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February 2, 2011
Grandview Gold Inc. Issues Update to Shareholders
February 2, 2011 - - Grandview Gold Inc. (TSX Symbol: GVX, OTC-BB Symbol: GVGDF) ("Grandview" or the "Company") is pleased to announce that Mr. Paul Sarjeant, B.Sc., P.Geo., President and Chief Executive Officer of Grandview Gold Inc. has issued an update to shareholders.
The full text of the update can be found below and on the Grandview Gold website Shareholder Update page.
…………………………………………………………………………………………………
Dear Shareholders
Since my last biannual update, my colleagues and I have continued to develop our interests and build sustainable social license foundations of our small-mines focused business plan. We are making considerable progress at our Guilianita near-term gold-producing property in Peru, in an area of the world where change is incremental but respect for process and social license promises great reward.
Together with our team of geological, environmental and cultural experts in Canada and Peru, our wholly owned subsidiary Recuperación Realzada S.A.C., is working together with all stakeholders – community interest groups, informal miners and government agencies – to create the sustainable and mutually beneficial development and production model we envisioned when we added a small-mines component to our business plan.
Grandview Chairman Dr. Michael Hitch, PH.D., P.Geo, and I have made several trips to Giulianita, returning just last week from our most recent and perhaps most productive visit. We begin this new year with increased enthusiasm and confidence in Grandview’s presence in Peru, and the potential for shareholder appreciation. Though the process of introduction, due diligence and partnership building has been at times slow and frustrating, we have many reasons to believe that, ultimately the reward will be well worth our efforts and patience. We enjoy the strong support of local mining and non-mining groups, and the greater community of which we are now part. What we hope this means for Grandview and for all stakeholders is more frequent and detailed communication, and a relatively short road to production in Peru.
Notwithstanding the year that has passed since we raised the $2 million to explore and engage the Giulianita opportunity, we were able to prudently manage and consolidate company holdings and assets in North and South America, and our non-flow-through cash position currently sits at around $1million. So, we continue to engage the informal miners and mineral processors, and consider the advice and engagement of the local business community, and advantage the expertise of two of Grandview’s uniquely qualified Canadian advisors, Dr. Marcello Veiga, PH,D., P.E, and Dr. Bernard Klein, PH.D., P.Eng, We will report news of our progress at Giulianita as it develops.
In late December we completed a small flow-through financing to continue exploration of our high potential, high grade gold properties in Red Lake, Ontario. Our early spring plans for Dixie Lake focus on upgrading the noncompliant resource of 1.1 million tons grading 0.10 ounces per ton as estimated by Teck Resources. The goal is to confirm and bring to a 43-101 standard, a resource on the property. Our goal ultimately, is to partially fund Canadian exploration programs independently, through our small-mines model, but until such time we will continue to finance necessary and highly-prospective exploration projects in the public markets – albeit balancing maximum benefit with minimum dilution.
In summary then I assure all Grandview shareholders that we have been making progress, at times more slowly than we would like. As a geologist and as your CEO and President, I am doing my utmost to accelerate a near-term conclusion to pre-exploration work in Peru. While I can offer no guarantees, I feel we are on the right path.
For those shareholders new to the company, I wish to revisit the tenants of our business plan that balances sustainable small-scale mine development and gold production. That is, to discover and sustainably develop cash-flow-positive small mines properties in Canada and new and emerging gold districts of the Americas, to lessen the company’s dependence on the capital markets to fund our high-potential, high-grade gold properties in the established gold districts of Red Lake, Ontario and Rice Lake, Manitoba.
It is essential that we remain focused on our new business plan. To accelerate our small-mines plans, and move toward cash-flow independence to help fund exploration in Canada, and to acquire additional small mines properties at home and abroad.
I thank you for your continued patience, and give you my assurance once again that we will bring you news just as soon as it becomes available.
Yours most sincerely,
Paul Sarjeant, P.Geo.
President and CEO, Grandview Gold Inc.
Since my last biannual update, my colleagues and I have continued to develop our interests and build sustainable social license foundations of our small-mines focused business plan. We are making considerable progress at our Guilianita near-term gold-producing property in Peru, in an area of the world where change is incremental but respect for process and social license promises great reward.
