Glamis Resources Ltd.
TSX VENTURE : GLM.A
TSX VENTURE : GLM.B

Glamis Resources Ltd.

October 08, 2008 16:31 ET

Glamis Announces an Increase to Its Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - Oct. 8, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.

Glamis Resources Ltd. ("Glamis" or "the Company") (TSX VENTURE:GLM.A) (TSX VENTURE:GLM.B) is pleased to announce that it has agreed to increase the "bought deal" portion of its previously announced financing from 1,818,182 flow through Class A Shares to 2,727,273 flow through Class A shares at a price of $1.10 per share, resulting in additional gross proceeds of approximately $1,000,000. Acumen Capital Finance Partners Limited will act as lead underwriter for a syndicate which includes GMP Securities L.P. All other terms of the financing announced earlier on October 8, 2008 remain unchanged, including the Underwriters' option to issue up to an additional 1,818,182 flow through Class A shares, which would bring the total size of the offering to 4,545,455 flow through Class A shares for total proceeds of approximately $5,000,000, if the Underwriters' option is fully exercised.

Proceeds from the offering will be used to incur qualifying expenditures to fund the Company's ongoing drilling program in its core focus areas.

Closing of the offering is expected to occur on or about October 28, 2008, and is subject to the receipt of all requisite regulatory and stock exchange approvals. The issued shares will be subject to a four month hold period from the date of closing.

Glamis Resources Ltd. is a junior oil and gas company formed to generate and develop its own prospects, acquire oil and gas properties and participate with joint venture partners in oil and gas exploration and development in the Western Canadian Sedimentary Basin. The Company's Class A shares and Class B shares trade on the TSX Venture exchange under the symbols GLM.A and GLM.B. The Company currently has 19,678,321 Class A shares and 922,500 Class B shares outstanding.

Forward-Looking Statements: This news release contains statements about future events that are forward looking in nature and, as a result, are subject to certain risks and uncertainties such as changes in plans or the occurrence of unexpected events. Actual results may differ from the estimates provided by management.

The term BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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