Cusac Gold Mines Ltd.
TSX : CQC
OTC Bulletin Board : CUSIF

Cusac Gold Mines Ltd.

August 10, 2005 19:25 ET

Cusac Gold Mines Ltd.: $520,000 Financing Closed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 10, 2005) - David H. Brett, President, Cusac Gold Mines Ltd. (TSX:CQC)(OTCBB:CUSIF) (the "Company"), reports that the Company has closed its previously announced Flow-Through private placement financing whereby 4,001,154 units at $0.13 per unit were issued for proceeds of $520,150. Each of the units consist of one common share and one half of one warrant to purchase an additional common share at $0.15 for a period of one year with the following share amounts and expiry dates:



225,000 common shares expiry date of July 6 2006
80,000 common shares expiry date of July 14, 2006
480,770 common shares expiry date of August 3, 2006
306,150 common shares expiry date of August 5, 2006
83,333 common shares expiry date of August 10, 2006

All of the shares issued are subject to a four-month hold period with
the following share amounts and expiry dates:

450,000 Flow-Through shares expiry date of October 7, 2005
160,000 Flow-Through shares expiry date of November 14, 2005
961,538 Flow-Through shares expiry date of December 4, 2005
612,300 Flow-Through shares expiry date of December 6, 2005
192,308 Flow-Through shares expiry date of December 11, 2005


A 10% finders fee in stock at $0.13 was payable on 3,086,154 of the shares resulting in the issuance of 96,154 common shares with a hold period expiry date of December 4, 2005 and 61,000 common shares with a hold period expiry date of November 14, 2005. 105,115 common shares are to be issued. Insiders of the company subscribed for 660,000 of the units. 100,000 of the units are non-flowthrough.

$125,000 of the above funding (961,538 units) was provided by the MineralFields Group.

CUSAC GOLD MINES LTD.

David H. Brett, President & CEO

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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