provide a review of its exploration program and development plans. To RSVP for this session please contact the Company at (647) 260-1500. An audio of this presentation will be available on the company’s website.
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 Gold Project, an advanced stage gold exploration property, located 180km southwest of Mexico City. 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
Vice President Investor Relations
Tel. (647) 260-1503
Email: email@example.comCAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release contains or incorporates by reference “forward-looking statements” within the meaning of applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking statements, including any information as to the Company’s strategy, plans or future financial or operating performance. Forward-looking statements are characterized by words such as “plan,” “expect”, “budget”, “target”, “project”, “intend,” “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the Company’s expectations in connection with the Morelos Project being met, the successful reactivation of land access agreements between the Company and applicable Ejidos, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates, possible variations in ore grade, the accuracy of the Company’s resource estimates and geological, operational and price assumptions on which these are based, changes in accounting policies, changes in the Company’s corporate resources, changes in project parameters as plans continue to be refined, changes in project development and anticipated time frames, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs, and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unanticipated results of future studies, seasonality and unanticipated weather changes, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, title disputes or claims, limitations on insurance coverage and timing and possible outcome of pending litigation and labour disputes, as well as those risk factors discussed or referred to in the Company’s Management’s Discussion and Analysis for the year ended October 31, 2009 filed with the securities regulatory authorities in all provinces of Canada and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and results as of the dates presented as well as the Company’s plans and objectives, and may not be appropriate for other purposes