JOURNEY RESOURCES CORP.
1208 – 808 Nelson Street
Vancouver, B.C. V6Z 2H2
Tel: (604) 633-2442
GRENVILLE GOLD CORPORATION
Suite 208 – 905 West Pender Street
Vancouver, B.C. V6C 1L6
Tel: (604) 669-8842
JOINT NEWS RELEASE
September 26, 2008
| JOURNEY AND GRENVILLE GOLD ANNOUNCE SECOND |
| AMENDMENT TO THE JOINT VENTURE ON SILVERIA PROJECT |
VANCOUVER, BRITISH COLUMBIA-Journey Resources Corp. (“Journey”) (TSX-V: JNY, FRANKFURT: JL4, OTCBB: JNYRF) and Grenville Gold Corporation (TSX-V: GVG.V, OTCBB: GVLGF.PK, FRANKFURT: F9I.F, WKN: A0KELU) (“Grenville”) are pleased to announce that, subject to regulatory approval, they have entered into a second amendment to the joint venture agreement dated February 5, 2008, as amended on March 17, 2008, whereby Journey may acquire up to a 75% interest in and to certain mining claims comprising the Silveria property, located in the Huarochiri Province of Peru (the “Property”).
Under the terms of the amended joint venture agreement, Journey has an exclusive option to acquire up to a 75% interest in and to the Property by funding certain expenditure requirements on the Property. To date, Journey has funded the initial expenditure requirement of CDN$1,300,000 on the Property.
Pursuant to the second amendment to the joint venture agreement (the “Amendment Agreement”), Journey must fund an amount of CDN$750,000 toward expenditures on the Property and issue 500,000 shares of its common stock to Grenville on or before October 31, 2008. On or before December 15, 2008, Journey shall fund a further amount of CDN$750,000 toward Expenditures on the Property, upon completion of which, Journey will have earned a 25% interest in and to the Property. In addition, Journey must fund a further CDN$3,000,000 in Expenditures on the Property on or before eight months following the date of approval of the TSX Venture Exchange, upon completion of which, Journey will have earned a 50% interest in and to the Property.
Under the Amendment Agreement, Journey shall maintain an option to earn an additional 25% interest in and to the Property by funding a further CDN$6,000,000 in Expenditures on the Property and making payment to Grenville in the amount of CDN$1,000,000 on or before January 31, 2011. In the event that Journey completes such further Expenditures, Journey will have earned a 75% interest in and to the Property, unless Grenville elects to contribute an equal amount of Expenditures under the joint venture in order to maintain its interest of 50% and have the joint venture continue to run on a 50/50% basis. All funds are to be deposited into a joint venture account within the required time limits for the purpose of funding work on the Property under the joint venture.
Journey Resources Corp.www.journeyresourcescorp.comis a mineral-exploration resource company trading on the TSX Venture Exchange (Symbol : JNY) the Frankfurt Stock Exchange (Symbol : JL4) and the OTC Bulletin Board (Symbol : JNYRF). The Company is currently exploring four advanced exploration-stage projects; the Vianey Mine Silver Project, the Musgrove Gold Project, the Silver Mountain Project and the Silveria Project. The Vianey Mine Project consists of concessions totaling 5,022 hectares in Guerrero State west of Mexico City, Mexico. The Musgrove Project is a prospect for a disseminated gold bulk-tonnage surface project similar to the Beartrack Mine, a nearby former gold producer. In addition, the Company recently purchased a 100% right, title and interest in and to certain mining claims comprising the Silver Mountain Property in Lima, Peru. The Silver Mountain Property is an advanced stage exploration property covering approximately 1,684 hectares, located approximately 75 kilometers east of Lima City and 50 kilometers south of Peru Copper’s Toromocho property and Pan American Silver´s Morococha Mine. The Company also recently entered into a joint venture agreement, whereby it has an exclusive option to acquire up to a 75% interest in the Silveria Property, which covers approximately 3959 hectares, approximately 80 kilometers east of Lima, Peru and 30 kilometers south-west of Peru Copper’s Toromocho property and Pan American Silver´s Morococha Mine.
Grenville Gold Corporationwww.grenvillegoldcorp.com is a junior resource company seeking prospective properties in Peru. Grenville Gold plans to leverage the experience of its board and management in exploration and mining to develop its growth strategy in North and South America.
ON BEHALF OF JOURNEY RESOURCES CORP. AND GRENVILLE GOLD CORPORATION
| “Jatinder (Jack) Bal” | “A. Paul Gill” |
| | |
| JATINDER (JACK) BAL | A. PAUL GILL |
| President & CEO | President & CEO |
| JOURNEY RESOURCES CORP. | GRENVILLE GOLD CORPORATION |
For further information on Journey Resources Corp., contact Jack Bal at (604) 633-2442, toll free 1-800-667-1442, e-mailjackbal@journeyresourcescorp.com, or visit our website atwww.journeyresourcescorp.com
For further information on Grenville Gold Corporation, please contact A. Paul Gill at (604) 669-8842, e-mail atinfo@grenvillegold.com, or visit our website atwww.grenvillegoldcorp.com
The TSX Venture Exchange 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 VentureExchange, the British Columbia Securities Commission, the Ontario Securities Commission, and the Alberta Securities Commission.
