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News 2005

News Release

March 30, 2005
The Company is pleased to announce that it has reached an agreement with its largest creditor, Maya Mountain Gold s. de. R.L., to settle its debt by the issuance of common shares of the Company in full and final satisfaction of the debt.

The debt arose by virtue of a loan made by Maya Mountain Gold s. de. R.L. to the Company in 2000 in the amount of $72,737.00. Together with accrued interest, the amount outstanding at the end of the Company's last fiscal year (October 31, 2004) was $90,404.00.

The Debt Settlement Agreement concluded between the Company and Maya Mountain Gold s. de. R.L. provides for the full and final satisfaction and extinguishments of the debt in exchange for the issuance of 176,983 common shares in the capital of the Company. The deemed price per share is $0.51, which is significantly in excess of the current trading price of the Company's shares.

The implementation of the Debt Settlement Agreement is subject to receipt of the acceptance of the TSX Venture Exchange. Should such acceptance be received, the 176,983 shares allotted and issued to Maya Mountain Gold s. de. R.L. will be subject to a four month "hold" period from the date of the issuance of the said shares.

On Behalf of the Board:
Bud Smith, QC, 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:

Bud Smith, QC, President & CEO (250) 828-2898;