Grande Portage Resources Ltd. announce that it has purchased 1,000,000 Units of Quaterra Resources Inc. (“QTA”) at a price of $0.60 per Unit, for a total investment of $600,000. Each Unit consists of one common share of QTA and one non-transferable share purchase warrant, with each warrant being exercisable to acquire one additional common share of QTA at $0.75 per share until September 22, 2011. QTA plans to use the proceeds principally for further drilling on their silver and gold projects in Mexico at Nieves and Americas-Mirasol, and their copper projects in Nevada in both the McArthur and Yerington areas.
Six widely spaced reconnaissance core holes totalling 2,515 meters were completed at Americas in the fourth quarter of 2008 to evaluate a series of northwesterly striking epithermal quartz veins. One of the holes contained significant silver mineralization. Hole AMD-3 intersected 32 meters of 28 g/t silver in the Marimar vein beginning at a depth of 80 meters, including 2.5 meters averaging 222 g/t silver (8.2 feet averaging 6.5 oz/ton). The Marimar vein is 300 meters east of the other known veins and surrounded by post-mineral alluvium.
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