Symbol: GPO TSX-V
VANCOUVER, May 11 /CNW/ - Gold Port Resources Ltd. (the "Company") (TSX-V:GPO) is pleased to announce that Mr. Robert McEwen, Chairman and C.E.O. of US Gold Corporation (AMEX,TSX:UXG) and Guyana Goldfields Inc. (TSX:GUY) have delivered subscription agreements to subscribe for units of the Company in connection with the Company's private placement of units previously announced on March 6, 2007 and April 30, 2007. Mr. McEwen is subscribing for a total of 2,500,000 units representing 10.33 % of the issued and outstanding shares of the Company at closing. Guyana Goldfields Inc. is subscribing for 2,500,000 units representing 10.33 % of the issued and outstanding shares of the Company at closing.
After closing, Mr. McEwen and Guyana Goldfields Inc will each have the right to participate in future financings for a period of 2 years, in order to maintain their respective percentage interests, subject to certain restrictions. The private placement and the subscriptions by Mr. McEwen and Guyana Goldfields Inc. are subject to closing of the financing and TSX Venture Exchange acceptance.
Proceeds of the financing will be used to accelerate exploration activities at the Akaiwong, Groete Creek and Five Stars gold exploration projects all located in Guyana, South America. Akaiwong is located approximately 20 kilometers southeast of the Aurora Mine, the location of a significant gold discovery by Guyana Goldfields Inc. Drilling is currently underway at this project. The Groete Creek Project is located approximately 60 kilometers southwest of Georgetown, the capital. A ground exploration program to identify drill targets is planned for this location. The Five Stars Project is located 300 air kilometers from Georgetown, and totals approximately 20 square miles. The Company is awaiting results of 900 samples from this project, currently in for assay.
Robert McEwen is Chairman and C.E.O. of US Gold Corporation and was the founder, former Chairman and CEO of Goldcorp Inc. He has been honoured with such awards as the Northern Miner's Man of the Year Award; Ernst and Young's Ontario Entrepreneur of the Year Award in the Energy Category; the Prospectors and Developers Association of Canada's Developer of the Year Award, and most recently recognized as Canada's most innovative C.E.O. by Canadian Business Magazine.
Guyana Goldfields Inc. is a Canadian based mineral exploration Company primarily focused on the exploration and development of gold deposits in the Guiana Shield of South America.
Adrian F. C. Hobkirk, President of Gold Port Resources Ltd. said "Gold Port is an entrepreneurial exploration company focused on Guyana, South America. We are pleased that two proven industry leaders in the gold exploration sector with a track record of success in Guyana have chosen to become shareholders of our Company".
None of the foregoing securities have been, nor will they be, registered with the U.S. Securities and Exchange Commission or under any state securities laws and may not be offered or sold in the United States or to U.S. Persons without registration or pursuant to an applicable exemption from the registration requirements of the United States Securities Act of 1933 and applicable state securities laws.
On Behalf of the Board of Directors of Gold Port Resources Ltd.
Adrian F. C. Hobkirk
President and C.E.O.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. This press release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. This press release is not a solicitation to buy or sell securities.
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