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GIR Lamelee Iron Ore Ltd.

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Delayed by 15 minutes
Share Name Share Symbol Market Type
Lamelee Iron Ore Ltd. TSXV:GIR 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 -

Gimus Resources Inc. Provides a Corporate Update

26/02/2013 1:00pm

Marketwired Canada


Gimus Resources Inc. (TSX VENTURE:GIR) ("Gimus" or the "Company") is pleased to
provide an update on its activities and results for the 2012 fiscal year. 


Financial Results

The Company's audited financial statements and MD&A for its fiscal year ended
September 30, 2012 have been posted on Sedar and disseminated to shareholders in
due course in accordance with applicable securities regulations. The Company
ended the year with working capital of $872,363. Its comprehensive loss for the
year, calculated in accordance with IFRS, amounted to $197,513. The Company has
the financial resources necessary to meet its commitments for the current year,
including those towards subscribers of flow-through shares. 


Exploration Programs

As of December 31, 2012, the Company has completed its field exploration program
of its wholly owned Bouchard Base Metals Property. The program consisted of
early-stage geological mapping and sampling, a 850 line-kilometers detailed and
high resolution airborne Magnetic and Time-Domain Electromagnetic survey,
prospecting of known and new base metals showings, outcrop stripping and
trenching, and 2,000 meters of diamond drilling on the most prospective
occurrences on the north part to test continuity, grade and size potential. 


The program was completed by year end and enabled the Company to fulfill its
commitment towards subscribers of flow-through shares. 


Unfortunately, results of the drilling program on the north part were
disappointing and the Company is presently reviewing the situation.


The southern portion of the Property remains however under explored and does
have potential, with massive sulphide lenses occurrences within
volcano-sedimentary sequences. These sulphides are linked to strong regional
magnetic and electromagnetic signatures. 


The Property consists of 64 claims totaling 3,587.84 hectares or 36 km2. 

Annual Shareholders Meeting

The annual meeting of Gimus shareholders will be held on March 28, 2013 at 10:00
a.m. at the offices of Langlois Kronstrom Desjardins LLP, at 1002 Sherbrooke
West, 28th Floor, Montreal, Quebec. All shareholders are invited to attend the
meeting. Proxies and information circular have been mailed in due course in
accordance with applicable securities regulations. 


About Gimus Resources Inc. 

Gimus is a mineral exploration company the common shares of which are listed for
trading on the TSX Venture Exchange under the symbol "GIR". Gimus currently has
13,104,000 common shares outstanding and has reserved for issuance 750,000
additional common shares pursuant to stock options and 226,320 common shares
pursuant to warrants and compensation options. 


Quality Control and Assurance: 

Jean Lafleur P. Geo., is the "Qualified Person", as defined by National
Instrument 43-101, who has read and approved the technical and scientific
information in this news release.


Statements in this press release contain forward-looking information within the
meaning of applicable securities law. Forward-looking information is frequently
characterized by words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements that certain
events or conditions "may" or "will" occur. Readers are cautioned that
assumptions used in the preparation of forward-looking information may prove to
be incorrect. Although we believe that the expectations reflected in the
forward-looking information are reasonable, there can be no assurance that such
expectations will prove to be correct. We cannot guarantee future results, level
of activity, performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same, in whole or in
part, as those set out in the forward-looking information. Readers are cautioned
not to place undue reliance on forward-looking information.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Guy Girard
President and Chief Executive Officer
(514) 798-1290
ggirard@explologik.com

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