Garson Gold Corp.

Garson Gold Corp.

March 24, 2009 16:17 ET

Garson Gold Closes Second and Final Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2009) - Garson Gold Corp. (TSX VENTURE:GG) ("Garson Gold" or "the Company") is pleased to announce that it has closed the second and final tranche of the previously announced non-brokered private placement (news releases dated February 19, 2009 and March 18, 2009). The second tranche was comprised of 2,850,000 Units priced at $0.05 for gross proceeds of $142,500. Each Unit consists of one common share and one share purchase warrant. Each whole warrant is exercisable for one common share at $0.10 for a period of two years expiring March 20, 2011. A total of 11,691,006 Units priced at $0.05 were issued for gross proceeds of $584,550 in both tranches of the private placement.

All securities issued in the second tranche will be subject to a four-month hold period expiring July 20, 2009. Finders' fees of $6,100 in cash and 48,000 broker warrants are to be paid on the sale of the Units. The broker 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 and 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 and states the total property resource inventory at 449,000 oz Au (2,605,000 tonnes grading 5.37 g/t) in the measured and indicated categories and 317,000 oz Au (1,886,000 tonnes grading 5.22 g/t) in the inferred category. Infrastructure at the New Britannia Gold Mine includes a fully-permitted 2,150 tonne per day modern mill and tailings facility, an associated plant, and equipment. Garson is nearing completion of its Preliminary Economic Assessment to evaluate rehabilitation of the mill and the ramp for the No 3 Zone, and an updated resource estimate is currently underway and is expected to include the Boundary Zone, a satellite deposit located one kilometre from the Main mine and mill.

On Behalf of the Board,

David G. Tafel, CEO & 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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