SOURCE: Gemini Explorations, Inc.

December 10, 2007 02:30 ET

Gemini Explorations Closes on Financing for the Re-Development of the Los Chorros Gold Mine

Mine Modernization Projected to Yield US$12,900,000 of Net Cash Flow to Gemini

CALGARY, AB--(Marketwire - December 10, 2007) - Gemini Explorations Inc. ("Gemini") (OTCBB: GXPI) is pleased to report that it has completed negotiations for financing the modernization and complete re-development of the Los Chorros Gold Mine. The first tranche of US$500,000 should be received by Gemini in the next 5 days and the second tranche of US$300,000 within 14 days. The total cost of the project is estimated to be US$595,900, adding a contingency factor of 30% would bring the maximum projected total to US$774,700.

The Los Chorros Mine is currently being mined with extremely antiquated equipment and this report further solidifies Gemini's belief that the project could be turned into a highly efficient producing gold project with low capital costs. Current mining operations at Los Chorros recover a low percentage of the available gold and precious metals present on the property. The plant would initially run at 30 to 50 tonnes/day with a targeted production rate of 100 tonnes per day during the first year. Minera Primecap Geological Services (MPGS) reported that a 100 tonne per day production rate would produce US$1,080,280 monthly and over US$12,900,000 annually. These estimates are based on US$730 per ounce gold with US$200 per ounce operating and production costs netting US$530 per ounce.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the expectation that the financing will close on specified dates, the expectation of the gold production of the property, the expected completion date of the redevelopment and modernization of the Los Chorros Gold mine and the low capital costs to upgrade the Los Chorros operating plant and the net cash flow estimates.Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2006 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

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