Gold Reef International Inc.
CNSX : GRQ

December 30, 2010 16:30 ET

Planned Debt Settlements & Private Placements

LONDON, ONTARIO--(Marketwire - Dec. 30, 2010) - Gold Reef International, Inc. ("Gold Reef" or the "Company") (CNSX:GRQ) plans to settle some debt obligations of the Company or complete private placements upon completion of a change in name of the Company to the Montana Gold Mining Company Inc. ("Montana Gold") and consolidation of the common shares on a 10 old shares for 1 new share basis.

The amount of debt obligations to be settled or private placements to be completed will be up to $500,000 at $0.05 per consolidated share in a series of transactions expected to take place from now through to the beginning of February, 2011. Common shares issued as a result of these transactions will be subject to applicable hold periods. Forms relating to these transactions will be filed on the CNSX website.

The Company expects to begin trading as Montana Gold on January 5, 2011 under the trading symbol MGM. The website is www.montanagoldmining.com.

Gold Reef International Inc. is a reporting issuer in good standing in the Province of Ontario whose common shares are listed on CNSX (Symbol: GRQ). There are 42,491,040 common shares issued and outstanding in the capital of the Company and 4,249,104 common shares issued post consolidation.

This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the Company's anticipated operational plans and activities including its plans to consolidation the common shares, change the company name, and begin trading on the new basis in January, 2011, settle debts of the Company or complete private placements.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding its ability to complete its development work as expected. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's continued development work, technical, safety or regulatory issues.

Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Gold Reef International, Inc.
    Edward Ellwood
    President & CEO
    1-519-697-2313