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Drilling Commences on Balmoral's Northshore Property, Ontario

 
Oct 18, 2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2011) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR) has been advised by GTA Resources and Mining Inc. ("GTA") (TSX VENTURE:GTA) that drilling has commenced on the Company's Northshore Property located in the Hemlo-Schrieber greenstone belt of Northwestern, Ontario. GTA has indicated that they plan to complete a 5-7 hole, 1,000 metre diamond drill program targeting bonanza grade gold veins which form part of the Afric Gold Zone on the Northshore Property.

"With GTA's decision to quickly move to drill testing at Northshore, our shareholders have a great deal to look forward to with drill results from 5 properties – Martiniere West, Martiniere East, Grasset, Detour East and now Northshore – pending," said Darin Wagner, President and CEO of Balmoral Resources Ltd.

The Northshore Property is located immediately south of the town of Schreiber, Ontario and is road accessible from the Trans-Canada highway. The property hosts a number of known zones of gold mineralization including the former producing North Shore Mine and the Afric Gold Zone. Located in the Hemlo-Schrieber greenstone belt, approximately 70 kilometres west of the Hemlo gold deposit, the structurally controlled, intrusive-hosted gold mineralization on the Northshore Property shares similarities with gold deposits in the Kirkland Lake and West Timmins areas.

Surface grab samples collected as part of GTA's due diligence review of the Northshore Property returned bonanza gold grades from two northeast trending vein systems. Seven grab samples collected from the first vein returned gold grades ranging from 17.44 g/t (0.51 oz/t) gold to a high of 7,520.91 g/t gold (219 oz/t) (average of the seven samples – 1,369.21 g/t gold or 39.94 oz/t gold). A single sample collected from the second vein located approximately 60 metres to the southeast, and running parallel to Vein 1, returned 371.98 g/t (10.85 oz/t) gold (see NR11-17; July 27, 2011). Several additional spectacular visible gold bearing samples collected from the site were not submitted for assay but pictures of both these samples, and those submitted for assay, are available on the Company's website at www.balmoralresources.com under the Northshore Project tab. Note that grab samples are, by nature, selective and are unlikely to accurately represent average grades from the veins sampled or for the property as a whole.

Under the terms of an Option Agreement, GTA may earn an initial 51% interest in the Northshore Property by making cash payments to Balmoral of $50,000, issuing in favour of Balmoral 2,500,000 common shares of GTA and incurring a minimum of $2,500,000 in eligible exploration expenditures on the Property over a three year period from receipt of regulatory approval. An initial cash payment of $10,000 and 1,000,000 common shares, representing 7.2% of the issued and outstanding shares of GTA, have been received by the Company.

Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Wagner has examined samples collected from the Northshore Property, visited the property and reviewed the analytical results provided to the Company by GTA.

About Balmoral Resources Ltd. – www.balmoralresources.com

Balmoral is a Vancouver-based precious metal exploration and development company focused on district scale gold opportunities in North America. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery.

On behalf of the board of directors of BALMORAL RESOURCES LTD.

Darin Wagner, President and CEO

This press release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company's expectations include those related to weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of the Company's projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company's ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company's ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company's ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company's mineral properties.

This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Balmoral Resources Ltd.
John Toporowski
Manager, Corporate Development
(604) 638-5815 / Toll Free: (877) 838-3664
(604) 648-8809 (FAX)
jtoporowski@balmoralresources.com
www.balmoralresources.com