G4G Resources Ltd.
TSX VENTURE : GXG

G4G Resources Ltd.

April 28, 2008 09:29 ET

G4G Resources Closes $650,000 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2008) - G4G Resources Ltd. (TSX VENTURE:GXG) today announced that it closed a non-brokered private placement of 2,600,000 Units at a price of $0.25 per Unit for gross proceeds of $650,000.

G4G plans on using the proceeds from the financing for the exploration and development of the Company's recently announced joint venture with Teck Cominco (see press release dated March 31, 2008), for identifying additional opportunities and for working capital purposes.

Each Unit consisted of one common share and one non-transferable common share purchase warrant, entitling the holder thereof to purchase an additional common share at an exercise price of $0.45 per share until the earlier of (i) April 25, 2010; and (ii) in the event that the common shares of G4G trade at or above $0.70 per share for a period of 20 consecutive days, the day that is the 45th day following G4G's delivery to the holder of G4G's notice accelerating the expiry date. Insider participation in this private placement was for 360,000 Units. The common shares and warrants issued under the private placement are subject to a four-month hold period expiring on August 26, 2008 in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange.

About G4G Resources

G4G Resources is a Canadian-based mineral exploration and development company focused on iron ore and iron production projects. On March 3, 2008, the Company recently announced the execution of a Memorandum of Understanding (MOU) with IMBS to establish a joint venture to utilize Finesmelt™ technology, a process which converts iron ore fines into high quality iron units. On March 31, 2008, the Company announced the formation of a joint venture with TCL Sweden Ltd., a wholly owned subsidiary of Teck Cominco Limited, for eight mineral properties in the Norrbotten iron ore mining district of Sweden. Additionally, G4G is evaluating a number of other strategic growth opportunities to create and enhance shareholder value.

Forward-Looking Statement

This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties, as it relates to G4G Resources Ltd., please refer to the Company's 2006 Annual Report filed with SEDAR on April 30, 2007.

Should you wish to receive Company news via email, please email ir@g4gresources.com and specify "G4G News" in the subject line.

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

Contact Information