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Enter Symbol
or Name
USA
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Glenmark Capital Corp
Symbol GLM
Shares Issued 52,445,724
Close 2014-10-22 C$ 0.36
Market Cap C$ 18,880,461
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Glenmark receives TSX-V OK for Key Lake acquisition

2014-10-23 13:39 ET - News Release

Mr. Richard Grayston reports

GLENMARK ACQUIRES KEY LAKE ROAD PROJECT

Glenmark Capital Corp.'s agreement with an arm's-length vendor to acquire the Key Lake Road (KLR) project (see news release dated Oct. 16, 2014), a prospective uranium project in Northern Saskatchewan, has been approved by the TSX Venture Exchange.

The project covers 5,590 hectares, approximately 89 kilometres south of the Key Lake mine, an open-pit mine which has produced about 200 million pounds of uranium. The project is 520 km north of the city of Saskatoon and is easily accessed by the Key Lake haulage road, which is maintained by Cameco. In 2005 to 2007, Forum Uranium carried out a systematic investigation of the project area with a variety programs, including prospecting, an airborne geophysical survey and a small number of diamond drill holes. The KLR project hosts two high-value targets: the Molly trend and Hobo zone.

Glenmark is extremely pleased with this acquisition as historic programs have significantly advanced the project and produced several high-value shallow targets for exploration. Glenmark will be collating and further analyzing previous data, the majority of which are available in digital format, to define a comprehensive go-forward exploration program.

Under the terms of the agreement, Glenmark can earn a 100-per-cent interest in the KLR project by issuing 250,000 shares within five days of receipt of TSX Venture Exchange approval, issuance of a further 500,000 shares within six months of signing of the agreement, payment of $340,000 over 36 months and completing $2.5-million in exploration expenditures over four years. The 100-per-cent interest is subject to a 1-per-cent gross overriding royalty, of which one-half can be purchased for $1-million.

The technical contents of this news release have been prepared under the supervision of Peter Born, PGeo. Mr. Born is a qualified person as defined in National Instrument 43-101 and has approved this news release.

We seek Safe Harbor.

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