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Quri Resources, Inc.: Quri Resources, Inc. Signs Letter of Intent to Acquire Melina Project in Ecuador

  //stocks-investing.news-articles.net/content/200 .. intent-to-acquire-melina-project-in-ecuador.html
  Published in Stocks and Investing on Monday, July 27th 2009 at 6:21 GMT, Last Modified on 2009-07-27 06:21:58 by Market Wire

QUITO, ECUADOR--(Marketwire - July 27, 2009) - Quri Resources, Inc. (PINKSHEETS: [ QURS ]) entered into a Letter of Intent with G&G Mining Corp., granting Quri Resources the option to acquire the Melina Project in Ecuador.

Quri Resources, Inc. plans to acquire 100% interest in the Melina Project. This property is located 150 kilometers northwest of Quito. Access to the project is via paved roads maintained by the municipality of Pichincha. The Melina Project has an area of approximately 722 hectares (1,784 acres) and is located inside the mining district of Pacto. Geological studies, carried out by Ecuador's Government in cooperation with the British Geochemical Survey in 1990, revealed two very important gold anomalies measuring approximately 500 meters in diameter in the Pacto mining district, one of which lies entirely within the Melina Concession.

Concentrations of 68 to 107 grams of gold per ton were recorded in previous geochemical studies undertaken by G&G Mining Corp., in June 2008 (Inspectorate Labs, report 69064L/08-6GEO).

Ivan Villarreal, Senior Geologist of Quri Resources, Inc., stated: "This project has a very high recovery potential. The area of the gold district of Pacto is very rich and underdeveloped. With respect to the geochemical report from the government, the anomaly to the south has proven to coincide with two of the richest gold veins of the sector. I expect we will have similar discoveries in the area of the Melina project."

Eduardo Muñoz, VP of Quri Resources, Inc., added: "Following the company's diversification strategy, this is an important step towards fulfilling our growth expectations in South America. We have a very good relationship with G&G Mining and this letter of intent to acquire Melina puts us closer to our transformation into a producing gold company."

Quri Resources is a U.S-based junior mining company committed to the exploration, discovery and development of gold, silver, copper and other mineral resources. Quri Resources, Inc. holds mining rights and mineral concessions throughout Ecuador. These concessions are in different stages of exploration and development.

Founded by professionals with unmatched expertise in the mining industry in South America and North America, we are working for a better future for our customers, neighbors, and shareholders. We are committed to exploring responsibly, maintaining environmentally friendly policies while impacting the local economy in an exponentially positive manner that will allow our shareholders to take pride in their investment.

For more information about us, please visit our web site [ www.quriresources.com ]

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.