Garson Gold Corp.

Garson Gold Corp.

July 02, 2008 17:48 ET

Garson Gold Closes First Tranche Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 2, 2008) - Garson Gold Corp. (TSX VENTURE:GG) ("Garson Gold" or "the Company") announces it has closed the first tranche of a non-brokered private placement (see news release June 20, 2008), for 4,000,000 flow-through common shares priced at $0.15 for gross proceeds of $600,000.

All securities issued will be subject to a four-month hold period expiring October 25, 2008. Finders' fees of $38,850 in cash, and 222,000 common share purchase warrants exercisable at $0.15 for two years is payable to Meridian Capital International.

Proceeds from this financing will be used to continue a summer exploration program that includes follow-up drilling on the prospective No. 3, Boundary and Kim Zones, soil geochemical surveys, trenching and outcrop stripping, geological mapping, and prospecting. In addition, the funds will also be utilized to continue with a scoping study which was initiated in order to assess a feasible strategy of re-establishing gold production at the New Britannia Mine Property.


Garson Gold holds a 100% interest in The New Britannia Mine (NBM) Project in Snow Lake, Manitoba and the Copper Prince and McMillan Gold Mine Projects in Ontario. The Company's flagship project is the NBM, which covers approximately 3,900 hectares and hosts the historic New Britannia Gold Mine. NBM operated from 1949 to 1958 and again from 1995 to 2004 and produced approximately 1.43 million ounces of gold. The resource estimate at the NBM property, audited by Micon International Ltd. in accordance with CIM classifications pursuant to National Instrument 43-101, is available for viewing on Sedar ( and A modern mill capable of processing 2,150 tonnes/day and ancillary surface and underground infrastructure facilities have been kept on care and maintenance since the NBM project was purchased by the Company in December 2006.

On Behalf of the Board,

David G. Tafel, President and Director

This news release may contain forward looking statements concerning future operations of Garson Gold Corp. (the "Company"). All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.

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

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