SOURCE: Hemisphere Gold Inc.

May 07, 2008 20:41 ET

Hemisphere Gold Inc., Executes Letter of Intent for Acquisition of Angkor Wat Minerals Ltd., and Proudly Appoints Mr. Barry Lucas to the Board of Directors

LAS VEGAS, NV--(Marketwire - May 7, 2008) - Hemisphere Gold Inc. ("Hemisphere") (PINKSHEETS: HPGI), a gold exploration, property acquisition and mining development company, is pleased to announce that it has entered into a Letter of Intent (the "LOI") to acquire all of the issued and outstanding shares of Angkor Wat Minerals Ltd. ("AWML") (the "Transaction"). Concurrent with the execution of the LOI, Mr. Barry Lucas, Director and Chairman of AWML has been appointed to the Board of Hemisphere to work directly with the Company on the closing of the Transaction and the continued development of the AWML projects.

AWML is the registered owner of mining tenements in Cambodia which are the subject of a recent report prepared in compliance with Canadian standard, National Instrument 43-101, by Behre Dolbear Independent Consulting Geologists, of Australia. In addition to its tenements in Cambodia, AWML has identified a number of precious metal opportunities in the Southeast Asian countries of Laos, Vietnam and Thailand.

President of Hemisphere, Mr. Allen Schwabe, announced on the LOI, "We are excited to have made this move forward with AWML. We have been in discussion with the AWML for some time and see this as a very strong advancement of Hemisphere as a World Class precious and base metals exploration and development company. We anticipate closing the formal transaction with AWML as expeditiously as possible and will be providing detailed information to our shareholders in very short course. We are also very pleased to welcome Mr. Barry Lucas, of AWML, to our Board of Directors."

Mr. Barry Lucas is an Australian national from Western Australia, with over 25 years of experience in the mining industry in Australia, Africa, South East Asia and many other parts of the world. Mr. Lucas has been on the Board of Directors of several mining companies in Australia and is the Group Founding member of Angkor Minerals Inc., and Eight Star Mining companies in Cambodia. In the last 10 years, Mr. Lucas has been actively involved in sourcing for new mineral deposits throughout Asia and has strong Government relations in Cambodia. Mr. Lucas brings considerable experience in exploration, feasibility studies, mining geology and corporate management.

About Angkor Wat Minerals Ltd.

Angkor Minerals Inc is a junior exploration and development corporation which has successfully accumulated a portfolio of five highly prospective, heavily mineralized mining tenements in Cambodia.

The Corporations projects are the subject of a recently completed NI43-101 Report from Behre Dolbear (BDA) Independent International Consulting Geologists from Australia, and reports from independent Field Geologist (Nick M Tate) and Independent Metallurgist (Dale Fanning).

About the Company

Hemisphere Gold Inc. is in the business of exploration and acquisition of gold properties in some of the world's best gold districts. The Company's objective is to take advantage of high-yielding untapped mineral producing properties through exploration and acquisition.

This press release may contain forward-looking statements which are pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that actual results may differ materially and all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company's financial condition and prospects, risks associated with mining exploration, risks of governmental legislation and regulation, risks associated with technological changes, risks associated with dependence on third parties, risks relating to international operations, delays in testing and evaluation of products and risks associated with competition.

Contact Information

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    Hemisphere Gold Inc.
    Auctus Communications
    (604) 682-7446
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