Goldnev Resources Inc.
TSX VENTURE : GNZ

Goldnev Resources Inc.

July 10, 2007 14:50 ET

Goldnev Resources Inc. Proposes Saskatchewan Oil Shale Project Financing

CALGARY, ALBERTA--(Marketwire - July 10, 2007) - Mr. Marc Dame, President and Chief Executive Officer of Goldnev Resources Inc. ("Goldnev" or the "Corporation") (TSX VENTURE:GNZ), is pleased to announce that in response to its recent acquisition of oil shale permits in Saskatchewan that the Corporation is proposing a non-brokered private placement of up to a maximum of 3,750,000 Units at $0.08 cents per Unit, from eligible investors, for gross proceeds of up to $300,000. Each Unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Corporation at a purchase price of $0.12 cents per for a period of twelve months from the closing of the private placement.

The Corporation also announces that it is proposing a non-brokered private placement of secured convertible debentures to raise gross proceeds of up to $100,000 from eligible investors. The debenture matures 3 months from the date of issue and is convertible, at the option of the holder, into Units of the Corporation at a price of $0.08 per Unit. Each Unit will consist of one common share and on common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Corporation for $0.12 per common share within 12 months from the date of grant.

The proposed private placement and secured convertible debenture transactions are subject to stock exchange approval and all common shares and underlying securities will be subject to a standard four-month hold period from their date of issue.

The proceeds from the proposed private placement and secured convertible debenture financings will be used by the Corporation to fund the exploration and development commitments for its recently acquired Pasquia Hills oil shale permits as announced in a press release dated June 20th, 2007.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

About Goldnev

Goldnev Resources Inc. is a public energy company focused on conventional and unconventional oil & gas production with assets in northeastern British Columbia, north central Alberta and an oil shale development project in east central Saskatchewan. Goldnev shares trade on the TSX Venture Exchange under the symbol "GNZ".

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