Together with our team of geological, environmental and cultural experts in Canada and Peru, our wholly owned subsidiary Recuperación Realzada S.A.C., is working together with all stakeholders – community interest groups, informal miners and government agencies – to create the sustainable and mutually beneficial development and production model we envisioned when we added a small-mines component to our business plan.
Grandview Chairman Dr. Michael Hitch, PH.D., P.Geo, and I have made several trips to Giulianita, returning just last week from our most recent and perhaps most productive visit. We begin this new year with increased enthusiasm and confidence in Grandview’s presence in Peru, and the potential for shareholder appreciation. Though the process of introduction, due diligence and partnership building has been at times slow and frustrating, we have many reasons to believe that, ultimately the reward will be well worth our efforts and patience. We enjoy the strong support of local mining and non-mining groups, and the greater community of which we are now part. What we hope this means for Grandview and for all stakeholders is more frequent and detailed communication, and a relatively short road to production in Peru.
Notwithstanding the year that has passed since we raised the $2 million to explore and engage the Giulianita opportunity, we were able to prudently manage and consolidate company holdings and assets in North and South America, and our non-flow-through cash position currently sits at around $1million. So, we continue to engage the informal miners and mineral processors, and consider the advice and engagement of the local business community, and advantage the expertise of two of Grandview’s uniquely qualified Canadian advisors, Dr. Marcello Veiga, PH,D., P.E, and Dr. Bernard Klein, PH.D., P.Eng, We will report news of our progress at Giulianita as it develops.
In late December we completed a small flow-through financing to continue exploration of our high potential, high grade gold properties in Red Lake, Ontario. Our early spring plans for Dixie Lake focus on upgrading the noncompliant resource of 1.1 million tons grading 0.10 ounces per ton as estimated by Teck Resources. The goal is to confirm and bring to a 43-101 standard, a resource on the property. Our goal ultimately, is to partially fund Canadian exploration programs independently, through our small-mines model, but until such time we will continue to finance necessary and highly-prospective exploration projects in the public markets – albeit balancing maximum benefit with minimum dilution.
In summary then I assure all Grandview shareholders that we have been making progress, at times more slowly than we would like. As a geologist and as your CEO and President, I am doing my utmost to accelerate a near-term conclusion to pre-exploration work in Peru. While I can offer no guarantees, I feel we are on the right path.
For those shareholders new to the company, I wish to revisit the tenants of our business plan that balances sustainable small-scale mine development and gold production. That is, to discover and sustainably develop cash-flow-positive small mines properties in Canada and new and emerging gold districts of the Americas, to lessen the company’s dependence on the capital markets to fund our high-potential, high-grade gold properties in the established gold districts of Red Lake, Ontario and Rice Lake, Manitoba.
It is essential that we remain focused on our new business plan. To accelerate our small-mines plans, and move toward cash-flow independence to help fund exploration in Canada, and to acquire additional small mines properties at home and abroad.
I thank you for your continued patience, and give you my assurance once again that we will bring you news just as soon as it becomes available.
Yours most sincerely,
Paul Sarjeant, P.Geo.
President and CEO, Grandview Gold Inc.
…………………………………………………………………………………………………
About Giulianita
Through its wholly-owned subsidiary Recuperación Realzada S.A.C., Grandview Gold has an option to acquire, from a private Peruvian group, up to 100% interest in a 400 hectare property located in the Suyo District, Ayabaca Province, Piura Department, Peru. The Giulianita property is located in northwest Peru, near the town of Suyo, in the Suyo District, Ayabaca Province, in the Department of Piura. Informal miners began working the Property in recent years, producing gold from three of five mapped gold zones. Mineralization is currently transported off property for processing, but Grandview plans to build a small mineral processing facility.
About Grandview Gold Inc.
Grandview Gold Inc is a gold exploration company focused on creating value for shareholders by balancing sustainable small-scale mine development and gold production, with traditional major gold camp exploration. Details of Grandview Gold’s projects are available on the Company’s website.
For further information, please contact Paul Sarjeant at, or visit grandviewgold.com.
This document may contain forward looking statements, relating to the Company's operations or the environment in which it operates, which are based on Grandview Gold Inc's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or beyond Grandview Gold Inc's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place undue reliance on such forward-looking statements. Grandview Gold Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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