Gunpoint Exploration Ltd.

Gunpoint Exploration Ltd.

July 16, 2008 09:00 ET

Christopher James Gold Corp. Enters into Letter of Intent to Acquire a High Temperature Geothermal Project and Two Gold-Copper Exploration Projects in BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2008) - Christopher James Gold Corp. ("CJGC") (TSX VENTURE:CJG) is pleased to announce that it has entered into a letter of intent dated July 15, 2008 with Candorado Operating Company Limited ("Candorado") to acquire Candorado's interest in the Canoe Creek Hot Springs Geothermal Project, purchase the Copper Creek Au-Cu Project, and to acquire a 60% interest in Candorado's Tillicum Lake Au-Cu Project. The completion of the transaction is subject to the execution of a definitive agreement, technical and legal due diligence by CJGC, and final acceptance of any filings required to be made with the TSX-V.

Dr. E. Max Baker, President and CEO of CJGC commented, "The acquisition of the Canoe Creek Geothermal Project by Christopher James Gold Corp., comes at a time when British Columbia is becoming more dependent on imported electricity, and concerns are growing worldwide over the cost and environmental impact of building additional fossil-fuel powered generators. Geothermal power is arguably the cheapest form of renewable energy, with a low carbon footprint and low environmental impact, making it an ideal source of future power for British Columbia. Therefore, Canoe Creek Geothermal Project offers an excellent opportunity for Christopher James Gold Corp. to diversify its exploration portfolio, and make a significant contribution to BC's future growth. At the same time, the addition of two new gold projects to the existing exploration portfolio is part of CJGC's strategy of acquiring highly prospective gold projects."

The Canoe Creek Hot Spring Geothermal Project ('Canoe Creek Geothermal Project') is located approximately 32 km southeast of the Town of Valemount, B.C., along the banks of the Canoe River (between the Malton Range of the Monashee Mountains and the Canoe Range of the Rocky Mountains). The geothermal permit area is 550 hectares, and includes a series of high-temperature geothermal manifestations. The Project is covered by Permit # 55274, consisting of 7 PNG grid units. In a technical report on the project, dated June 15th 2007, Dr. Mory M. Ghomshei, P.Eng. P.Geo., noted temperatures as high as 70 degrees C to 80 degrees C at the bottom of several mud pots, and stated that, based on silica, sodium/potassium and sodium/lithium geo-thermometers, "the deep reservoir temperature may be as high as 230 degrees C to 260 degrees C. This estimate however needs to be confirmed by more extensive hydro-geochemical and geophysical surveys." Assuming sufficient reservoir capacity and the high temperatures of the deep reservoir are confirmed, CJGC will look at the viability of developing either a flash steam or binary cycle power generation plant. The hot springs are 1.5 km from the nearest road and are also accessible along the Kinbasket Lake via boat, a journey of approximately 21.8 km from Valemount. The project is approximately 7 km away from a substation on the BC Hydro Power lines. Exploration costs for the remainder of 2008 are estimated at $300,000.

CJGC can acquire a 100% interest in the "Canoe Hot Springs Geothermal Project" under the following terms: make payments of $200,000 upon signing the agreement and an additional payment of $200,000 on August 15th, 2008, for a 50% interest in the project; make an additional $100,000 payment on September 25, 2008 and a final payment of $1,000,000 on December 15, 2008 for 90% interest in the project. Candorado will retain a 10% free-carried interest, which can be bought out by CJGC at any time over the next 5 years for $2.5 million.

The Copper Creek Au-Cu Project located north of Kamloops Lake, covers an area of 22,000 hectares and is considered prospective for alkali porphyry copper-gold and epithermal gold deposits. The project area covers the northern extension of the Iron Mask Batholith trend, which is associated with several alkali Cu-Au porphyry-type deposits. Historic placer gold small-scale hard-rock copper, silver and mercury workings are present within the project area. Mix Resources Limited obtained drill intercepts of 28.9m of 0.82% Cu and 20.7m of 0.72% Cu, from the Bornite Prospect (Assessment Report #11,354). Several intrusive bodies, probably of the same age and affinity as the Iron Mask Batholith, which is associated with the Ajax Porphyry gold-copper deposit at Afton, have been mapped in the area. Aeroquest flew a 1,002 line-kilometer helicopter geophysical survey, for Candorado in 2007. Based on the results of the geophysical survey, we consider the area to be very prospective for alkali porphyry Cu-Au deposits and possibly alkali epithermal gold deposits.

CJGC has the option to acquire a 100% interest in the Copper Creek Au-Cu Project from Candorado on the following terms: upon execution of the agreement, pay Candorado $125,000, and on July 15, 2009, make an additional payment of $140,000.

The Tillicum Lake Au-Cu Project is situated east of Williams Lake in the heart of the Quesnel Trough, which hosts several porphyry Cu-Au deposits. The 19 square kilometer project is located on the north-western edge of a large circular magnetic structure. On the southeast portion of the same structure, GWR Resources Ltd has reported economic grade Cu-Au results from drilling a porphyry system with a similar geophysical signature. A 2006 airborne radiometric survey covering the Tillicum Lake Project, delineated several large coincident magnetic and potassium/thorium anomaly. This geophysical signature is considered the typical signature of porphyry copper-gold-molybdenum mineralization in the area.

Under the terms of the letter of intent, CJGC can earn a 60% interest in the Tillicum Creek Au-Cu Project from Candorado. The terms of the Option consist of an initial payment to Candorado of $50,000 upon signing the agreement, and a commitment to spend $200,000 and $250,000 on exploration by July 31, 2009 and July 31, 2010, respectively.

The technical information in this news release has been reviewed on behalf of CJGC by Dr. E. Max Baker, M.AusIMM, a qualified person.

All technical information quoted herein is based on prior data and reports obtained from or prepared by previous operators. Any historical estimates referred to herein should not be relied upon. These properties require considerable further evaluation which CJGC's management and consultants intend to carry out in due course.

About Christopher James Gold Corp.

Christopher James Gold Corp. is a Canadian mineral exploration company trading on the TSX Venture Exchange, under the symbol "CJG".

The Company has approximately $4.5 million in treasury and is well-funded to explore its portfolio of projects in British Columbia. In southern British Columbia, the Company owns 100% of the copper and gold rights to the historic Craigmont mine, as well as the Brassie Creek, Big Kidd, and Little Fort gold properties. The Company is actively pursuing other advanced gold exploration projects, through JV and/or acquisition.

Visit the Company's website at

Christopher James Gold Corp.

Dr. E. Max Baker, President and CEO

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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