ATW Gold Corp.
TSX VENTURE : ATW

ATW Gold Corp.

April 01, 2010 09:00 ET

ATW Signs LOI for Sale Of Burnakura Assets

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2010) - ATW Gold Corp (TSX VENTURE:ATW) (the "Company") ("ATW") is pleased to announce that it has entered into a letter of intent (the "LOI") with Jinka Minerals Ltd., an Australian company ("Jinka"), to sell its Burnakura gold project (the "Burnakura Project") to Jinka.

The sale consideration for the acquisition of the Burnakura Project is AUD$4,253,000, payable in full at completion. The LOI calls for Jinka to acquire a 100% interest in the Burnakura Project upon closing of the sale and further calls for Jinka, within seven (7) days of signing the LOI, to pay a non-refundable deposit of AUD$212,650 to the Company.

The LOI and the sale of the Burnakura Project therein is conditional upon receipt of any required Australian regulatory approval, the receipt by the Company of any required Canadian approvals (including the approval of the TSX-Venture Exchange, if required), Jinka completing due diligence to its satisfaction, the Company and Jinka agreeing to the list of plant and equipment included in the sale and the execution of a definitive agreement (the "Definitive Agreement") on or before May 31, 2010.

It is anticipated that the sale price contained in the Definitive Agreement will allow the Company to retire all current liabilities relating to Burnakura with excess funds to be applied towards working capital. The Company continues to entertain all options as they relate to its Gullewa Copper-Gold Project ("Gullewa").

Brent Butler, Chief Executive Officer and President, commented: "The sale of Burnakura will allow ATW to focus on strategic alternatives as they relate to Gullewa. Given the continued strength in the underlying commodity prices, ATW is considering all alternatives including the sale, spin-out or joint venture of the Company's Gullewa Copper-Gold Project."

The Company further announces the resignation of Mr. David Stone, former COO of the Company's Australian operations, as a Director of the Company in conjunction with its divestiture of Australian assets. Concurrently, Mr. Robert Schafer has resigned from the Company's board of directors. The Company thanks them both for their past contributions to its business affairs and wishes them well in their future endeavors.

ATW Gold Corp.

Brent Butler, President & CEO

"This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."

"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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