GLR RESOURCES INC. - REVOCATION OF CEASE TRADE ORDER

KIRKLAND LAKE, ON, Sept. 27 /CNW/ - GLR Resources Inc. (the "Company") announces that the Ontario Securities Commission (the "Commission") has granted a full revocation (the "Revocation") of the cease trade order imposed in Canada by the Commission against the securities of the Company. The cease trade orders of certain other securities regulatory authorities, which were imposed in Canada following the imposition of the cease trade order by the Commission, are also expected to be revoked within the next few days.

The cease trade order had been imposed by the Commission for failure by the Company to file its audited annual financial statements for the fiscal year ended December 31, 2008, the management's discussion and analysis related to such financial statements and the annual information form for the year ended December 31, 2008 (the "Materials") within the time required by National Instrument 51-102 - Continuous Disclosure Obligations ("NI51-102").

The Company filed the Materials on March 22, 2010 and has also filed all continuous disclosure materials required to be filed pursuant to NI 51-102 (together with the Materials, the "Continuous Disclosure Materials").  The Continuous Disclosure Materials can be reviewed on SEDAR under the Company's profile at www.sedar.com.

The Company is currently awaiting a final clearance certificate from the Ontario Superior Court of Justice which will bring closure to the process under the Bankruptcy & Insolvency Act (Canada) originally started in 2009.  The Company has now settled all secured and unsecured claims in connection therewith. As the Company's common shares are not currently listed or quoted on any stock exchange or marketplace in Canada or elsewhere, the Company has now begun the process to list its common shares on the Canadian National Stock Exchange (the "CNSX").

In the near term, the Company intends to obtain the listing of its common shares on the CNSX.  Once the listing has been obtained the Company intends to raise funds through the appropriate financing mechanism and to conduct further exploration work on its Sackville property.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, among other things, the Company's expectation with respect to obtaining the revocation of all the outstanding cease trade orders of the other securities regulatory authorities, the Company's expectation to list its shares on the CNSX, and the anticipated timing of such events. Factors that could cause actual results to differ materially from such forward-looking information include but are not limited to, the failure to obtain revocation orders from the other securities regulatory authorities and the failure to obtain a listing on the CNSX, as well as the risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

For further information:

Robert Kasner, President and CEO
Telephone: [phone]
E-mail: [email protected]