Business
Chairman's Letter to Shareholders - Grande Portage Resources Ltd. (TSX.v: GPG)
VANCOUVER, Jan. 7 /CNW/ - January, 2008 To Shareholders of Grande Portage Resources Ltd.,
About this update from Grande Portage Resources Ltd.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Jan. 7 /CNW/ -\n\n\nJanuary, 2008\n\n\nTo Shareholders of Grande Portage Resources Ltd.,\n\n\nThis past year had its challenges for the junior mineral exploration\nsector. It was a difficult year for us as shareholders. However, over the\ncourse of the past year, Grande Portage Resources Ltd. remained focused and\ndiligent as we further explored our highly promising property portfolio on\nVancouver Island, B.C.\n\n\nThe Company was very active drill testing key "near surface"\nmineralization showings at and near the Merry Widow open pit. We worked\ntowards establishing a solid platform for growth by drill testing many\nshowings, broadening our base with highly promising exploration properties and\ncommissioning an initial NI 43-101 compliant resource estimate for the Merry\nWidow open pit area, supported by a strong, experienced senior operational\nteam.\n\n\nHighlights for shareholders include;\n\n- Large commodity portfolio focused on gold and base metals\n- Well financed treasury totaling $5.6 million\n- Geophysical data indicates an intrusive body almost 10 km in diameter\n (Merry Widow) with potential for the formation of additional bodies\n of skarn mineralization anywhere the intrusive contacts the Quatsino\n limestone, on both the east and west sides of Merry Widow Mountain.\n- Geophysical data indicates a geological trend almost 9km long (Old\n Sport Horizon)\n- Initial Resource Estimate delivered for Merry Widow open pit area\n- Underground exploration activity to commence in 2008\n- Multiple drill programs planned for early 2008\n- Strong technical and financial management team in Canada\n- Large land package with favourable geology leading to the possibility\n of further discoveries.\n\nThe year ahead will be an active one. We will focus on:\n\n1. Enhancing the initial resource calculation by in-fill drilling at the\n Merry Widow pit and from metallurgical testing of selected samples to\n determine metal recoveries from various styles of mineralization. The\n company plans to test the area from Merry Widow open pit to the South\n Pit Zone, the South Pit Zone, southward extensions from the Martin\n Zone to the Bluebird 2 Zone and the Bluebird 2 Zone itself Surface\n grab samples collected from the South Pit Zone returned up to\n 9.73g/t gold, 11.4 g/t silver, 0.225% copper and 0.172% cobal...