Mr. Eric Edwards reports

LUPAKA GOLD COMPLETES C$20 MILLION INITIAL PUBLIC OFFERING

Lupaka Gold Corp. has closed its initial public offering of 13,333,334 units of the company at a price of $1.50 per unit for total gross proceeds of $20-million.

Each unit consists of one common share of the company and one-half of one common share purchase warrant issued pursuant to a warrant indenture between the company and Computershare Trust Co. of Canada, as warrant agent, each offered warrant being exercisable to purchase an additional common share of the company until June 28, 2014, at a price of $2.25 per share.

The common shares of the company and the offered warrants have been conditionally listed by the Toronto Stock Exchange and are expected to begin trading on the Toronto Stock Exchange today, June 28, 2011, under the symbols LPK and LPK.WT respectively.

The syndicate for the offering was led by National Bank Financial Inc. and Haywood Securities Inc. and included Macquarie Capital Markets Canada Ltd. and Dundee Securities Ltd.

Eric Edwards, president and chief executive officer of Lupaka Gold, commented: "The closing of the company's initial public offering is a very important achievement, accomplished with tremendous support from our Canadian and Peruvian employees, partners, stakeholders and shareholders. With the proceeds from the offering, we are now in a position to expand our exploration activities on the A-1 zone and other exploration targets on the Crucero property and to exercise our option to consolidate a 100-per-cent indirect ownership interest in the Crucero property by or before the end of 2012."

Exploration program

The current 11,000-metre drill program, focused on expanding the identified resource and exploring additional targets, is continuing, and initial results are expected in July. In addition, the company has entered into contracts for the next stage of metallurgical tests and environmental studies as it moves toward prefeasibility.

Update on Peru

The current mining controversy in southern Peru relates to specific issues and mining projects in the province of Puno. Lupaka's Crucero property, located in the province of Carabaya, is 350 kilometres north of Bear Creek's Santa Ana project. Lupaka has the full co-operation of the local community surrounding the Crucero property, including written agreements with the community for continuing exploration and development of the project. Although the Crucero property has very few inhabitants, Lupaka will continue to work closely with the local community in pursuit of joint projects aimed at providing benefits to the region. Exploration activities at Crucero are continuing as scheduled.

We seek Safe Harbor.