Gold Reach Increases Ownership of Seel Property to 90%
October 17, 2007
Vancouver, British Columbia: Gold Reach Resources Ltd. (GRH: TSX-V) ("Gold Reach") reports that Gold Reach has now increased its interest in the Seel Property from 61% to 90%. Gold Reach also owns a 100% interest in the contiguous Ox Lake Property. This significant change in mineral interest ownership by Gold Reach now provides the opportunity to examine the ongoing exploration and development programs for the Seel and Ox Lake Properties as a consolidated asset group.
Gold Reach has also been notified by Grayd Resource Corporation (TSX-V: GYD) (“Grayd”) that Grayd will not be exercising its back in right on the original Seel claims located in central British Columbia. Under the terms of the Seel Assignment and Amending Agreement dated 11 October, 2005, Grayd had the right to back in for a 39% ownership in the original Seel claims by funding the next $4 million in exploration. Grayd retains no carried interest in the project. Grayd plans to focus primarily on exploring and developing a large land position in Mexico.
Gold Resources is a Canadian exploration company actively involved in the exploration of the Seel and Ox Lake properties a 17,149.5 hectare copper-gold-molybdenum project located 120 kilolmetres south of Houston, BC and eight kilometres to the east of the producing copper-molybdenum Huckleberry Mine.
ON BEHALF OF THE BOARD OF DIRECTORS
Conrad Swanson, President
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