GoldenFrank Resources Inc.

GoldenFrank Resources Inc.

December 16, 2008 16:35 ET

GoldenFrank Cancels IPO and Postpones IPO and Listing at A Future Date to Be Determined

MONTREAL, QUEBEC--(Marketwire - Dec. 16, 2008) - GoldenFrank Resources Inc. ("Goldenfrank" or the "Company") today announced that due to current and not improving economic conditions Goldenfrank's management has decided to end it's present IPO and to postpone it at a future date to be determined.

This decision is motivated by considerable but unsuccessful efforts to sell it's IPO in this period of unprecedented economic turmoil during which the TSX-V Index has collapsed and lost approximately 75% of its value.

In the meantime, the Company's management intends to pursue partnership discussions to develop the BALANDOUGOU Project in the Republic of Guinea, West Africa and potentially create growth to the benefit of current shareholders.

About GoldenFrank Resources Inc.

GOLDENFRANK RESOURCES INC. is a mining exploration company incorporated under the Canada Business Corporations Act. The Company has an 80% interest in six exploration permits for gold and associate minerals in the Republic of Guinea, West Africa. Five of those permits are contiguous and cover an extensive area of 419 km2 forming the Balandougou Project, the Company's flagship project. The fourth permit covers an area of 95 km2 and is called the Saraya Project. Both are located in the district of Siguri, well known for the famous Ashanti/Goldfields Koron Gold Mine operated by Societe Aurifere de Guinee.

Forward-Looking Statements

Statements in this release that are forward-looking statements are subject to various risks and uncertainties in the Company's Prospectus and periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.

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