GLR Resources Inc. - Company update

KIRKLAND LAKE, ON, March 24 /CNW/ -

FINANCIALS

GLR Resources Inc. ("GLR" or the "Company") announces that the Company has now filed, on SEDAR, its audited financial statements as at and for the year ended December 31, 2008 together with the related Management's Discussion and Analysis and Annual Information Form. In addition, the Company has brought its filings up to date by filing its quarterly financial statements and the related Management's Discussion and Analyses as at and for each quarter of 2009.

GLR intends to file an application to have the cease trade orders (the "Orders") previously issued by certain securities regulators revoked pursuant to National Policy 12-201 (the "Policy"). The Orders were issued as a result of the Company's failure to file certain continuous disclosure materials. Pursuant to the Policy, the Company's continuous disclosure filings will be subject to review by the Ontario Securities Commission ("OSC") as principal regulator. Upon the Orders being revoked, the Company intends to apply to list its common shares for trading on the Canadian National Stock Exchange ("CNSX").

Management of GLR expects to file its audited financial statements and Management's Discussion and Analysis as at and for the year ended December 31, 2009 on or before April 28, 2010.

EXPLORATION

For Kirkland West, Sackville, and Casa Berardi please see update of March 5th 2010.

Forward-Looking Information

This news release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that GLR believes, expects or anticipates will or may occur in the future including, without limitation, statements relating to the GLR's intention to have the Orders revoked and to subsequently list its common shares on the CNSX are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of GLR based on information currently available to GLR. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of GLR to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on GLR. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the failure to have the Orders revoked.

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, GLR disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although GLR believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

For further information: Robert Kasner, President and CEO, Telephone: [phone], E-mail: [email protected], www.glrresources.com