Garrison Announces Results of Geophysics Survey at Tuvshir, Results of Shareholders' Meeting, Issuance of Shares for Debt and Loan Details
TORONTO, ONTARIO, Nov 18, 2010 (MARKETWIRE via COMTEX) -- Garrison International Ltd. /quotes/comstock/11v!e:gau (CA:GAU 0.06, +0.01, +22.22%) ("Garrison") is pleased to announce that the initial Induced Polarization Gradient Array (IPGA) geophysics survey has been completed over the major areas of interest within Garrison's Tuvshir Project's northern exploration and mining licenses. A Mongolian geophysics company, GPGD LLC, which specialises in Induced Polarization surveys was contracted to conduct the IPGA program. Approximately 90 line kilometres have been surveyed at average 100 metre line spacing. On site monitoring was done on each survey line using calibrated equipment with the company's Project Geologist overseeing the survey. The results can be seen below in figure 1 with Resistivity and Chargeability maps side-by-side for comparison.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/fig1gau1118.pdf
The Project's technical staff involved in the exploration program targeted areas within and around the major mineralised areas, i.e. Quartz Blow, Ninja and China Areas, as indicated above. These known areas of mineralisation consist of large outcropping quartz with a high percentage of oxidised sulphide minerals, which are in fact zones of supergene enrichment. Prior to conducting the survey the technical staff theorized that there was a relationship between the three major zones of mineralisation. The results are encouraging showing a link up in chargeability between the Ninja and Quartz Blow areas with what would appear to be a structural offset to the China Area. The mineralisation, which is represented by the white objects, as circled, tends to sit either amidst the chargeability/resistivity 'highs' and/or right on the margin. These results indicate sulphides at greater depth. Gold is typically associated with sulphides in the region, which is known from previous detailed exploration work conducted in the vicinity.
An interesting relationship can be drawn between the Tuvshir results and Centerra's Boroo Gold Project, which is a world-class mine and is currently Mongolia's largest operating gold mine. Although the two projects are approximately several hundred kilometres apart they sit within the same regional thrust belt, which is host to Mongolia's major gold deposits. As seen in figure 2 below in the two images, again side-by-side, the chargeability highs in Centerra Gold's map display the same traits as those of the Tuvshir results, i.e. mineralisation is sitting in or on the margins of the chargeability highs.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/fig2gau1118.pdf
Garrison's technical team, along with GPGD LLC, are now conducting a geophysics dipole-dipole survey in follow-up to the gradient-array survey, which will provide a 3-dimensional image with accuracy to a depth of 200 metres within the areas of interest and thus provide important targets, i.e. Target Zone A and Target Zone B, for planned drilling during the upcoming Mongolian winter. Target Zones A and B have approximate areas of 0.71 km2 and 0.16 km2.
Tony Bainbridge, the Chief Operating Officer and a director of Garrison, and a "qualified person" under National Instrument 43-101, has supervised and executed the geological work program to date on the Tuvshir Property. Mr. Bainbridge has verified and approved all scientific and technical disclosure contained in this press release with respect to Garrison and the Tuvhsir Project.
Results of Shareholders' Meeting and Issuance of Shares for Debt
Garrison's annual and special shareholders' meeting took place on November 9, 2010. At the meeting, Blair Krueger, Anthony Bainbridge, Michael Hawkins, Greg De Ross and Jules Brossard were re-elected directors of Garrison; parker simone LLP was re-appointed as auditor; Garrison's Amended and Restated Stock Option Plan was re-approved, and a shares for debt settlement with two of Garrison's service providers that are companies owned or controlled by Garrison's directors ("Insider Creditors") was approved by the disinterested shareholders of Garrison.
Having received approval from the disinterested shareholders of Garrison of the shares for debt settlement in accordance with the requirements of the TSX Venture Exchange (the "Exchange"), and having received final approval from the Exchange, an aggregate of 3,835,046 common shares were issued at a deemed price of $0.05 per share to settle an aggregate of $191,752.29 owing to the Insider Creditors for services rendered. The shares issued are subject to a regulatory hold period that expires on March 13, 2011.
The shareholders did not approve the proposal to conclude a 10 to 1 consolidation of Garrison's common shares.
Shares for Debt Settlement
Garrison announces that it has reached an agreement with one of its professional service providers to settle debt in the amount of $21,843.50 for services rendered to October 31, 2010. The service provider has agreed to settle the debt in exchange for the issuance of 408,591 common shares of Garrison at an average price of approximately $0.055 per share. The completion of the shares for debt settlement is subject to the approval of the TSX Venture Exchange.
Loan Details
As previously announced in Garrison's press release of February 26, 2010, Garrison had completed a debenture financing for total gross proceeds of $3,000,000. The debentures bear interest at a rate of 10% per annum, calculated and payable semi-annually on the last day of June and December commencing on June 30, 2010 until full repayment of the debentures. The first interest payment of an aggregate of $150,000 was due on June 30, 2010, and has now been paid.
The interest payment was paid using funds totalling $150,000 advanced to Garrison by a company owned by its President under a secured loan maturing on November 8, 2011, repayable on demand, and bearing interest at a rate of 10% per annum calculated and payable semi-annually on the last day of June and December commencing on December 31, 2010 until full repayment of the loan. The security interest held by the debentureholders ranks senior in priority to this loan.
About Garrison
Garrison is a junior mineral exploration company focused on acquiring and developing advanced stage gold properties in Mongolia. For complete details on Garrison International Ltd. and its partners, management encourages investors and interested parties to view its public documents filed on SEDAR at www.sedar.com.
