Gray Rock Terminates Acquisition of the Surprise Lake Properties
Vancouver, British Columbia (FSCwire) - Gray Rock Resources Ltd. (GRK: TSX.V, “Gray Rock” or the “Company”) announces that it has entered into a settlement and property transfer agreement (the “Agreement”) with DeCoors Mining Corp. (“DeCoors”) to terminate the Company’s acquisition of the Surprise Lake and other non-core properties, located near Atlin, British Columbia, consisting of 64 mineral claims in total, which will be re-transferred to DeCoors. In consideration of the retransfer, DeCoors will release the Company from any further obligation to release from escrow 3.2 million common shares, and will deliver to the Company 200,000 common shares of Garibaldi Resources Inc. In addition, the nominee of DeCoors, John Buckle will resign as a director of the Company, and both DeCoors and the Company will deliver mutual general releases.
The Company will be re-evaluating its Silver Stream property, continue to look at other projects and consider new business opportunities.
For further information please contact Gray Rock Resources Ltd. at ph. (604) 682-3701, or log onto our website at www.grayrockresources.com
ON BEHALF OF THE BOARD
President & CEO
Neither 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.
Source: Gray Rock Resources Ltd. (TSX Venture:GRK)
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