Garrison International Ltd.
TSX VENTURE : GAU

Garrison International Ltd.

December 29, 2009 09:00 ET

Garrison Announces Filing of Annual Financial Statements, Receipt of Funds Advanced, Warrant Term Extension, and Resignation of Director

TORONTO, ONTARIO--(Marketwire - Dec. 29, 2009) - Garrison International Ltd. (TSX VENTURE:GAU) ("Garrison") is pleased to announce that its audited annual financial statements for the year ended June 30, 2009 ("Annual Financial Statements") and the related management's discussion and analysis of those financial statements ("MD&A") have been filed via SEDAR. Garrison announced previously that there would be a delay in the filing of its audited annual financial statements for the year ended June 30, 2009 ("Annual Financial Statements"), and the related management's discussion and analysis of those financial statements ("MD&A"), which were due on October 28, 2009.

The delay in the completion of the Annual Financial Statements and MD&A had in turn created a delay in the completion of Garrison's interim financial statements for the period ended September 30, 2009 ("Interim Financial Statements") and related MD&A, which were to be filed on November 29, 2009. Garrison is currently working toward the completion of its Interim Financial Statements and MD&A. Garrison expects that its Interim Financial Statements and MD&A would be completed and filed by the end of January 2010.

Receipt of Funds Advanced

As previously, disclosed, Garrison entered into an agreement with an agent to facilitate funding for Garrison under a proposed offering of secured debentures (the "Debentures"). For more information, please refer to the Annual Financial Statements and MD&A filed on SEDAR on December 24, 2009.

To date, Garrison has received aggregate advances of $1,327,000 (including an advance of $250,000 that was previously disclosed in recent press releases issued by Garrison) from parties who have subscribed, or are expected to subscribe, for the proposed Debentures. Those funds were advanced to facilitate Garrison's continued operations.

Warrant Term Extension

Garrison has received approval from the TSX Venture Exchange (the "Exchange") to extend the term of issued and outstanding warrants exercisable for a total of 2,300,000 common shares of Garrison (the "2007 Warrants"). The 2007 Warrants were issued as part of a private placement that closed on December 12, 2007. In that private placement, 2,300,000 common share units (each consisting of one common share and one 2007 Warrant) were issued for gross proceeds of $230,000. Since issuance, no 2007 Warrants have been exercised, leaving 2,300,000 2007 Warrants outstanding. Each whole 2007 Warrant is exercisable to purchase one common share of Garrison at a price of $0.14 per share. The term of the 2,300,000 2007 Warrants, which were to expire on December 12, 2009, have been extended to December 11, 2012.

Garrison previously announced the proposed extension to the term of warrants exercisable for a total of 23,000,000 common shares of Garrison (the "2008 Warrants"). The 2008 Warrants were issued as part of a private placement that closed on May 30, 2008. In that private placement, 23,000,000 common share units (each consisting of one common share and one 2008 Warrant) were issued for gross proceeds of $2,300,000. Since issuance, no 2008 Warrants were exercised. Each whole 2008 Warrant was exercisable to purchase one common share of Garrison at a price of $0.12 per share. The term of the 23,000,000 2008 Warrants expired on November 30, 2009, as Garrison did not obtain Exchange approval to the extension of the term of the 2008 Warrants.

Resignation of Director

Yanshao Chen has tendered his resignation as a director of Garrison. Blair Krueger, President and CEO of Garrison said: "We thank Dr. Chen for the experience and expertise that he brought to the company and for his many years of service. Dr. Chen has made valuable contributions to the development of the company, and the other Board members and I wish him every success in the future."

About Garrison

Garrison is a junior mineral exploration company focused on acquiring and developing advanced stage gold properties in Mongolia. For complete details on Garrison International Ltd. and its partners, management encourages investors and interested parties to view its public documents filed on SEDAR at www.sedar.com.

For all Garrison International Ltd. investor relations needs, investors are asked to visit the Garrison International IR Hub at http://www.agoracom.com/ir/garrison where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to gau@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements in this news release, other than statements of historical fact, are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Garrison International Ltd. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Garrison International Ltd. assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

Shares Outstanding – 97,738,057

Neither 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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