November 7, 2017, Vancouver, British Columbia - Gold Reach Resources Ltd. (the “Company” or “Gold Reach”) (TSX-V:GRV) is pleased to announce that Mr. Terry Kuzma has joined the Gold Reach Board of Directors.
Mr. Kuzma has extensive experience in the forestry and mining industries in western Canada and has specialized in working with First Nation groups and resource companies to successfully negotiate agreements for the benefit of all parties. Mr. Kuzma is a registered professional forester that has served as a senior manager in the natural resource sector for over 25 years. He has been a Director and past President of West Chilcotin Forest Products Ltd., a Director with Cheslatta Forest Products Ltd. and served as Chairman of the Board and Director of Interex Forest Products Ltd. an international forest products marketing company. Mr. Kuzma also continues to serve as a Director on the New Relationship Trust Board.
Mr. Kuzma is leading an initiative by Gold Reach to enter into an advanced exploration to development stage agreement with multiple First Nation groups that have interests over the Ootsa Project and surrounding area and would be in favour of a consolidation of the assets in this area. The initiative is underway and progress will be updated as certain milestones are met.
Mr. Patrick Glazier, Chairman of the Company stated, “Mr. Kuzma brings a wealth of resource industry knowledge and experience to the Gold Reach Board. His long and successful history of working with First Nation groups will be invaluable as the Company works on formalizing strong First Nation support for the project. We welcome him to our Board and look forward to moving the Ootsa project forward.”
Mr. Kuzma has been granted 200,000 stock options exercisable at $0.10 per share for a term of five years from the date of grant pursuant to the Company’s stock option plan.
About Gold Reach Resources
Gold Reach Resources owns a 100% interest in the Ootsa Property, an advanced stage exploration project containing the East Seel, West Seel and Ox porphyry deposits located adjacent to the open pit Huckleberry copper mine. The property contains NI 43-101 compliant resources of 224 million tonnes in the Measured and Indicated categories with contained metals of 1.1 billion pounds of copper and 1 million ounces of gold as summarized in the table below.
Ootsa Project Pit Constrained Mineral Resource Estimate at $8.50/t NSR Cut-off Value
On February 9, 2016, the Company announced a positive Preliminary Economic Assessment (PEA) for the Ootsa Property with potential for low capital cost, low riskand rapid pay back utilizing existing infrastructure in the district with a contract mining and toll milling scenario. The study recommends that Gold Reach continue to advance the Ootsa Project with extended and advanced technical studies with the intention of moving the project toward a production decision.
The current technical report supporting the resource statement and PEA is available on SEDAR or the Company’s website at www.goldreachresources.com and has an effective date of January 2016. The resource estimate uses $8.50 per tonne NSR cut-off value. Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. A ‘Measured Mineral Resource’ is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. Copper Equivalent (CuEq) calculations are based on base case metal price (US$3/lb Cu, US$1260/oz Au, US$10.30/lb Mo, and US$17/oz Ag) and process recovery assumptions, and take into account smelter payable rates and refining costs. M&I = measured and indicated.
Dr. Shane Ebert P.Geo., is the Qualified Person for the Ootsa project as defined by National Instrument 43-101 and has approved the technical disclosure contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Chairman of the Board
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.
This News Release contains forward-looking statements, which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "will", "may", "should", "expects", "plans", or "anticipates" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements. Such uncertainties and risks may include, among others, that the Offering will not complete, actual results of the Company's exploration activities being different than those expected by management, delays in obtaining or failure to obtain required government or other regulatory approvals or financing, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdown and bad weather. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company's current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggests herein. Except as required by applicable law, the Company does not intend to update any forward-looking statements to conform these statements to actual results.