GLR Resources Inc.: Goldfields Update Regarding Bank Loan

GLR Resources Inc. (GLR) (TSX: GRS) (FRANKFURT: GKF) wishes to advise shareholders and others regarding the term sheet for the 40 million US$ project loan received from Investec Bank (UK) Limited ("Investec"). There have been a number of newsletter writers advising clients that junior companies that have project loans will likely have there loans pulled or a substantial increase in interest rates due to the current reported conditions in the banking markets.

GLR has been advised by Investec that there are no proposed changes to the term sheet and that the loan remains subject to due diligence and documentation. Due diligence is currently underway by Micon Engineering of Toronto, Canada who recently visited the Goldfields site on behalf of Investec. GLR has also been provided with indicative terms for a bridge loan from the Blackfish-Investec Fund to enable it to start ordering equipment for the mine.

Commenting on the above Bob Kasner, president and CEO, stated, "I can understand shareholder and investor concerns over the perceived liquidity problem currently affecting the loan markets. It is reassuring that Investec is still very supportive of the project and we are moving forward."

About GLR

GLR is a Canadian-based junior mining and exploration company focusing on projects in North America and with existing projects in Ontario, Quebec and Saskatchewan. The most advanced project is the Goldfields Project, located near Uranium City in Northern Saskatchewan. The Goldfields project consists of two open-pitable Gold deposits -- The Box and The Athona -- containing a resource in excess of one million ounces Gold. GLR is focused on bringing the Goldfields project into production in late 2008. GLR trades on the TSX under the symbol GRS. More information is available on line at: www.glrresources.com

Forward-Looking Statements: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety and uncertainties beyond GLR's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although GLR believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements.

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For further information please contact: Robert Kasner President & CEO T: 1.705.567.5351 E: Email Contact Malcolm Bucholtz V.P. Investor Relations T: 1.306.525.0852 E: Email Contact John Orr, P.Eng. COO T: 416.987.7188 E: Email Contact GLR RESOURCES INC. P.O. Box 546 4 Al Wende Avenue Kirkland Lake, Ontario P2N 3J5 Tel: (705) 567-5351 Fax: (705) 567-5557 Saskatoon Office: 515-45th St. West Saskatoon, Saskatchewan S7L 5X5 (306) 652-0582