Lincoln Gold Corp.
OTC Bulletin Board : LGCP

Lincoln Gold Corp.

October 10, 2005 06:00 ET

Lincoln Gold Corp.: Corporate Update

CARSON CITY, NEVADA--(CCNMatthews - Oct. 10, 2005) - LINCOLN GOLD CORP. (OTCBB:LGCP) ("Lincoln") is pleased to announce that it has entered into an agreement with Alexander Holtermann ("Holtermann") whereby it will repay a convertible note in the principal amount of $200,000 plus accrued interest of $35,000 payable by the Company in favor of Holtermann thereby repurchasing certain share purchase warrants held by Holtermann. The note was convertible into 5,000,000 shares of Lincoln's common stock and the share purchase warrants entitled Holtermann to purchase 5,000,000 shares of Lincoln's common stock.

Lincoln has completed an initial payment of $135,000 to Holtermann, which payment included all accrued interest of $35,000 plus $100,000 of principal. The balance of $100,000 remains due and payable by Lincoln in accordance with the agreement. As a result of the completion of the initial payment and the delivery of the convertible note, the convertible note and warrants have been cancelled and no longer entitle Holtermann to purchase or otherwise acquire any shares of Lincoln's common stock.


Paul Saxton, President and CEO

This Press Release may contain, in addition, to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. This news release may contain information about adjacent properties on which we have no right to explore or mine These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Key factors that could cause actual results to differ materially from those described in forward-looking statements are:

(i) the inability of the Company to complete the acquisition of any interest in any new mineral exploration properties;

(ii) the inability of the Company to achieve the financing required to pursue the acquisition of exploration of any new mineral properties;

(iii) the inability of the Company to complete the acquisition of Lincoln Gold;

(iv) the inability of the Company to raise the financing necessary to conduct exploration of the Lincoln Gold properties; and

(v) the presence of commercial mineralization on the Lincoln Gold properties.

Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.

Contact Information