Vancouver, BC / TheNewswire / January 17, 2018 - Galore Resources Inc. (TSX-V: GRI) (the "Company") is pleased to announce that it has entered into a 5-year contract with Urbanizaciones Y Acabados, S.A. De CV "URBYASA" to mine gold at Galore's 100% owned Los Gemelos claim (Duraznillo Ranch). Management anticipates revenue from the mine going a long way toward satisfying the Company's current and future overhead requirements. We are optimistic about Galore's future and even though some consider this approach unconventional, we consider this a promising business strategy that should move this Company to an autonomous position. With a boost in demand due to significant production decreases in recent years, we feel our timing bodes well for increased gold prices.
The gold processing plant has an initial capacity of 90 tons per week. The contract provides Galore with final payment and closing costs associated with the Duraznillo Ranch property, bringing current and continued payment of property tax associated with the property, installation of a water well, improved utilities to the property, improved road access and all necessary insurance needed for damages or loss of any kind. URBYASA will be responsible for all permits, fees, duties, taxes and insurance associated with Mining Law and other Federal, State and local Laws. URBYASA will carry out the commercialization and sale of the concentrated gold ore monthly with the proceeds, net of costs being allocated forty percent (40%) to Galore and sixty percent (60%) to URBYASA. Galore will retain the rights on all other minerals extracted and there is a 100-meter depth limitation on production. Full plant operation and gold production is expected to commence within the next 90 days.
Galore continues to explore its ground with concentrated focus on the El Alamo claim. Galore is in discussions with various investment groups and we hope to begin our 2018 projected drill program very soon. We believe we have the most compelling information possible to know where to drill and why.
We thank our many stockholders for their continued support and we look forward to directing this Company to the future success we have all awaited.
