Glamis Gold Ltd.
TSX : GLG
NYSE : GLG

Glamis Gold Ltd.

July 18, 2005 18:30 ET

Glamis Gold Exercises Chesapeake Gold Corp. Warrant

RENO, NEVADA--(CCNMatthews - July 18, 2005) - Glamis Gold Ltd. (TSX:GLG)(NYSE:GLG) today announced that it has exercised its warrant for 887,670 common shares of Chesapeake Gold Corp. (TSX:CKG) at an exercise price of Cdn.$2.00 per share or Cdn.$1,775,340. The shares represent 5% of the issued and outstanding common shares of Chesapeake. Glamis intends to hold the shares for investment purposes.

Glamis acquired the warrant for the common shares of Chesapeake in connection with its merger with Francisco Gold Corp. in 2002. The merger brought Glamis the El Sauzal mine now operating in Mexico, and the Marlin gold and silver project in Guatemala which is scheduled to commence production later this year. The transaction also included the creation and distribution of shares of Chesapeake Gold to Francisco Gold shareholders. Chesapeake is a gold exploration company with active projects in Mexico and Nicaragua.

Glamis Gold Ltd. is a premier intermediate gold producer with low-cost gold mines and development projects in Nevada, Mexico and Central America. Plans call for growth from 400,000 ounces of gold production in 2005 to over 700,000 ounces in 2007. The Company remains 100 percent unhedged.

Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, include, but are not limited to those with respect to, the price of gold, the estimation of mineral reserves and resources, the realization of mineral reserves estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, Glamis' hedging practices, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", or "does not expect", "is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variation of such words and phrases or state that certain actions, events or results, "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Glamis to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, possible variations in ore grade or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Other Considerations" in the Glamis Annual Information Form. Although Glamis has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

email requests for investor packets to: info@glamis.com

email questions/correspondence to: michaels@glamis.com

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