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BAR Balmoral Resources Ltd

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Share Name Share Symbol Market Type
Balmoral Resources Ltd TSXV:BAR TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

GTA Partners With Metals Creek Resources in Yukon

10/01/2013 12:00pm

Marketwired Canada


GTA Resources and Mining Inc. ("GTA") (TSX VENTURE:GTA) is pleased to announce
that it has entered into an Option Agreement with Metals Creek Resources Corp.
("MEK") in which GTA can earn a 51% to 70% interest in MEK's Squid East property
in the Matson Creek area of Yukon Territory. The 82 claim Squid East property
was initially staked by MEK in 2011 and there are no underlying royalties or
other interests on the property.


To earn an initial 51% interest, GTA must make cash payments of $60,000 over
three years ($20,000 due upon regulatory approval), issue a total of 2,000,000
GTA shares over three years (200,000 due upon regulatory approval) and incur
work expenditures of $2,000,000 over three years ($500,000 firm including a
minimum 400 meters of drilling by 1st anniversary). MEK will be the operator
during the earn-in period. Once a 51% interest is earned by GTA, either a 51/49
joint venture will be formed, or GTA may elect to earn an additional 19%
interest to bring its total property interest to 70%.


The terms to increase GTA's interest from 51% to 70% include payment of $100,000
and 1,000,000 GTA shares within 120 days of the 3rd anniversary date and
incurring an additional $1,000,000 in exploration expenditures by the 5th
anniversary. GTA would assume operatorship once it had earned a 51% interest.


Late in 2012 MEK's soil sampling program delineated a strong northwest trending
gold plus pathfinder element anomaly located on the Squid East claim block. (see
Metals Creek News Release dated 23 October 2012). Strong anomalous gold (Au)
values are continuous between sample locations ranging from 15 ppb (parts per
billion) to 1086 ppb. Associated with the gold assays are strong pathfinder
element results which include silver (Ag) from below detection up to 78.5 parts
per million (ppm), lead (Pb) from 5.3 up to 4493.5 ppm, arsenic (As) from 6.9 up
to 50.9 ppm, Antimony (Sb) from 0.1 up to 241.2 ppm, Barium (Ba) from 133 up to
2370 ppm, and mercury (Hg) from below detection up to 36.32 ppm.


The anomaly has minimum dimensions of approximately 450m long by 200m wide and
is coincident with a distinct northwesterly trending magnetic low. The anomaly
is located in an area of moderate topography, within the unglaciated Dawson
Range terrain. It is located upslope from the Matson Creek placer gold mining
camp which is accessed via an airstrip and a four wheel drive ridge road
originating from the "Top of the World" Highway west of Dawson City. Several
other Au, As and Ba anomalies are also present within this mag low and will
require additional follow-up sampling. The strength and size of this newly
discovered anomaly is comparable to soil anomalies associated with the recent
discoveries in the White Gold District and the associated pathfinder elements
are similar to anomalies associated with these new discoveries.


Wayne Reid, President and CEO of GTA states, "We are very excited to finalize
the terms of this agreement with MEK, to earn a substantial interest in the
Squid East property. The potential of the property is demonstrated by a number
of factors including the quality of the untested gold target, its location
within the emerging White Gold District and its proximity to the Matson Placer
Gold Camp. We look forward to the results from the upcoming field program which
should culminate in a diamond drill program by late summer to test the gold
target. Our main exploration efforts will continue to be directed at our
flagship Northshore project, however, the Squid East gold target provides an
excellent opportunity for GTA to expand its gold portfolio."


Wayne Reid, P.Geo, President and CEO of GTA and a qualified person as defined in
National Instrument 43-101, has reviewed the technical data outlined in this
release and participated in the preparation of the information forming the basis
for this release.


About GTA

GTA is a publicly traded mineral exploration company. It is led by an
experienced and successful management team and is focused on gold exploration in
Canada. GTA currently has two active gold projects with Squid East being its
third. Its flagship project, the Northshore Project, located near Schreiber,
Ontario, is subject to an option agreement with Balmoral Resources Ltd. ("BAR")
whereby GTA can earn up to a 70% interest. The second project, the 100% owned
Auden Property, is located near Hearst, Ontario and consists of 1596 claim units
covering virtually an entire greenstone belt.


GTA has 25,431,855 shares outstanding of which insiders control approximately
30% of the outstanding shares. GTA's shares trade on the TSX Venture Exchange
under the symbol "GTA".


On behalf of the board of directors of

GTA Resources and Mining Inc.

N. Wayne Reid, President and CEO

For more information, please visit the corporate website at www.gtaresources.com.

This press release contains forward-looking statements and forward-looking
information (collectively, "forward looking statements") within the meaning of
applicable Canadian and United States securities laws. All statements, other
than statements of historical fact, included herein, including statements
regarding the anticipated content, commencement, duration and cost of
exploration programs, anticipated exploration program results, the discovery and
delineation of mineral deposits/resources/reserves, the timing of the receipt of
assay results, and business and financing plans and trends, are forward-looking
statements. Forward-looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, postulate and similar
expressions or are those which, by their nature, refer to future events.
Although the Company believes that such statements are reasonable, there can be
no assurance that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in such
statements. The Company cautions investors that any forward-looking statements
by the Company are not guarantees of future performance, and that actual results
may differ materially from those in forward-looking statements. Important
factors that could cause actual events and results to differ materially from the
Company's expectations include those related to weather, equipment and staff
availability; performance of third parties; risks related to the exploration
stage of the Company's projects; market fluctuations in prices for securities of
exploration stage companies and in commodity prices; and uncertainties about the
availability of additional financing; risks related to the Company's ability to
identify one or more economic deposits on the properties, and variations in the
nature, quality and quantity of any mineral deposits that may be located on the
properties; risks related to the Company's ability to obtain any necessary
permits, consents or authorizations required for its activities on the
properties; and risks related to the Company's ability to produce minerals from
the properties successfully or profitably. Trading in the securities of the
Company should be considered highly speculative. All of the Company's public
disclosure filings may be accessed via www.sedar.com and readers are urged to
review these materials, including the latest technical reports filed with
respect to the Company's mineral properties.


This press release is not, and is not to be construed in any way as, an offer to
buy or sell securities in the United States.


FOR FURTHER INFORMATION PLEASE CONTACT: 
GTA Resources and Mining Inc.
Wayne Reid
President and CEO
(709) 699 1733
www.gtaresources.com

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