Grenville Gold Corporation

Grenville Gold Corporation

August 12, 2009 09:20 ET

Grenville Reviews Arbitration Decision and Welcomes New Neighbours

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 12, 2009) - Grenville Gold Corporation ("Grenville" or "the Company"), (TSX VENTURE:GVG)(PINK SHEETS:GVLGF)(FRANKFURT:F9I)(WKN:A0KELU) has received a preliminary summary of the findings of the Arbitration Panel from Peruvian legal counsel. The Arbitration Panel confirmed that an exclusive option agreement exists between Bella Rubia S.M.R.L. and Minera High Ridge S.A.C. As of March 17, 2009, Bella Rubia became a subsidiary of Grenville Gold Corp. and Minera High Ridge S.A.C. is a subsidiary of High Ridge Resources (TSX VENTURE:HRR). Under the terms of the agreement Minera High Ridge agreed to pay a total of $ 700,000 USD for 148 Ha made up of 11 claims in stages over 4 years.

Though the result was not the primary outcome sought by Grenville, Grenville assures shareholders that it has already planned for this contingency. Grenville now accepts that a binding, exclusive, non-transferable option agreement exists between Minera High Ridge S.A.C. and Bella Rubia S.M.R.L. until such time that Minera High Ridge pays amounts owed to Bella Rubia S.M.R.L. to complete the contract or cancels the contract in Peru. Bella Rubia S.M.R.L. staff have been instructed to contact Minera High Ridge S.A.C. to complete the transfer when practicable.

Grenville will further review the panel's decision and confer with legal advisors regarding any further action or information.

In addition, Grenville will continue with its plans to develop the 6,122 Ha Silveria Property and the 7,129 Ha Espanola Copper Property. Grenville has learned that the Peruvian firm Compania Minera San Juan (Peru) S.A. (CMSJ) has agreed to purchase 85% of GoldHawk Resources' (TSX VENTURE:CGK) Corichanca Mine. Grenville looks forward to working with San Juan, Minera High Ridge, the community, its partners and other stakeholders towards a common goal of developing a world class project.

Further information and property maps are available at

On behalf of the Board of Directors,

A. Paul Gill, President & Director

We Seek Safe Harbor.

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