Range Gold Corp.
CNSX : RGU

May 04, 2009 17:31 ET

Range Gold Corp. Announces Update to Mackenzie Timber Pulp Mill Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2009) - Range Gold Corp. ("Range Gold" or the "Company") (CNSX:RGU) announces that its wholly owned subsidiary, Mackenzie Timber Group Inc. ("MT"), has signed an option agreement with Worthington Mackenzie Inc. ("WM") for the purchase of the Mackenzie pulp mill assets in Mackenzie, British Columbia. Range Gold will issue 2.6 million common shares to acquire this 12 month option that expires May 1, 2010. The option agreement contemplates a payment of $12 million in cash and a convertible instrument for the issuance of 33 million, $1.00 common shares of Range Gold.

John Duncanson of Duncanson Investment Research Inc. has been retained to review the project business plan, projections and the various viability factors. Mr. Duncanson is a registered professional forester with 35 years experience in the forestry products industry. He has extensive experience in the BC pulp industry and is a former Forest Technical Advisor with Chase Manhattan Bank, and forestry products analyst in the predecessor research departments of both ScotiaCapital and CIBC World Markets.

The transaction is subject to regulatory approval. Mackenzie Timber is dedicated to acquisition and redevelopment of strategic undervalued forestry assets and responding to opportunities that are being presented in the forestry industry due to the current global economic downturn.

For further information on Range Gold Corp. visit www.rangegold.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Don Sheldon, President

This news release contains certain statements that may be deemed "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Range believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Range's management on the date the statements are made. Range undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.

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

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