|By Marketwired .||
|May 12, 2014 05:30 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/12/14 -- Raymond A. Hrkac, President and CEO of GGL Resources Corp. (TSX VENTURE:GGL) ("GGL") is pleased to announce that it has entered into an agreement with Proxima Diamonds Corp. ("Proxima") whereby Proxima has purchased a portion of the area of the GGL Diamond Database in the Northwest Territories of Canada (The "Target Area Database"). The Target Area Database includes the area of the "Corridor of Hope" that includes all of the presently operating diamond mines and is considered prime diamond exploration ground. Within this area, Proxima has already staked 16 prospects covering approximately 177,000 acres.
The GGL Diamond Database includes heavy mineral samples and kimberlite indicator mineral results, microprobe analysis, drill holes and logs, striation measurements, geology, geophysics, bathymetry, air photos, soil samples and results, kimberlite locations, topography and man-made features and a proprietary software program to access the data. In particular, the database has incorporated thorough and rigorous QA/QC of kimberlite indicator mineral sampling results which is critical to target selection and appraisal.
Proxima Diamonds Corp. is a new company founded by geologists with extensive exploration and development mining experience throughout North America with particular experience within the Northwest Territories and Nunavut. The group has been involved with all aspects of diamond exploration since the first diamond discovery in 1991.
Under the terms of the agreement GGL will receive cash payments in 2014 for a total of $100,000 and 500,000 treasury shares of Proxima (subject to regulatory approval). Proxima will have exclusive use of the Target Area Database until November 30, 2014 and non-exclusive use thereafter. GGL shall have the right to select five targets that may be acquired by Proxima as royalty targets. With respect to each royalty target, GGL shall be entitled to receive and Proxima shall pay GGL a 1.5% NSR type royalty from production, subject to Proxima having the right to prior to production to purchase one third of the Royalty for $1,000,000 and a further third (0.5%) for $5,000,000.
GGL Resources Corp. separately owns mineral claims and leases with established targets with diamond potential and exploration diamond indicator mineral trains. GGL also owns claims and leases in the NT with gold, VMS and nickel prospects; and gold and porphyry copper-gold-silver claims in British Columbia.
On behalf of the Board,
Raymond A. Hrkac, President & CEO
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.
Forward-Looking Information: This news release contains "forward-looking statements" and the cautions regarding such statements apply.
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