Silver Grail Resources Limited

stewart region news

November 2007

Construction of the Galore Creek Mine Halted

Teck Cominco and NovaGold Resources stopped construction of the Galore Creek copper-gold mine after costs for the project more than doubled to $5 billion. NovaGold CEO Rick Van Nieuwenhuyse explained that the increased costs resulted from a miscalculation of the time and labour necessary to build a mine-waste disposal facility at the site, as well as increasing costs for wages and equipment. A dam for storing mine waste or tailings was expected to account for 25% of capital costs according to an earlier estimate. According to the latest estimate, the waste-retention dam would consume 45% of capital costs and the necessary rerouting of a river would take 24 months longer than what had been originally planned for. The miscalculation has been attributed to previous work performed by consultants. The added costs mean that the mine would not be viable at projected long-terms prices of about $600 an ounce for gold and $1.50 a pound for copper. Teck Cominco CEO Don Lindsay has described the Galore Creek project as being “on care and maintenance.” Given the significant mineral resources at Galore Creek, both companies say they have no plans to sell and they will continue to review the project. Lindsay said, “Holding onto these resources is important and so is taking the time to ensure we have the right development project.”

Source: Bloomberg

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Drill Results From Clone Property

Silver Grail Resources Ltd. (“Silver Grail”) (“SVG”--TSX-V; “KD7”-Frankurt) and Teuton Resources Corp. (“Teuton”) (“TUO”:TSX--V; “TFE”-Frankfurt) are pleased to announce receipt of all results from the 2008 drilling on the Clone property. Holes CL08-1 to 4 targeted the “H-1” (Hematite) zone, Holes CL08-5 to 8 targeted the “S-2A” zone, while Holes CL08-9 and 10 were drilled to test a new copper zone found earlier in the program...

Clone Core Samples Sent in for Assay

Silver Grail Resources Ltd. (“Silver Grail”) (“SVG”--TSX-V; “KD7”-Frankurt) and Teuton Resources Corp. (“Teuton”) (“TUO”:TSX--V; “TFE”-Frankfurt) are pleased to announce that core samples from the first nine of ten holes drilled into their jointly-owned Clone property, located 20km southeast of Stewart, BC, have been sent in for assay. Pioneer Laboratories of Richmond, BC, will be performing the analyses...

Private Placement

Silver Grail Resources Ltd. (“Silver Grail”) (“SVG”--TSX-V; “KD7”-Frankurt) is pleased to announce a private placement of up to $180,000. Silver Grail plans to raise $180,000 by the sale of 1,200,000 units at $0.15 per unit...