God's Lake Resources Inc.
CNSX : GLR

God's Lake Resources Inc.

December 20, 2010 11:26 ET

God's Lake Announces Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 20, 2010) - God's Lake Resources Inc. (CNSX:GLR)(the "Company") is pleased to announce a non-brokered private placement consisting of up to 1,000,000 flow-through common shares ("Common Shares") at a purchase price of $0.75 per Common Share to raise gross proceeds of up to $750,000 (the "Private Placement").

The securities issued will be subject to a hold period of four months and one day.

Qualified finders will receive a 4.5% commission on the gross proceeds raised on the Private Placement. The aggregate proceeds raised from the issuance of the Common Shares will be used by the Company to incur exploration expenditures on their properties located in Canada. These expenditures will constitute "Canadian exploration expenses" and "flow through mining expenditures" (as those terms are defined in the Income Tax Act (Canada)) which will be renounced to purchasers for the 2010 taxation year. The Private Placement will be subject to normal regulatory approvals.

About the Company:

God's Lake Resources is a junior gold exploration company and is publicly traded on the Canadian National Stock Exchange under the symbol GLR. The Company's focus is the Sherman Lake Gold Project, located 410 km north of Red Lake Ontario. The Sherman Lake Gold Project consists of one block of 16 leased claims. Prospecting in 1935 led to the discovery of gold in the region. Continued work uncovered spectacular high-grade gold bearing veins which later became the Sachigo River Mine, producing 52,560 oz. of gold from 46,457 tons of ore at an average grade of 1.13 oz/ton. Production commenced in 1938 and ended in 1942 due to the lack of high grade mineralization.

Or visit our website at www.godslakeresources.com

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of God's Lake, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from God's Lake's expectations are exploration risks detailed herein and from time to time in the filings made by God's Lake with securities regulators.

Shares Outstanding: 8,232,888

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