January 21, 2010
Gleichen To Exercise Right Of First Refusal To Own 100% Interest In Morelos Gold Project
Toronto, January 21, 2010 — Gleichen Resources Ltd. (GRL — TSX-V) (“Gleichen” or the “Company”) “) is pleased to announce that it has decided to exercise its right of first refusal to acquire from Desarrollos Mineros San Luis, S.A. de C.V., a wholly-owned subsidiary of Goldcorp Inc. (“DMSL”), all of the shares in the capital of Minera Media Luna, S.A. de C.V. (“MML”) held by DMSL, representing 21.2% of the issued and outstanding shares of MML. Gleichen, through its direct and indirect subsidiaries, currently holds the other 78.8% of the issued and outstanding shares of MML. MML holds a 100% interest in the Morelos gold project in Mexico (the “Project”).

“This is a marvelous opportunity to consolidate this asset under one single ownership structure,” said Fred Stanford, President and CEO of Gleichen, “we are certainly looking forward to starting our exploration work and be in a position to consistently deliver updates on our progress”, he added.

On December 2, 2009 Goldcorp and Newstrike Capital Inc. (“Newstrike”) announced that they had entered into an agreement for the sale of DMSL’s 21.2% in the Morelos project to Newstrike for CDN$44.5 million and 15 million common shares of Newstrike, subject to Gleichen’s right of first refusal. As required under its right of first refusal, Gleichen intends to purchase DMSL’s interest in the Project for not less than the consideration payable by Newstrike under its agreement with Goldcorp.

Completion of the transaction will be subject to the execution of a definitive agreement with Goldcorp, which will contain customary terms and conditions for a transaction of this nature, including stock exchange approvals.

Gleichen Resources Ltd., is a well funded, growth oriented Canadian mining company engaged in the exploration and development of precious metal resources with a focus on gold. It owns 78.8% of the Morelos Project, an advanced stage gold exploration property, located 180km southwest of Mexico City. The Company trades on the TSX Venture Exchange under the symbol GRL. The Company’s Board of Directors has approved a change of the Company’s name to Torex Gold Resources Inc., pending approval at its next annual and special meeting of shareholders.

For further information, please contact:
GLEICHEN RESOURCES LTD.
Fred Stanford
President and CEO
Tel. (647) 260-1502
Email: fred.stanford@gleichenresources.com

Gabriela M. Sanchez
Vice President Investor Relations
Tel. (647) 260-1503
Email: gabriela.sanchez@gleichenresources.com

Gleichen Appoints New Management Team
Toronto, January 21, 2010 — Gleichen Resources Ltd. (GRL — TSX-V) (“Gleichen” or the “Company”). Fred Stanford, President and CEO of Gleichen, on behalf of The Board of Directors, is pleased to announce the appointment of the new management team that has been assembled to transition the Company into its development stage.

Fiona Childe, Ph.D., P.Geo, Vice President Exploration and Corporate Development, is an experienced exploration geologist with over 15 years in the mining industry where she has held senior management positions. Dr. Childe has been involved with the exploration and development of mineral projects worldwide with an emphasis on gold and base metal deposits in the Americas and Africa where she has also conducted technical and financial evaluations of mining assets.

Andrew Gottwald, CA, Chief Financial Officer, in his over 15 years experience in the financial services and mining industry, has held senior management positions with companies transitioning from the exploration stage through development and into commercial production. Mr. Gottwald’s experience includes the negotiation and completion of equity and debt financings, development and implementation of accounting, reporting and procedural systems appropriate for growing companies and for ongoing regulatory and accounting changes.

Gabriela Sanchez, Vice President Investor Relations with over 20 years experience in the mining industry, has held senior management positions with emerging gold mining companies and successfully raised their profiles within the investment and analyst communities. In her role, Ms. Sanchez will be responsible for the planning and execution of the investor relations, communications and markets strategy for the Company.

“I am delighted to welcome Fiona, Andrew and Gabriela into the management team of Gleichen”, said Fred Stanford, President and CEO. “They bring a tremendous wealth of experience in our industry and most important, they all come with a solid reputation in their respective fields of expertise. Their energy, commitment to shareholders and high standards will prove priceless and are a perfect fit into the model and values of this new Company”, he added.

In connection with the appointment of the foregoing management team, Peter Miller has resigned as Chief Financial Officer, Sandra Lee has resigned as Corporate Secretary, the Company has moved its head office to Toronto, Ontario and Jay Goldman, partner at Cassels Brock and Blackwell LLP, has been appointed Corporate Secretary.

The Company also announces that a total of 13,300,000 options to purchase common shares of the Company have been granted to directors, officers and consultants expiring on January 21, 2015. The options will be exercisable at the closing price of the common shares on the date that is 48 hours after all Company imposed black outs have been lifted. The Company currently has 287,647,455 issued and outstanding shares.

Gleichen Resources Ltd., is a well funded, growth oriented Canadian mining company engaged in the exploration and development of precious metal resources with a focus on gold. It owns 78.8% of the Morelos Project, an advanced stage gold exploration property, located 180km southwest of Mexico City. The Company trades on the TSX Venture Exchange under the symbol GRL. The Company’s Board of Directors has approved a change of the Company’s name to Torex Gold Resources Inc., pending approval at its next annual and special meeting of shareholders.

For further information, please contact:
GLEICHEN RESOURCES LTD.
Fred Stanford
President and CEO
Tel. (647) 260-1502
Email: fred.stanford@gleichenresources.com

Gabriela M. Sanchez
Vice President Investor Relations
Tel. (647) 260-1503
Email: Gabriela.sanchez@gleichenresources.com

January 21st, 2010
Categories: General . Author: admin