October 18, 2011: VANCOUVER, BC – Gorilla Resources Corp. (“Amalco”) is pleased to announce that effective October 14, 2011, Orca Wind Power Corp. (“OWP”) and Gorilla Resources Corp. (“Gorilla”) completed a statutory amalgamation under the Business Corporations Act (British Columbia). The Amalgamation resulted in the share capital of OWP and Gorilla being converted into common shares of Amalco (the “Amalco Shares”) on the basis of one Amalco Share for every 20 issued and outstanding common shares of OWP, and one Amalco Share for each issued and outstanding common share of Gorilla. The Amalgamation was approved by the shareholders of OWP on September 23, 2011 and Gorilla on August 24, 2011.
Amalco will carry on the business of Gorilla, and the properties, liabilities and obligations of Gorilla, including the obligations under the option to acquire three properties around the Wellesley lake area in the west central region of the Yukon Territories, 50 km southwest of the Casino copper gold deposit, which comprise the Wels Project. The Wels Project totals 110 quartz claims, an area of approximately 2,295 hectares. A summer soil sampling program was completed in September 2011. Results from the lab analysis are expected in December 2011. The Wels Project is the subject of an NI 43-101 report that is filed under Amalco’s SEDAR profile at www.sedar.com, as is the option agreement dated June 6, 2011 between Gorilla and the optionors to acquire the Wels Project, which has been assumed by Amalco as the successor of Gorilla.
The share capital of Amalco currently consists of (i) 11,722,480 common shares, of which 10,100,000 are subject to lock-up restrictions, and (ii) 400,000 options to purchase shares at an exercise price of $0.12 for a period of 2 years granted to the directors and officers of Amalco on October 14, 2011.
The board of directors of Amalco are Scott Sheldon, Edward Reid, Donald Sheldon and Ranjit Pillai. The officers of Amalco are Scott Sheldon as President, Chief Executive Officer and Corporate Secretary and Edward Reid as Chief Financial Officer