Great Rock Development Corp. Announces Acquisition of Mineral Rights for Strategic Expansion of Current Claims
OAKVILLE, Ontario, April 19, 2013 /PRNewswire/ -- Great Rock Development Corp. (OTCPK: GROC) is pleased to announce that it has entered into an agreement for the acquisition of mineral rights for rare earths to add to its gold rights from the Byers Brook and Shatter Lake properties in Nova Scotia. Under the terms of the Agreement, Great Rock Development Corporation is acquiring the rights to rare earth minerals in exchange for 2 M Rule 144 shares of GROC restricted from resale for a period of two years together with royalty payments of 18% of net proceeds generated from the mining of the claims.
GROC has been carefully monitoring the activity by others in the surrounding areas as they established claims and began exploration as a result of the original report of gold finds by the Nova Scotia Department of Natural Resources. Rare earth elements have been reported in the region and warrant further exploration, especially in combination with gold exploration.
About this lucrative Region
The Nova Scotia Ministry of Natural Resources reports: "Significant rare earth element (REE) and associated Y, Zr, Nb mineralization has recently been discovered along the contact zone between granitic rocks of the Hart Lake-Byers Lake Pluton and overlying cogenetic felsic volcanic and volcaniclastic rocks of the Byers Brook Formation. REE mineralization is represented by fine- to coarse-grained magmatic/hydrothermal granitic dykes that range in thickness from < 1 to > 50 cm." (http://earthsciences.dal.ca/calendar/2012/ES_seminar-March_23_MacHattie.pdf).
About Great Rock Development
Great Rock Development Corporation is junior mineral exploration company with significant experience in renewable resource and energy management.
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Danny Wong, CEO: 416 526 7582
Disclaimer: Shareholders and investors are strongly cautioned against placing undue reliance on information set forth in these communications in making any investment decisions concerning our securities. The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the Company's periodic reports filed with the OTCMarkets.com including the Company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.
SOURCE Great Rock Development Corp.