Glory Resources Limited (Glory or Company) is an ASX listed (ASX Code:GLY) exploration and development company.
In December 2011, the Company successfully completed a A$42.5 million capital raising and acquired a 100% interest in the high grade Sapes Gold Project located in northeastern Greece (Sapes Gold Project).

The Sapes Gold Project is a high grade gold deposit located in north eastern Greece, approximately 30km northwest of the Aegean Sea port city of Alexandropoulos. The Company’s immediate strategy is to progress permitting for development of the Sapes mine and establish Glory as a gold producer.

Sapes Gold Project - Overview
The Sapes Gold Project is a typical high-sulphidation epithermal gold deposit. It has a JORC Measured and Indicated Resource of 830koz @ 9.8g/t Au (Measured 647koz @ 8.9g/t Au and Indicated 183koz @ 14.9g/t Au) with identified JORC Proved and Probable Ore Reserve of 637koz @ 15.1g/t Au (Proved 23koz @3.5g/t Au and Probable 614koz @ 17.2g/t Au).

In accordance with the Sapes Gold Project Feasibility Study (last updated in 2010), the Company is targeting initial life of mine gold production of 510,000oz Au with total estimated capital expenditure of US$100m and estimated operating costs of US$297/oz over a seven year mine life.

The Sapes Gold Project is highly prospective and holds substantial opportunity for further exploration upside as there has been no systematic exploration on the Sapes Gold Project lease since 1998.

Initially, Glory intends to drill along strike of the existing ore body as this area is considered to be highly prospective. The Company also intends to follow up on previously identified drill targets within the licence area.

The Preliminary Environmental Impact Study (PEIS) for the Sapes Gold Project has been lodged with the Greek authorities marking the first key step in permitting for gold production. The Feasibility Study envisions that the Sapes mine will produce gold via both gravity separation and by the production of a sulphide concentrate. Overall metallurgical recoveries of above 80% are expected. The current processing plant design does not use cyanide in the processing of ore and extraction of gold and is expected to have a low environmental impact.

Glory also holds tenure in Canada prospective for copper-nickel-platinum group elements gold and base metal prospective. This land package comprises the Onion Lake, Eagle Lake and Way Lake Projects located in Thunderbay, Canada.

The Company intends to be primarily a gold developer and explorer through continuing to progress environmental and mining permitting applications for the Sapes Gold Project whilst pursuing the exploration of its Canadian assets. The Company also intends to advance mine development and conduct further exploration as soon as practicable, with the objective of ultimately becoming a gold producer through the successful development of the Sapes Gold Project to a stand-alone, gold mining operation.

Glory's executive team is focused on deriving shareholder value from the advancement of the world class Sapes Gold Project and its existing suite of Canadian tenements.