VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 7, 2010) - G4G Resources Ltd. ("G4G") (TSX VENTURE:GXG) announced today that the Director General Mining of the Ministry of Energy and Mining in Guatemala has granted an extension of the Off-Shore Reconnaissance Licence ("OSRL"), which covers an area along the entire west coast of Guatemala. The OFRL area, which is 2,492 square kilometres, has been identified as having potential for an iron sands resource by G4G and its joint venture partner, Iron Sands Americas Limited ("ISA").
The OSRL has been extended for a further six months to April 2011 to enable G4G and ISA to continue the application for exploration licenses and to conduct a preliminary environmental impact assessment study.
Guatemala's iron sands span the entire western coastline, from El Salvador in the east to Mexico in the west. Guatemala's 33 inland volcanoes (3 active, the others inactive) have deposited iron rich residue on the surrounding area, from where it is continuously carried down to the coastal plains into the ocean by the river systems.
Basil Botha, President and CEO stated, "After assessing a variety of iron sands occurrences around the world, Guatemala's iron sands have demonstrated the potential as a prolific source of iron sands. Located on the Pacific west coast, the iron sands are ideally positioned for the rapidly growing and voracious Asian iron and steel markets In terms of comparison, the Guatemala iron sands are similar to the world class iron sands deposits in New Zealand, which have been mined and beneficiated into steel products since the 1970s."
About G4G Resources Ltd.
G4G Resources Ltd. is a Canadian-based mineral exploration and development company focused on a number of low cost iron ore projects.
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances, except as required under securities laws. For a detailed list of risks and uncertainties, as it relates to G4G Resources Ltd., please refer to the Company's 2009 year end audited financial statements filed with SEDAR on April 30, 2010.
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