Gleichen Resources Acquires 78.8 Per Cent of Morelos Project

On November 17, 2009, Gleichen Resources Ltd. completed its acquisition of 78.8 per cent of the Morelos Gold Project from Teck Resources Limited through the acquisition of Oroteck Mexico S.A. C.V. from Teck subsidiaries, Teck Metals Ltd. and Teck Exploration Ltd., for a purchase price of US$150 million, 1,560,857 common shares and 12,443,218 special warrants. The special warrants issued to Teck Resources have identical terms to the special warrants issued in connection with Gleichen's $241.5 million special warrant financing completed on November 12, 2009. Each special warrant may be exercised for no additional consideration into one common share and one quarter of one share purchase warrant. Each whole share purchase warrant entitles its holder to purchase one additional common share for $1.30 until November 12, 2011.

Cassels Brock & Blackwell LLP acted as legal counsel to Gleichen with a team that included Jay Goldman, Cathy Mercer and Andrea FitzGerald (securities and mining) and Angela Chu (securities).

Macquarie Capital Markets Canada Ltd., Jones, Gable & Company Limited and Primary Capital Inc. acted as advisors to Gleichen in connection with the acquisition.

Teck Resources Limited was represented in-house by Peter Rozee, senior vice president, commercial affairs; a team from Lang Michener LLP that included Carl de Vuono and J.R. Beaudrie (corporate) and Hellen Siwanowicz (securities); and a team from Sánchez-Mejorada, Velasco y Ribé S.C. that included Rodrigo Sánchez Mejorada and Paola Salgado Tonda (corporate and mining) and José Eduardo Ribé (antitrust).