VANCOUVER, British Columbia, Dec. 20, 2013 (GLOBE NEWSWIRE) -- GREAT ATLANTIC RESOURCES CORP. (TSX-V:GR) is pleased to announce that Maritime Drilling, contracted by Great Atlantic Resources, has completed the first two holes on the West Gore property, which is located roughly halfway between Wolfville and Truro in Nova Scotia. The drill program is designed to test a previously documented gold-antimony zone. The first hole WG-13-01 was drilled at 45 degrees facing due north to test the WNW trending structure and was completed on December 14 to a depth of 152 meters. The drill was then moved to a second location, WG-13-02, to test the same structure. The second hole was completed on December 19 to a depth of 125 meters. Drilling will commence again after the holidays and results will be pending in the new year. The program was designed to test a high grade gold and antimony structure that was previously drilled 1980's.
Chris Anderson, chief executive officer of Great Atlantic, has sold a total of 1.75 million common shares of Great Atlantic from his personal holdings through the facilities of the TSX Venture Exchange. Mr. Anderson will use the net proceeds from the sale of these shares to purchase units under the flow through offering announced Dec 6 2013. As a result of the proposed purchase of units by Mr. Anderson, Great Atlantic anticipates that insiders may subscribe for greater than 25 per cent of the private placement. The issuance of shares to insiders pursuant to the private placement is considered to be a related party transaction subject to TSX-V 5.9 and Multilateral Instrument 61-101. Great Atlantic intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the private placement by insiders will not exceed 25 per cent of the fair market value of Great Atlantic's market capitalization.
The Company also wishes to acknowledge the contribution of the Nova Scotia Mineral Incentive Program which provided some of the funds to drill this project.
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
About Great Atlantic Resources Corp:
Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral deposits in Atlantic Canada which is a sovereign risk free domain. Currently the company is propelling forward under a project generation model with a focus on Antimony, Tungsten and Gold.
On Behalf of the board of directors
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Source:Great Atlantic Resources Corp.