C2C Gold Corporation Inc.

C2C Gold Corporation Inc.

March 27, 2007 16:28 ET

C2C Acquires Producing Gold Mine in Southwest Ecuador With Immediate Cash Flow

MONTREAL, QUEBEC--(CCNMatthews - March 27, 2007) - C2C Inc. (TSX VENTURE:CCN) the "Company" or "C2C") is pleased to announce that the Company has signed a letter of intent to acquire 50% of the rights to the Bella Rica gold mine and surrounding prospective property ("Bella Rica") including underground and surface assets, current gold mine production, and (annual) net profit of US$ 12.5 million before tax based on the vendor's audited fiscal 2006 financial statements reported under Ecuadorian accounting principles.

Bella Rica consists of 3,000 hectares or 30 km2 and is located 10 km from the Pacific Ocean and 60 km from the port city of Machala in southwest Ecuador. It is a significant and highly prospective epithermal gold-silver-copper(-zinc) vein system sitting between 70 and 1,130 m above sea-level, located along the side of a mountain and western flank of the Andean Cordillera.

Bella Rica has been in active mine production since 1983 and has produced more than 244,000 ounces of gold over its 25 years of operation. Recent production over the last several years has been at an annual rate of 25,000 ounces of gold. The mine is supported by extensive infrastructure, including 10 km of well-maintained secondary roads leading to the national highway, electricity, labour force, underground mine equipment, mill and mine buildings.

Bella Rica has over 20 km of underground workings on three levels with at least 6 veins identified to date within a 600 m long cross-cut. The total length of the vein systems covers a minimum of 3 km, with only 3 of the veins being developed since 1983. The principal vein mined underground extends 1.2 km in length and 500 m in vertical height, and has had an average mill grade over 43 g/t gold over the 25 years of operation according to a summary report dated January 18, 2007 prepared by JHR Davila, a Geological Engineer of DMG Mining Co. SA. Exploration work by the vendor has outlined an additional 6 veins on surface for a total of 12 veins. Gold mineralization is linked to millimetric and metric wide quartz veins containing visible Gold, Silver, pyrrhotite, pyrite and marcasite (iron sulphides), chalcopyrite (copper sulphide) and sphalerite (zinc sulphide).

The Company has hired Mr. Jean Lafleur, P. Geo., to complete the due diligence on the property. There are calculated resources that will be verified during the due diligence period. The Company intends to have Mr. Lafleur also produce a National Instrument 43-101 Technical Report ("NI 43-101") in the near term on Bella Rica, to outline an accelerated exploration program to validate, evaluate and define the mineralization model and ultimate gold potential of the property. As part of the NI 43-101 evaluation work, the Company will immediately initiate underground and surface sampling to determine with more precision the precious and base metal grades of the mineralization and mined material.

In exchange for its 50% interest in Bella Rica, the Company has paid an up-front amount of US$ 250,000 to the vendor, and will, on completion of due diligence and execution of the definitive agreement expected to be completed by June 30, 2007:

- issue 10 million shares of common stock to the vendor or issue 9 million shares of common stock and pay US$ 2 million to the vendor, at the vendor's discretion;

- issue 1 million shares of common stock to the vendor or pay US$ 2 million, at the discretion of the vendor, upon completion of the NI 43-101 Technical Report;

- create a company ("Newco") under the following share structure that would:

- issue 11 million shares to C2C;

- issue 14 million shares to the vendor;

- issue 3 million shares in exchange for an injection of capital of US$ 3 million by the Company which is strictly to be used for near-term exploration activities.

There are provisions in the letter of intent that would permit the Company to increase its ownership interest in Newco to 75% for additional consideration at any time during the next 24 months. Upon closing of the transaction Mr. Andres David Machuca Granda will become an insider of the Company.

There are finder's fees of 2.2 million shares in C2C common stock payable to arm's length parties, subject to regulatory approval. This transaction is subject to Board and regulatory approval. The information in this news release has been prepared and reviewed by Mr. Jean Lafleur, P. Geo., the Company's principal mineral exploration consultant and Qualified Person under NI 43-101.

C2C is a Montreal-based mineral exploration company with gold and silver projects located in Quebec, Canada and now, southwestern Ecuador.

On behalf of the Board of Directors, Michael Curtis, President

The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward Looking Information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Quebec and Ontario Securities Commissions.

Shares outstanding: 52,678,996

The company's public documents may be accessed at www.sedar.com

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