Grandview Gold Inc.
CNQ : GVGI

Grandview Gold Inc.

July 20, 2005 09:02 ET

Grandview Gold Inc. Signs Letter Of Intent With Goldcorp Inc. To Enter Into Option & JV Agreement

TORONTO, ONTARIO--(CCNMatthews - July 20, 2005) - Grandview Gold Inc. (CNQ:GVGI) ("Grandview Gold") is pleased to announce it has signed a letter of intent to enter into an option and joint venture agreement with Goldcorp Inc. (TSX:G; NYSE:GG) ("Goldcorp") relating to Grandview Gold's Red Lake property ("the Red Lake property") located near Red Lake in northwestern Ontario, Canada.
Under the terms of the agreement Goldcorp will be the operator at the Red Lake property and will fund exploration activities.

Mr. Raymond Pecoskie, President and C.E.O. of Grandview Gold, stated, "We are extremely excited to be working with Goldcorp, Canada's leading gold mining company. The letter of intent signed will provide the financial and technical resources needed to enable aggressive exploration efforts at the Red Lake property. We believe that Goldcorp's experienced exploration and management team will add substantial value to this important project to the benefit of our shareholders."

Grandview Gold's Red Lake property consists of eight patented mining claims located in southeast Dome Township (2.5 kilometres northeast of Red Lake) in northwestern Ontario.

Details of the option agreement are that Goldcorp may earn a 60% interest in the Red Lake property by incurring expenditures of $100,000 within 18 months of signing the formal option agreement.

Upon Goldcorp satisfying its requirements under the option agreement a joint venture will be formed to continue exploration and development of the Red Lake property. The material terms of the joint venture to be entered into upon fulfillment of the option requirements, will be negotiated and form a part of the formal option agreement.

Grandview Gold Inc. is a gold exploration company, listed on the CNQ Exchange under the symbol "GVGI". Grandview Gold focuses on creating value for shareholders by exploring and developing high-grade gold properties in the major gold camps of North America. Details of Grandview Gold's projects are available on the Company's website at www.grandviewgold.com.

This news release contains forward-looking statements regarding the timing and content of upcoming programs and may be subject to regulatory approval. Actual results may differ materially from those currently anticipated in such statements.

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