Garson Gold Corp.

Garson Gold Corp.

March 05, 2009 16:42 ET

Garson Gold Closes First Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2009) - Garson Gold Corp. (TSX VENTURE:GG) ("Garson Gold" or "the Company") announces, further to its news release dated February 19, 2009, it has closed the first tranche of a non-brokered private placement for 8,841,006 units priced at $0.05 for gross proceeds of $442,050. Each Unit will consist of one common share and one share purchase warrant. Each whole warrant will be exercisable for one common share at $0.10 for a period of two years from closing.

All securities issued will be subject to a four-month hold period expiring July 4, 2009. Finders' fees of $28,379 in cash and 284,040 broker's warrants are to be paid on the sale of the Units. The broker's warrants have the same terms as the subscribers' warrants.

Proceeds from this financing will be used to complete a Preliminary Economic Assessment on the New Britannia Gold Mine project and for general working capital purposes.


Garson Gold holds a 100% interest in The New Britannia Mine (NBM) Project in Snow Lake Manitoba, as well as the Copper Prince and the McMillan Gold Mine properties located in Ontario. The Company's flagship project is the NBM, which covers approximately 4,840 hectares and hosts the historic New Britannia Gold Mine which 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 The Company is nearing completion of a preliminary economic assessment regarding the re-establishment of mining at the No. 3 Zone deposit and re-activation of the 2,150 tonne/day mill which is currently on care and maintenance.

On Behalf of the Board,

David G. Tafel, President and CEO

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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