G4G Resources Ltd.

G4G Resources Ltd.

March 24, 2010 11:48 ET

G4G Resources Reports on Progress of Geothermal Acquisition in Argentina

Independent Technical Report Includes Inferred Geothermal Resource Estimate

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2010) - G4G Resources Ltd ("G4G" or "the Company") (TSX VENTURE:GXG) announces that the independent technical report on the geothermal resource at the Despoblados prospect ("Despoblados") located in San Juan, Argentina ("technical report") has been completed by GeothermEx, Inc. ("GeothermEx"). The technical report has been filed with the TSX Venture Exchange ("TSX-V") for review prior to release. Upon receiving TSX-V approval, the Company intends to post the technical report on SEDAR.

Despoblados is one of the geothermal properties in the Valle del Cura region in respect of which G4G previously announced on February 16, 2010 that it had entered into an exploration contract with an option to purchase with Group Minero Aconcagua S.A. and Andean Geothermal Power Corporation (the "Agreement").

The geothermal resource estimate for Despoblados has been prepared in accordance with The Canadian Geothermal Code for Public Reporting, 2010 Edition, published by the Canadian Geothermal Energy Association ("CanGEA") ("The Canadian Geothermal Code"). Using the temperature of the geothermal system estimated from chemical geothermometry and certain standard assumptions regarding area and thickness, the technical report estimates a resource range at Despoblados of about 8 to 17 MWe for 20 years of production, which may be considered an Inferred Resource Estimate in the sense of the Canadian Geothermal Code. A larger resource may be present if further exploration shows its area and/or thickness to be greater than assumed. The technical report also states the Valle de Cura geothermal concessions collectively have a possible total resource capacity of 35 to 85 MWe (for 20 years), perhaps several tens of MW or more.

The Canadian Geothermal Code outlines the requirements for reporting of Exploration Results, Geothermal Resources and Geothermal Reserves and provides a minimum set of requirements for the public reporting of Geothermal Resources and Reserves. The Canadian Code will serve as an industry self-regulation and will be on a voluntary compliance basis for 2010. The Code is intended for all publically listed companies on Canadian Exchanges and all other private and public companies benchmarked against Canadian industry standards. Reports prepared in accordance with the Canadian Geothermal Code are presently not in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, since such instrument does not apply to geothermal projects. Nevertheless, G4G believes that the Canadian Geothermal Code is the most up-to-date and credible Canadian standard for the reporting of geothermal information. The technical report was prepared by Christopher W. Klein and Roger C. Henneberger of GeothermEx, both of whom are responsible for its content. Each of Dr. Klein and Mr. Henneberger is a "qualified person" under the Canadian Geothermal Code and is independent of G4G.

GeothermEx, Inc. is a U.S. corporation, in business since 1973, specializing exclusively in providing consulting, operational and training services in the exploration, development, assessment and valuation of geothermal energy. GeothermEx, Inc. is the largest and longest-established such organization in the Western Hemisphere. The staff consists of specialists in geosciences (geology, geochemistry, geophysics, hydrology), engineering (drilling, well testing, reservoir, production, power plant, chemical), computer science and economic analysis. All technical staff members have advanced degrees and lengthy geothermal experience (average 15 years), with several members having more than 25 years in the geothermal industry.

G4G is currently in the process of satisfying the requests from the TSX-V for documents and information relating to the proposed transaction. Trading in G4G's common shares has been halted on the TSX-V since the announcement of the proposed transaction on February 16, 2010. Completion of the transaction remains subject to the final approval of the TSX-V and G4G Shareholders. Following completion of the transaction, G4G intends to carry out planned work that would include structural mapping, geochemistry, geophysics and drilling, with the goal of defining geothermal resources which will support the commercial generation of electricity. The amount of the work commitment by G4G for the exploration and drilling activities is US$1,863,000 over a period of two years.

In addition, an application has been made to change the name of the company to more effectively reflect the nature of the business with which it is involved. Subject to TSX-V approval, G4G will become Americas Geothermal Inc., under the symbol TSX-V: GXG.

Investors are cautioned that, except as disclosed in the management information circular and/or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of G4G Resources Ltd. should be considered highly speculative. The TSX-V has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release. There can be no assurances that the transaction will be completed as proposed or at all.

About G4G Resources Ltd.

G4G Resources Ltd. is a Canadian-based mineral exploration and development company pursuing a number of resource projects, including geothermal power, iron sands and alternative fuels. If the proposed transaction is completed, G4G's primary focus is anticipated to be the development of geothermal power projects.

Forward-Looking Statement

This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties, as it relates to G4G Resources Ltd., please refer to the Company's 2008 Annual Report filed with SEDAR on April 23, 2009.

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 release.

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