TSX: GGL.V $0.025 +0.000 +0.000% vol. 60,000

Press Release

Letter to Shareholders, Year ended November 30, 2011
April 03, 2012
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 NEWS RELEASE                                                                                          April 3, 2012

 

LETTER TO SHAREHOLDERS

Year ended November 30, 2011

 

VANCOUVER, British Columbia, Canada – Raymond A. Hrkac, President and CEO of GGL Resources Corp. (TSX-V: GGL) reports to the shareholders for the year ended November 30, 2011.

 

The Company’s mineral properties have moved beyond the highest risk grass-roots stage of exploration to the discovery and drilling stage.  Exploration drilling success is the stage that has the greatest positive impact on share values.  We have reached that point for McConnell, for which an NI 43-101 Report is planned, and on the Providence Greenstone Belt (“PGB”) where three of our gold properties, two of our VMS properties and two of our diamond targets are ready to drill.  Our aim is to drill at least two of the PGB targets this year, one gold target and one VMS target.  Success on any one of these properties may transform the Company. 

We have been able to stake, maintain, and explore our property assets because of the financing and support we have received from our shareholders.  It is time now for the Company to refinance, and to consider joint venturing some or all of our holdings.  Each alternative has its benefits or drawbacks for our shareholders.  We have diligently pursued all these possibilities. Many discussions for financing have involved a consolidation of shares, something we have been reluctant to do, as with the share holdings of our larger shareholders alone there is much less free-trading stock compared to the amount of our current issued capital.  As stated above, we are at a point where new financing may bring the success all our loyal and patient shareholders have been waiting for.  Joint ventures involve diluting the interest in our mineral holdings, which may well be acceptable depending on the terms and the ability of the incoming group to add value to our assets.  

Finally, we are looking at the possibility of restructuring the Company, perhaps by placing some of our mineral assets into new subsidiaries that may be better able to finance future exploration while maintaining value for the Company and its shareholders.  

Our preference is to obtain financing to drill our properties.  However, our directors will carefully consider all alternatives. 

This past August we were saddened to hear that Marvin Gustafson, of Prince George, BC passed away.  Marvin was an early and loyal shareholder, with connections to the two prospectors that discovered the McConnell Creek Property.  Marvin always participated in our financings and would come by the office every year.  We will miss him and the connection to our beginnings. 

I wish to thank our directors, consultants and advisors for their work on behalf of the shareholders.  I look forward to providing further updates and positive news to our shareholders and thank you for your loyal support during these challenging times.

Please go to our website www.gglresourcescorp.com or SEDAR and read the property updates in the MD&A. 

 

GGL RESOURCES CORP.

“Raymond A. Hrkac”

 

Raymond A, Hrkac

President and Chief Executive Officer

 

For further information, please phone: (604) 688-0546, Email: info@gglresourcescorp.com or visit our web site at www.gglresourcescorp.com. 

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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