SOURCE: Goldrich Mining Company (formerly Little Squaw Gold Mining Company)

June 20, 2008 10:30 ET

Goldrich Provides Corporate Update

SPOKANE, WA--(Marketwire - June 20, 2008) - Goldrich Mining Company (OTCBB: LITS) ("Goldrich" or "the Company") provides the following update on its status and activities.

The Company recently changed its name from Little Squaw Gold Mining Company to Goldrich Mining Company. Shares will continue to trade Over the Counter on the Bulletin Board under the symbol LITS until the new symbol is issued by NASDAQ, at which time the Company will inform the public. Shareholders of the Company do not need to exchange their share certificates for new ones. The stock transfer agent will indefinitely honor the old share certificates in the name of Little Squaw.

Goldrich is drilling on its Marisol gold property in Sonora, Mexico. Eight of ten planned diamond drill core holes have been completed. These eight holes test about 400 meters of strike length of the mineralized fault zone to depths averaging 150 meters. The assay returns for these holes will be announced when they are completed. The last two holes represent a 1.5-kilometer step-out along strike of the Marisol mineralized structure. This second area of drilling (referred to as "La Jarra") contains numerous old shallow mine workings.

The Company's Chandalar, Alaska, gold exploration project has been temporarily put on a care-and-maintenance basis. The Company is seeking sufficient funds to carry out a drilling program recommended by independent mining engineers and geological consultants. The consultants identified the Chandalar geology as being favorable for discovery of sediment-hosted gold deposits that are comparable to the orogenic-type, mesothermal gold deposits in Russia, which exceed 30 million ounces of gold.

Elsewhere, the Company recently relinquished its leases for the Broken Hills West, Nevada, and Pedra de Fogo, Brazil, properties. This was done to conserve cash and focus the Company's gold exploration efforts on northern Mexico.

The Company is actively pursuing a dual listing on a senior stock exchange and may initiate a public offering of its stock concurrent with a new listing. It is also exploring joint venture possibilities with senior mining companies that would finance its Chandalar, Alaska, gold project.

The Company has 37,442,178 common shares outstanding. Exercise of all convertible or redeemable features would result in a fully diluted outstanding share position of 48,090,815 and would generate about $4.7 million in net cash proceeds. However, at the current price of the Company's stock, it does not expect to receive significant cash from convertible or redeemable instruments to finance operations. The Company currently has $550,000 in cash.

Richard Walters, President of Little Squaw, wrote this news release; the Company is responsible for its contents. For additional information regarding Little Squaw, contact Susan Schenk, Manager of Investor Relations: telephone (509) 535-6156; e-mail Little Squaw maintains a comprehensive Web site at

Little Squaw Gold Mining is engaged in the business of precious-metals discovery. This endeavor carries certain risks that are commensurate with the potential rewards of such efforts. These risks cannot be quantified and should not be taken lightly. All statements made here regarding the firm's investment potential should be considered "forward-looking statements" as defined by prevailing regulatory guidelines. As forward-looking statements, these items represent the measured professional judgment of management. They do not, however, represent guarantees, and unforeseen and/or unforeseeable future developments that may render them either incomplete or incorrect. Actual results, plans, programs, and financial performance may differ materially from express or implied forward-looking statements.

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