GBS Gold International Inc.
NEX BOARD : GBS.H

GBS Gold International Inc.

March 12, 2009 07:30 ET

GBS Gold Directors and Officers Resign

PERTH, AUSTRALIA--(Marketwire - March 12, 2009) - GBS Gold International Inc. (NEX:GBS.H) ("GBS Gold" or the "Company") has been advised by Mr. Andrew Saker, Mr. Darren Weaver and Mr. Martin Jones of Ferrier Hodgson, the liquidators (the "Liquidators") of the Company's Australian group of companies (the "Group"), that they expect a formal written offer capable of being accepted from a candidate for the purchase and sale of substantially all of the Group's assets (the "Offer") to be finalized shortly. Since the proceeds from the Offer will not be sufficient to discharge the Company's obligations to its secured creditors, no proceeds from the Offer will be available for distribution to the Company and/or its shareholders.

Pursuant to its obligations under a note indenture and general security deed entered into on May 27, 2008 with its secured promissory noteholders, the Company has agreed to transfer its remaining valued assets to the secured promissory noteholders. In addition, the Company has terminated all of its ongoing arrangements including those with its transfer agent and has effectively ceased conducting any business. As a result, all of the Company's remaining directors and officers have resigned.

The GBS Gold Board and management have been working with the Liquidators over the past six months to seek restructure and refinancing proposals for the Company. However, no such proposals were forthcoming. The Company is not aware of any potential reverse takeover opportunities, purchasers for its shares or anyone willing to manage its affairs. Given the Company's outstanding obligations to its secured promissory noteholders, it does not anticipate that any reverse takeover opportunities, purchasers for its shares or a manager for its affairs will emerge.

Since the Company no longer satisfies certain minimum requirements of the TSX Venture Exchange and under the BC Business Corporations Act, in due course its shares will be delisted from the NEX board of the TSX Venture Exchange and it will be struck from the corporate register maintained by the Registrar of Companies for the Province of British Columbia.

For further updates on the Offer, please visit the Liquidator's website, www.ferrierhodgson.com.

Certain disclosures in this release constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. GBS Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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