Gossan Resources Limited

Gossan Resources Limited

September 23, 2005 14:12 ET

Gossan Awards Incentive Stock Options

WINNIPEG, MANITOBA--(CCNMatthews - Sept. 23, 2005) - Gossan Resources Limited (TSX VENTURE:GSS)(Frankfurt/Freiverkehr:GSR) has awarded 240,000 incentive stock options to officers and directors of the Company. This award is in compliance with the terms of the Company's Stock Option Plan. All of these stock options are exercisable into common shares at $0.36 per share with various terms expiring as follows: 100,000 options expire on September 30, 2006; 50,000 options expire on September 30, 2007; and 90,000 stock options expire on September 30, 2008. The award of these stock options remains subject to the acceptance of the TSX Venture Exchange.

Gossan Resources Limited is engaged in mineral exploration in Manitoba and northwestern Ontario. It has a well-diversified portfolio of properties hosting gold, platinum group and base metals, as well as the specialty metals, tantalum, chromium, titanium and vanadium. The Company also has a large deposit of magnesium-rich dolomite and a silica sand prospect. Gossan trades on the TSX Venture and the Frankfurt/Freiverkehr & Xetra Exchanges and has 17,633,124 shares outstanding (21,338,124 shares fully diluted).

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

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