CAUTIONARY STATEMENT
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements in this news release, other than statements of historical fact, are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Garrison International Ltd. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Garrison International Ltd. assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
Shares Outstanding - 104,272,815
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. Contacts:
Garrison International Ltd.
Blair Krueger
President & CEO
(416) 524-8150
www.garrison-intl.com
SOURCE: Garrison International Ltd. http://www.garrison-intl.com
Copyright 2010 Marketwire, Inc., All rights reserved.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/fig1gau1118.pdf
The Project's technical staff involved in the exploration program targeted areas within and around the major mineralised areas, i.e. Quartz Blow, Ninja and China Areas, as indicated above. These known areas of mineralisation consist of large outcropping quartz with a high percentage of oxidised sulphide minerals, which are in fact zones of supergene enrichment. Prior to conducting the survey the technical staff theorized that there was a relationship between the three major zones of mineralisation. The results are encouraging showing a link up in chargeability between the Ninja and Quartz Blow areas with what would appear to be a structural offset to the China Area. The mineralisation, which is represented by the white objects, as circled, tends to sit either amidst the chargeability/resistivity 'highs' and/or right on the margin. These results indicate sulphides at greater depth. Gold is typically associated with sulphides in the region, which is known from previous detailed exploration work conducted in the vicinity.
An interesting relationship can be drawn between the Tuvshir results and Centerra's Boroo Gold Project, which is a world-class mine and is currently Mongolia's largest operating gold mine. Although the two projects are approximately several hundred kilometres apart they sit within the same regional thrust belt, which is host to Mongolia's major gold deposits. As seen in figure 2 below in the two images, again side-by-side, the chargeability highs in Centerra Gold's map display the same traits as those of the Tuvshir results, i.e. mineralisation is sitting in or on the margins of the chargeability highs.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/fig2gau1118.pdf
Garrison's technical team, along with GPGD LLC, are now conducting a geophysics dipole-dipole survey in follow-up to the gradient-array survey, which will provide a 3-dimensional image with accuracy to a depth of 200 metres within the areas of interest and thus provide important targets, i.e. Target Zone A and Target Zone B, for planned drilling during the upcoming Mongolian winter. Target Zones A and B have approximate areas of 0.71 km2 and 0.16 km2.
Tony Bainbridge, the Chief Operating Officer and a director of Garrison, and a "qualified person" under National Instrument 43-101, has supervised and executed the geological work program to date on the Tuvshir Property. Mr. Bainbridge has verified and approved all scientific and technical disclosure contained in this press release with respect to Garrison and the Tuvhsir Project.
Results of Shareholders' Meeting and Issuance of Shares for Debt
Garrison's annual and special shareholders' meeting took place on November 9, 2010. At the meeting, Blair Krueger, Anthony Bainbridge, Michael Hawkins, Greg De Ross and Jules Brossard were re-elected directors of Garrison; parker simone LLP was re-appointed as auditor; Garrison's Amended and Restated Stock Option Plan was re-approved, and a shares for debt settlement with two of Garrison's service providers that are companies owned or controlled by Garrison's directors ("Insider Creditors") was approved by the disinterested shareholders of Garrison.
Having received approval from the disinterested shareholders of Garrison of the shares for debt settlement in accordance with the requirements of the TSX Venture Exchange (the "Exchange"), and having received final approval from the Exchange, an aggregate of 3,835,046 common shares were issued at a deemed price of $0.05 per share to settle an aggregate of $191,752.29 owing to the Insider Creditors for services rendered. The shares issued are subject to a regulatory hold period that expires on March 13, 2011.
The shareholders did not approve the proposal to conclude a 10 to 1 consolidation of Garrison's common shares.
Shares for Debt Settlement
Garrison announces that it has reached an agreement with one of its professional service providers to settle debt in the amount of $21,843.50 for services rendered to October 31, 2010. The service provider has agreed to settle the debt in exchange for the issuance of 408,591 common shares of Garrison at an average price of approximately $0.055 per share. The completion of the shares for debt settlement is subject to the approval of the TSX Venture Exchange.
Loan Details
As previously announced in Garrison's press release of February 26, 2010, Garrison had completed a debenture financing for total gross proceeds of $3,000,000. The debentures bear interest at a rate of 10% per annum, calculated and payable semi-annually on the last day of June and December commencing on June 30, 2010 until full repayment of the debentures. The first interest payment of an aggregate of $150,000 was due on June 30, 2010, and has now been paid.
The interest payment was paid using funds totalling $150,000 advanced to Garrison by a company owned by its President under a secured loan maturing on November 8, 2011, repayable on demand, and bearing interest at a rate of 10% per annum calculated and payable semi-annually on the last day of June and December commencing on December 31, 2010 until full repayment of the loan. The security interest held by the debentureholders ranks senior in priority to this loan.
About Garrison
Garrison is a junior mineral exploration company focused on acquiring and developing advanced stage gold properties in Mongolia. For complete details on Garrison International Ltd. and its partners, management encourages investors and interested parties to view its public documents filed on SEDAR at www.sedar.com.
CAUTIONARY STATEMENT
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements in this news release, other than statements of historical fact, are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Garrison International Ltd. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Garrison International Ltd. assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
Shares Outstanding - 104,272,815
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. Contacts:
Garrison International Ltd.
Blair Krueger
President & CEO
(416) 524-8150
www.garrison-intl.com
SOURCE: Garrison International Ltd. http://www.garrison-intl.com
Copyright 2010 Marketwire, Inc., All rights reserved.
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