GRENVILLE CLARIFIES SILVERIA INFORMATION
1/7/2008
Vancouver, BC January 07, 2008
FSC / Press Release
GRENVILLE CLARIFIES SILVERIA INFORMATION
Vancouver,
British Columbia CANADA, January 07, 2008 /FSC/ - Grenville Gold Corp
(TSX - VX: GVG, OTCBB_Pink_Sheets: GVLGF, FWB: F9I), As a result of a
review by the British Columbia Securities Commission, we are issuing
the following news release to clarify our disclosure.
In its May
8, June 4, July 24, and November 8, 2007 news releases with respect to
the Silveria Project, Grenville reported a conceptual target using the
following cautionary language:
"The potential quantity and
grades commented upon are conceptual in nature as they are extrapolated
from historic production and therefore, cannot be relied upon. At
present, there has been insufficient NI 43-101 compliant exploration to
define a mineral resource and it is uncertain if further exploration
will result in the discovery of an economic mineral resource. Investors
are cautioned not to rely solely on this information. Grenville will
continue working with contractors to complete the required NI 43-101
report..."
In the same above mentioned news releases, and in a
September 27, 2007 news release, Grenville referenced certain
historical data relating to previous operations in the Silveria Project
properties.
The BCSC has requested that the company reiterate
that a 43-101 compliant resource has not been confirmed and that
historical reserves commented upon in the NI 43-101 Technical Report
under Section 8 cannot be relied upon.
Grenville felt it was
reasonable to use published information on reserves from the Millotingo
and Pacococha Mines in combination with past production records, a
digitization program which mapped the stopes from which production had
occurred, samples taken from the waste dumps located outside the adits,
and the fact that the mines in question stopped commercial production
prematurely due to the destruction of the high tension power cables to
the site by the Shining Path terrorist organization. The Company
considered this information to be compliant with sections 2.3(2) and
2.4 of NI 43-101.
The BCSC raised the concern that the above
news releases may not be compliant with NI 43-101, and the Company
hereby retracts those portions of the said news releases that relate to
the conceptual target, and the historical data, accordingly.
In addition, the BCSC has noted that a newsletter published by Smartstox
in August contains extremely positive or promotional statements without
providing meaningful details or supporting evidence. The comments are
not NI 51-201 compliant as they are promotional in nature. The company
has removed this report from its website. Investors are cautioned not
to rely on estimates regarding economic operation within this report as
no independent qualified technical person has evidence to confirm the
comments and observations of the mine captain quoted by Smartstox.
Grenville has reviewed and changed its website to remove any non-compliant disclosure.
On behalf of the Board of Directors,
"A. Paul Gill"
President & CEO
Ph. 604-669-8842
info@grenvillegold.com
We Seek Safe Harbour
The
TSX-Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. All
statements, other than statements of historical fact, included herein
are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important factors
that could cause actual results to differ materially from the Company's
expectations are disclosed in the Company's documents filed from time
to time with the TSX Venture Exchange, the British Columbia Securities
Commission, the Ontario Securities Commission, and the Alberta
Securities Commission.
Source: Grenville Gold Corp. (TSX-V: GVG) http://www.grenvillegold.com
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