SOURCE: Gemini Explorations, Inc.

March 07, 2008 12:30 ET

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

CALGARY, AB--(Marketwire - March 7, 2008) - Gemini Explorations, Inc. ("Gemini") (OTCBB: GXPI) reported on December 10, 2007 that it had completed negotiations for financing the modernization and re-development of the Los Chorros Gold Mine. The first tranche of US$500,000 should have been received by Gemini in the next 5 days. The parties involved have not forwarded the funds as of this date and Gemini is working to resolve this issue. This situation has delayed the upgrading process at Los Chorros. Gemini is pleased to report that it is in an advanced stage of negotiation and discussion with two new lenders to finance the mine upgrade at Los Chorros and is working to finalize the agreements as quickly as possible.

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 expected completion date of the redevelopment and modernization of the Los Chorros Gold mine. 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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