Glencairn Gold Corporation

Glencairn Gold Corporation

December 07, 2006 18:26 ET

Glencairn Gold Announces Appointment of Denis Arsenault as Chief Financial Officer

TORONTO, ONTARIO--(CCNMatthews - Dec. 7, 2006) - Glencairn Gold Corporation (TSX:GGG)(TSX:GGG.WT)(AMEX:GLE) announced today that it has appointed Denis Arsenault, CA, as Chief Financial Officer effective Dec. 4, 2006. Mr. Arsenault has held senior financial positions in a range of companies that includes the mining and resource, communications, truck trailer manufacturing and life sciences sectors.

"Mr. Arsenault brings a wealth of financial and mining experience to Glencairn Gold across a career that spans 25 years," said Company President and CEO Peter Tagliamonte. "We are delighted to have him join our team as we enter a new phase in the growth of the Company."

Mr. Arsenault succeeds former Glencairn VP Finance and CFO Derek Price, who has assumed a full-time position with Blue Pearl Mining Ltd. Mr. Price was previously VP Finance and CFO for Blue Pearl and Glencairn. "Derek played a pivotal role with Glencairn and we wish him well at Blue Pearl," Mr. Tagliamonte said.

Mr. Arsenault began his career with KPMG in 1981 and later joined Key Radio Limited, a division of Maclean Hunter Ltd., as Controller and subsequently Secretary/Treasurer. From 1985 to 1995, Mr. Arsenault was a founder and partner in Wasserman Arsenault, Chartered Accountants, and in 1995 became CFO and VP Finance of Mond Industries Inc. (Trailmobile Canada Ltd.).

Subsequently, Mr. Arsenault was appointed Chief Financial Officer of Patent Enforcement and Royalties Ltd. (now Blue Pearl Mining). In 2001, Mr. Arsenault became a Director, CFO and VP Finance of Orbus Life Sciences Ltd., a start-up private company, which merged with TSX-listed BOVAR Inc. in 2002 to become Orbus Pharma Inc.

Mr. Arsenault is also a Trustee and CFO-equivalent of Agtech Income Fund (AGT.UN.TSX), a Director and Chairman of the Audit Committee of Blue Pearl Mining Ltd. and a Director of Rockcliff Resources Inc.

About Glencairn Gold Corporation

Glencairn is a growing gold producer focusing its mining and exploration activities in Central America. The Company operates the Bellavista Mine in Costa Rica and the Limon and Libertad Mines in Nicaragua. It holds a 60% interest in the Cerro Quema advanced gold project in Panama and a 100% interest in the Mestiza gold property 70 kilometres from the Limon Mine. The Company focuses on efficient and productive mining practices to establish a firm base of quality operations. Glencairn is committed to growth by optimizing current operations and expanding reserves at existing mines.

Cautionary Note Regarding Forward-Looking Statements: This press release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, the future price of gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations 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 are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability, insurrection or war; 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 "General Development of the Business - Risks of the Business" in the Company's Form 40-F on file with the Securities and Exchange Commission in Washington, D.C. and the Company's annual information form for the year ended December 31, 2005 on file with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such 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. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

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