Glencairn Gold Corporation

Glencairn Gold Corporation

March 07, 2005 08:03 ET

Glencairn to Vend Vogel Property to Lake Shore Gold


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GLENCAIRN GOLD CORPORATION

TSX SYMBOL: GGG
AMEX SYMBOL: GLE

MARCH 7, 2005 - 08:03 ET

Glencairn to Vend Vogel Property to Lake Shore Gold

TORONTO, ONTARIO--(CCNMatthews - March 7, 2005) - Glencairn Gold
Corporation (TSX:GGG)(AMEX:GLE) is pleased to announce it has entered
into a letter agreement with Lake Shore Gold Corp. for the sale of
Glencairn's Vogel Property in Timmins, Ontario.

Upon closing of the transaction, Lake Shore will pay C$3 million in cash
and issue 100,000 Lake Shore common shares to Glencairn. Lake Shore will
pay a further cash payment to Glencairn of C$500,000 once 600,000 oz. of
gold have been confirmed on the property.

The agreement is subject to due diligence by Lake Shore, Board approval
and regulatory approval.

To find out more about Glencairn Gold Corporation (TSX:GGG, AMEX:GLE),
visit our website at www.glencairngold.com.

FORWARD-LOOKING STATEMENTS: This news release contains certain
"forward-looking statements" within the meaning of Section 21E of the
United States Securities Exchange Act of 1934, as amended. Except for
statements of historical fact relating to the company, certain
information contained herein constitutes forward-looking statements.
Forward-looking statements are frequently characterized by words such as
"plan," "expect," "project," "intend," "believe," "anticipate",
"estimate" and other similar words, or statements that certain events or
conditions "may" or "will" occur. Forward-looking statements are based
on the opinions and estimates of management at the date the statements
are made, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
These factors include the inherent risks involved in the exploration and
development of mineral properties, the uncertainties involved in
interpreting drilling results and other ecological data, fluctuating
metal prices, the possibility of project cost overruns or unanticipated
costs and expenses, uncertainties relating to the availability and costs
of financing needed in the future and other factors. The Company
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change. The
reader is cautioned not to place undue reliance on forward-looking
statements.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Glencairn Gold Corporation
    Kerry Knoll
    President and CEO
    (416) 860-0919
    (416) 367-0182 (FAX)
    www.glencairngold.com
    or
    Renmark Financial Communications Inc.
    Sylvain Laberge
    (514) 939-3989
    slaberge@renmarkfinancial.com