Enter your name and email address to receive Gunpoint newsletters

Your Name:
Email Address:

News 2005

News Release

August 18, 2005

The Company announces that it has arranged a Private Placement of a total of 1,358,750 Units to 21 investors at a price of $0.40 per Unit to raise a total of $543,500.00. Each Unit consists of one Flow-Through share and one-half Warrant. A full Warrant entitles the holder to acquire one Flow-Through share at a price of $0.55 over a term of one year expiring August 17, 2006.

The funds raised through this Private Placement will be used to conduct exploration programs upon the Company's five British Columbia properties, with specific emphasis upon the Craigmont Mines property, upon which the Company holds an option. The Option requires that the Company expend not less than $500,000.00 upon exploration by September 12, 2005 and a further sum of $500,000.00 in 2006. Having recently completed a major geophysical program, the Company is currently conducting a drill program upon prospective targets identified. The completion of this drilling program will satisfy the Company's exploration expenditure obligations under the Option Agreement for 2005 and should also establish a substantial credit toward meeting 2006 exploration obligations.

Shares acquired by placees are subject to a hold period and may not be traded in British Columbia until December 18, 2005 except as permitted by the British Columbia Securities Act and Regulations thereunder.

On Behalf of the Board:
Albert A. (Ab) Ablett, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

For further information contact:
Albert A. Ablett (250) 573-3111;