SOURCE: Grenville Gold Corporation

February 28, 2007 09:15 ET

Grenville Completes LOU to Purchase La Tigrera Concession

VANCOUVER, BC -- (MARKET WIRE) -- February 28, 2007 -- Grenville Gold Corporation ("Grenville" or "the Company") (TSX-V: GVG) (PINKSHEETS: GVLGF) is pleased to announce it has entered into a Letter of Understanding ("LOU" or the "Agreement") effective February 26, 2007, to purchase 1,662 Ha of mineral concessions ("target assets") currently owned by Minera La Tigrera CIA (the "Vendor").

Under the terms of the LOU, US$1,000,000 will be paid to Minera La Tigrera CIA (the "Vendor") in three (3) equal annual installments, with the anniversary date of the installments to be set on the date of closing of the transaction. No shares of Grenville will be provided to the Vendors for the purchase of the target assets under the LOU.

A number of closing conditions are required; specifically, the formal agreement pertaining to the property is subject to ratification by the shareholders of Minera La Tigrera CIA, completion of a 43-101 report, a qualified geologist on the La Tigrera property, and receipt of TSX Venture Exchange approval. The Letter of Understanding allows both parties to withdraw from the agreement should any of the above conditions not be satisfactorily completed.

About Grenville Gold Corporation

Grenville Gold ( is a junior resource company seeking prospective properties in Peru and Ecuador. The company has three subsidiaries: Inversiones Mineras Alexander S.A.C. in Peru, Minera MineGreville S.A. in Ecuador and Parkman Diamond Corp. in Ontario, Canada. Grenville Gold plans to leverage the experience of its Board and Management in exploration and mining to develop its growth strategy in North and South America. For further information contact 604-669-8842.

On behalf of the Board of Directors,

"A. Paul Gill"
 President & CEO

The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission, the Ontario Securities Commission, and the Alberta Securities Commission

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